What is NANO? The Ultimate Guide to Understanding Cryptocurrency: Nano

Monday, February 14, 2022 at 11:34pm


Nano (formerly known as RaiBlocks) is a peer-to-peer digital currency designed to be secure and infinitely scalable. It is a decentralized, open-source cryptocurrency based on directed acyclic graph (DAG) architecture.

NANO operates without intermediaries by using a distributed ledger with a block-lattice data structure. This means that each account has its own blockchain, and all transactions occur between the sender and the receiver of the funds. The sender must create a private key to send money, but doesn't need to store it anywhere for it to reach the receiver.


NANO's process of transferring funds is much faster than Bitcoin's because transactions only need two "confirmations" before they are considered complete. Transactions also happen much faster without the use of mining, which means NANO uses less power and no high-end hardware can be used ASICs to control its supply.


The great thing about NANO is that you can send as little as 100 units at once! In addition, there are zero fees for this service, which means users have more control over how they use their money.


How to buy NANO

NANO is available to trade on a lot of different exchanges for Bitcoin or Ethereum. If you want to buy NANO, first find an exchange that lists it and then follow the instructions on the exchange.


You'll need to set up an account with the exchange (some will allow you to trade without setting up an account) and then deposit Bitcoin or Ethereum into that account. After that, you'll need to select NANO as your trading pair and place a buy order. That's all there is to it!


What are the benefits of NANO?

NANO is a decentralized, open-source cryptocurrency that operates without intermediaries. It is a new type of money with instant transactions and zero fees, enabled by a unique block lattice data structure.


NANO offers a number of benefits to its users:

  1. Instant Transactions: With NANO's unique block lattice data structure, each user has their own blockchain which gets synchronized to the network every 10 seconds. This means that a transaction can be written in one second and read by someone else in 10 seconds. NANO also does not require mining or commissions on any transactions or purchases.


  1. Zero Fees: To process a transaction on the Nano network, you will need to have at least 20 Nanos. This means that if you make a purchase for 19 Nanos, your account will go into "Hot" storage instead of "Cold" storage. When you reach 20 Nanos while still in "Hot" storage mode, your account will then drop into "Cold" storage mode and all future transactions will not require any fee at all!


  1.  Scalable: The Nano network is built to handle lots of traffic with minimal computing power per user like traditional payment networks like PayPal or Visa that use large