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About Nano
-
What is Nano (XNO)?
: A lightweight cryptocurrency designed for secure, instant payments without fees. -
Development
: Began in 2014 as RaiBlocks, rebranded to Nano in 2018. -
Unique features
: Peer-to-peer platform, Open Representative Voting (ORV) system, energy-efficient, and environmentally friendly.
Founders
-
Colin LeMahieu
: Founder, software developer, and engineer with experience at Dell, AMD, and Qualcomm. -
Nano Foundation
: Over a dozen employees,
About Nano: Empowering Fast, Feeless, and Sustainable Transactions
Introducing Nano (XNO): A Revolutionary Digital Currency
Dubbed “digital money for the modern world,” Nano is a lightweight cryptocurrency engineered to facilitate secure, near-instant payments, sans fees, while addressing the significant limitations of both traditional financial infrastructure and many modern cryptocurrencies.
The genesis of the project dates back to 2014, when it was initially conceived under the moniker RaiBlocks. The following year, the coin, then referred to as XRB, was launched via a public faucet, which enabled users to claim modest amounts of XRB upon completing a captcha challenge. This innovative approach allowed anyone with access to a computer or phone to participate, solving captchas and earning RaiBlocks as a reward. The quantity of XRB received per solved captcha fluctuated over time.
In January 2018, RaiBlocks (XRB) underwent a rebranding, emerging as Nano, a moniker that more aptly captures the project’s core virtues of velocity and simplicity, thereby providing users with a seamless experience.
This decentralized platform employs a novel block-lattice data structure, facilitating seamless value transfer between peers, thereby eliminating the need for centralized intermediaries.
Unlike other platforms that rely on the collective proof-of-work of a vast mining network to achieve consensus, Nano employs a distinct approach, known as Open Representative Voting (ORV). This innovative system empowers account holders to elect their preferred representatives, who subsequently collaborate to validate blocks of transactions with utmost security.
By leveraging ORV, Nano achieves unparalleled energy efficiency, thereby emerging as a more environmentally conscious alternative to traditional proof-of-work (POW)-based cryptocurrencies.
In November 2021, with the goal of bridging the gap between the digital realm and the real world, while adhering to the globally recognized standards set forth by the International Organisation for Standardisation (ISO), nano underwent a transformation, adopting a new ticker symbol, XNO, and a standard symbol, Ӿ.
The Visionaries Behind Nano: Unveiling the Founding Team
Nano was founded by Colin LeMahieu, a seasoned software developer and engineer with a rich background in working for esteemed technology companies, including Dell, AMD, and Qualcomm.
Self-proclaimed inventor LeMahieu boasts a diverse array of interests, spanning space technology, physics, and environmental sustainability, and has established himself as a prominent figure in the digital currency realm. Since dedicating himself full-time to nano in 2017, he has continued to serve as the Director of the Nano Foundation, a organization dedicated to fostering the development and widespread adoption of nano.
Notably, Colin LeMahieu has been the driving force behind the majority of commits to Nano’s GitHub repository.
Beyond LeMahieu, the Nano Foundation boasts a diverse team of over a dozen talented individuals, including George Coxon, a distinguished Industrial Fellow and Strategic Advisor to several esteemed UK universities, as well as a sought-after speaker at the United Nations Summer Academy in 2023.
In early 2023, the Nano Foundation transitioned to a fully volunteer-led operational framework, marking a significant milestone in its open-source journey (LINK: https://nano.org/en/blog/the-nano-foundation-takes-a-step-forward-on-its-open-source-journey–420eae42).
Unveiling the Unparalleled Attributes of Nano
As we previously alluded to, nano is engineered for velocity, boasting an extraordinary capacity for speed. In fact, the majority of nano transactions achieve absolute finality in under a second – a stark contrast to the several minutes or even longer processing times characteristic of many other prominent cryptocurrencies.
This remarkable speed renders nano exceptionally well-suited for commercial payments, as merchants and retailers can now confidently accept payments without the burden of transaction delays.
Furthermore, nano transactions boast the distinct advantage of being entirely fee-less. As representatives do not receive monetary compensation for their efforts in securing the network, the need for transaction fees is eliminated. This makes nano an exemplary solution for processing micro-transactions, as users are no longer burdened with the concern of incurring potentially costly transaction fees when making small payments.
Notably, Nano’s distinctive architecture underpins these features. Unlike numerous cryptocurrencies, which are constructed upon a distributed ledger known as a blockchain, Nano is instead built around a similar ledger technology, namely a directed acyclic graph (DAG).
This structure boasts exceptional reliability and scalability, capable of handling up to 1,000 transactions per second (tps) with suitable hardware, all while maintaining its integrity without the need for an energy-intensive mining network, thereby positioning nano as a sustainable and eco-friendly digital payment solution.
What Is the Circulating Supply of Nano (XNO) Coins?
Similar to the overwhelming majority of cryptocurrencies, Nano boasts a capped maximum supply of tokens, with a predetermined total of 133,248,297.92 units that will ever come into existence.
The initial maximum supply was established at a significantly higher level, but any excess nano above the current 133 million limit were permanently removed from circulation. In total, approximately 39% of the original genesis supply was allocated.
Nano stands out for its unique characteristic: its entire supply is already in circulation, implying that it is fully diluted.
Notably, nano’s fully diluted nature has fostered a highly decentralized and well-distributed network, with the majority of nano accounts holding less than Ӿ100. As of December 2020, a significant portion of the circulating nano supply, approximately 20% (~26 million), is stored in one of the cold wallets affiliated with the prominent Binance cryptocurrency exchange.
A total of 5% of the circulating supply was reserved for the project’s ongoing development, allocated to a dedicated “developer fund” to fuel future advancements.
The Nano Network’s Robust Security Mechanisms
Nano’s robust security is ensured by a decentralized network of representatives, each of which is democratically elected into position by the collective vote of XNO holders.
These elected representatives, entrusted with the critical task of consensus-building, wield voting power that is directly proportional to the aggregated voting weight delegated to them by XNO holders. Their pivotal role involves casting votes to validate the authenticity of transactions within the Nano network, thereby ensuring that only legitimate transactions are confirmed and ratified.
This process safeguards the network against a malicious exploit known as a double spend, wherein an attacker attempts to manipulate the network to facilitate the illicit use of identical funds on multiple occasions.
Furthermore, the nano network boasts a diverse array of supplementary defenses against a multitude of potential attack vectors, with a comprehensive overview available
here
.
Where to Acquire Nano (XNO): A Comprehensive Guide
As Nano is not mineable, the most prevalent method of acquiring it is through
purchasing from one of the over 50 exchange platforms that offer support. Notably,
Binance, OKEx, and Huobi Global are currently the most sought-after exchanges
for Nano-to-crypto trading pairs, while it can also be bought with fiat currency
on Kraken and Binance.US.
For a detailed overview of purchasing cryptocurrencies with fiat currencies, please refer to our exhaustive guide.
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