Nano (NANO) Might Just Replace Bitcoin
Bitcoin is the biggest and most well-known cryptocurrency in the world. It has been used to send billions of dollars around the world, without government or central banking oversight. It has been called the biggest revolution in economics and computer science in the past half-century, and governments around the world are racing to figure out a way to regulate it. But does this mean that Bitcoin is too big to fail? Nano thinks not. Formerly Raiblocks, Nano is a cryptocurrency that's trying to take the throne from Bitcoin. The Nano blockchain uses a number of interesting strategies to make its network faster and cheaper than Bitcoin, while eliminating the energy-guzzling POW system Bitcoin miners use. Nano is already capable of 300 transactions per second (Bitcoin can do about 10), with the promise of 7,000+ soon. Nano has a lot going for it and a committed base. It is, however, a relatively new currency. So will Nano win the race and become the new worldwide decentralized currency? Find out what its chances are below.
7 Days Change
What is Nano Coin?Nano was founded as Raiblocks in 2017. Raiblocks Coin (Nano XRB) never had a true ICO. Instead, XRB were given to people who solved simple CAPTCAs. Today, each XRB is worth over $10, so people who got in early using this simple method are sitting pretty. Today, Nano is the 19th most traded cryptocurrency, with a Nano market cap of over $1 Billion. From the very beginning, Nano set out to dethrone Bitcoin. It arose during the worst of Bitcoin's scaling, speed, and cost problems. It intentionally chose strategies not employed by Bitcoin to solve some of Bitcoin's biggest problems.
What Does Nano Do?Here are a few of Nano's goals and methods simply stated. Each of these is a notable difference from the way Bitcoin is organized:
- Nano uses Delegated Proof of Stake (DPoS) , not Proof of Work (PoW). Bitcoin's Proof of Work is its mining system, which gobbles up energy resources around the world. DPoS "forges" new coins into the system, without needing to mine them. It also makes voting easier and incentivizes long term investor holding. It can also be used to complete transactions more quickly than Bitcoin's old-fashioned PoW.
- Nano uses a "Lattice" blockchain structure. Bitcoin has a single blockchain. To complete an action, every miner/node in the network must agree. With Nano, every user has their own blockchain. When a transaction is made, only the sender/receiver must agree to confirm. The Nano blockchain is just a record-keeper of these many smaller chains, thus speeding up the network considerably.
- Nano can accept new users faster than Bitcoin, with no signs of slowing. It can complete transactions without high "latency" - the minutes or even hours sometimes necessary to complete a Bitcoin transaction. Fees are low because huge resources aren't needed to confirm, as with Bitcoin. Faster, cheaper, more consistent - this all sounds good and potentially a problem for Bitcoin, right? There are those who say that Nano is too good to be true, but the proof is in the pudding. Nano has been stress-tested to perform a solid 700 transactions per second, more than almost any other blockchain. It has thrived through early growing pains and remains one of the most exciting blockchain platforms to watch. These early successes may also prove to make it one of 2018's best investments!
Who is the Team Behind Nano?
Lots of blockchain projects are based upon great ideas, but only a handful truly have a team with the drive and skill to create a real product to match the ambition of their vision. Nano seems like one such team, as exemplified by Raiblocks/Nano creator and lead developer, Colin LeMahieu. LeMahieu's work history speaks to his deep knowledge of computer science, as well as his ability to lead projects from conception to release. LeMahieu's specialties include "C++, C, LLVM, C#, .NET, ATL, COM, cryptography, QT, CMake, CryptoPP, Boost, SQL, MSSQL, RDBMS, java, x86, win32, dlls, IPC, BHOs, WCF, MySQL, PostgreSQL, pci, multithreading, concurrency, verilog, vhdl, xml, XCode, Visual Studio, Clang, GCC, Linux, LKM" The rest of the Nano team is rounded out with developers, corporate builders, legal minds, and designers. It's not a large team compared to many other crypto projects, but in the case of Nano this may actually be a good thing. Nano has already proved that they can do more with less - that design and precision can out-distance hype, unthinkable budgets, and scores of team members. The Nano team strikes a solid balance in crypto. They're hard at work, but responsive to community questions and concerns. They don't create senseless hype, but they're highly communicative about updates and company news. Nano XRB investors have a lot to be thankful for.