What is Nano Coin (NANO)? Things to know about NANO coin 2020

Nano Coin (NANO) was researched and launched by the development team with the ambition of creating a new generation cryptocurrency that is more optimal, more advanced than Bitcoin. So….

  • What is Nano? What is NANO coin?
  • Should I invest NANO coin or not?
  • Buy and sell NANO coin Where is the reputation?
  • NANO coin wallet Which should be used?

If you are looking to find out Nano platform and potential investment NANO coin, this article is what you need to find

What are you waiting for, let’s start the article!

Maybe you are interested: What is Bitcoin? Bitcoin investment guide for beginners?

What is Nano?

Nano is a blockchain that offers lower fee and instant transactions. It can achieve that ambition by using a network structure called Block Lattice. Accordingly, each account has its own blockchain to store transactions.

Since transactions have a lower cost, to prevent attacks, an account is required to implement the Proof-of-Work protocol to confirm transactions. Owner NANO coin will be the representative to vote validators in the network.

Confirming participants do not receive block rewards or transaction fees. Instead, they contribute voluntarily and enjoy incentives provided by a secure and stable network.

Initial Nano name is, has a name which is RaiBlocks (XRB), it officially changed to Nano in February 2018.

Features of Nano blockchain

Nano used Block Lattice as its network structure. Thereby it allows for faster transactions than the traditional blockchain. An important difference between nano and other blockchain networks is with Nano Transaction validators will neither collect transaction fees nor receive block rewards.

nano-Block-Lattice

  • Open Representative Voting

Nano there is a unique consensus mechanism called Open Representative Voting. Each account is free to choose a representative at any time to vote on its behalf. Even if account authorization is offline. Representative accounts configured on nodes remain online and vote on the validity of transactions in the network.

To initiate a transaction in the network Nano, protocol Proof of Work must be done by the sender. In contrast to other blockchains that use Proof of Work for network consensus. Proof of Work in Nano is only used to prevent spam attacks.

What is NANO coin?

NANO coin is the base currency of the Nano blockchain. It plays a key role in maintaining stability, security, and economic impetus for network participants.

Currently Nano has completed the mainnet and NANO coin operates on Nano’s private blockchain.

Basic parameters of NANO coin

Token symbol NANO
Blockchain Nano
Protocol Weighted dPoS voting
Total supply of tokens 133,248,297 NANO
Total tokens in circulation 133,248,297 NANO

What is NANO Coin used for?

NANO coin is used for the following main purposes:

  • Peer to Peer: Use NANO to pay for everyday consumer services. From paying rent, single house electricity and water, or taxi fares, ..
  • Micropayment: Use NANO to pay for assets of small value
  • Business to Customer: Use NANO to make payments between businesses and customers

Should invest SNX token or not?

Attention: no investment is 100% safe and every decision carries risk. In any case, it’s up to you to invest or not. Here is some useful information that can impact the return on your NANO coin investment.

NANO Development Team

nano-team

Standing behind the development of Nano to be Nano Foundation includes qualified and passionate members of many different fields. They are the ones responsible for working towards the continued growth and development of Nano.

Competitive advantage of NANO coin

To compete with a lot of blockchain platforms today, NANO must have some special advantages:

  • No transaction fees in the Blockchain network.

As announced by Nano, the method they use is very compact, and there is almost no cost for running Nodes.

  • Super fast transaction speed.

Nano has a transaction speed up to 1000 times faster than Bitcoin.

  • The scalability is almost unlimited.
  • Energy saving.

While 1 BTC requires 330kWh to process a transaction, a Nano transaction requires less than 0.001kWh = 1Wh. This is a huge difference between these two coins.

Despite its outstanding advantages, NANO coin still needs wide acceptance and application from the community.

NANO coin price

gia-nano-coins

Currently, at the time of writing price NANO coin is being traded at 0.893 USD. Level Highest price of NANO was set at $37.62 (January 2018). That is, compared to the peak price, then SNX token price currently split nearly 42 times, a very worrying spread.

Meanwhile, SNX’s all-time low of $0.007 was set on March 10, 2017.

Where to buy and sell NANO coin?

At the present time, investing in cryptocurrencies as well as buying and selling cryptocurrencies has become much more popular. It is considered one of the most popular ways to make money online. That’s why, the buy NANO, sell NANO has also become much simpler.

In this article, I will introduce to you the 2 most popular and simple ways to buy and sell at the moment.

How to buy and sell NANO coins in VND

Currently, there are many exchanges that support cryptocurrency trading in VND, but separately buy NANO For prestige, I think the best currently is the Bitmoon exchange.

See more articles: What is Bitmoon? Bitmoon Exchange Basic Guide for Newbies 2020

The advantage of Bitmoon is low fees, high liquidity, support for many coins and can store coins right on the exchange. Besides, Bitmoon has been operating for a relatively long time and the reputation level is guaranteed.

Bitmoon has high liquidity and reputation, so I believe that for basic trading needs, cash out in VND, Bitmoon is enough to apply.

Prestigious international NANO trading floor

The advantage of all international exchanges is that they support many types of coins, besides also supporting other forms of trading such as Margin, Futures.

For those of you who have traded a lot and have experience, you can use and trade regularly on international markets.

Below is the name of the exchange and a comparison table of transaction fees for your reference.

If you want to learn about which floor, you can click on that floor’s name in the table, there will be a detailed article on that floor.

Exchanges Transaction fee
Houbi 0.070-0.20%
Okex 0.060 – 0.150%
Binance 0.015-0.100%
Kucoin 0.080 – 0.100%

Mainly trading NANO Your account on international exchanges uses ETH, BTC, etc. to buy and sell.

Nano wallet should be used

Depends on usage NANO . coin your wallet that you will choose for yourself the appropriate wallet.

Suitable for those who want to store NANO . coin long term and few transactions.

The advantage of cold wallet is that it is safe and optimal for storage. Cold wallets you can refer to to choose from are: Ledger Nano S, Ledger Nano X.

Maybe you are interested: What is ledger nano S cold wallet? Latest User Guide and Security 2020

The best choice for this wallet is Trust Wallet, with a friendly and easy-to-use interface.

Maybe you are interested: What is Trust Wallet? How to create a Trust Wallet and use details

This wallet is suitable for those who regularly trade.

Some Reputable trading platform that you can refer to are: Bitmoon exchange, Huobi exchange, Binance exchange…

Conclude

This article has summarized the most basic information you need to know about Nano blockchain and NANO coin. With this article, I hope that readers can grasp some of its investment potential.

Although it will take some time to read the entire article, I hope that your time will not be wasted.

If you find the article interesting and useful, do not hesitate to share it with your friends.

Good luck!

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