In this article, we will introduce Nano digital currency as a currency with different blockchain, and we will also examine the future of this XNO currency. We have all heard the name Bitcoin.
But this cryptocurrency, despite its great popularity and acceptance, has its limitations. Other cryptocurrencies have focused on overcoming these limitations to maintain their competitive advantage in the world of digital currencies.
There is one coin tool for each Bitcoin restriction. Nano digital currency is one of these altcoins introduced in this article. It is one of the essential crypto projects known for quick, easy, and fee-free transactions.
Nano currency has features, each of which can be your trump card in investing in digital currencies. In the following, while examining these features in simple language, we will tell you what nano digital currency is, its feature, history, the founder of Nano, and how it works.
What is Nano?
Nano digital currency is one of the cryptocurrencies designed to facilitate secure and immediate payments without commission. This digital currency removes some of the significant financial constraints of old and modern cryptocurrencies.
In other words, Nano Digital Currency is a unique platform that uses a unique data structure and blockchain network. The Nano platform allows users to transfer value without relying on centralized intermediaries quickly.
The nano digital currency uses the DAG) Directed Acyclic Graphs) algorithm or non-circular directional graph. One of the advantages of this algorithm is network scalability with low commission.
DAG is a different type of data structure that connects other pieces of information like a database. In a DAG-based cryptocurrency, each vertex in the system represents a trade. There is no concept of the block here, and also, no extraction is required to expand the database.
DAG, which stands for Directed Acyclic Graph, is not a chain-like system, but it is more like a graph
, as its name implies.
Thanks to its more efficient structure for storing and processing transactions online
, the DAG model may be a better alternative to blockchain.
You will no longer see the blockchain data structure in this algorithm, and transactions will be performed asynchronously. In other words, this system can be used to confirm Nano transactions.
After recognizing this currency code, we will continue to study the history and founders of the nano currency code.
History and the founder of Nano
Nano Digital Currency was first launched in 2015 by Colin LeMuhieu, a software engineer with many years of experience in computer software called RainBlocks. But after a few years, the founding team of this digital currency decided to change the brand.
This name change was straightforward because the original name did not match the tastes of the primary audience of this currency. In fact, by changing the title of this currency, their transactions also increased. This is why you may often come across Quinn Nano as Quinn XRB.
LeMahieu, the founder of Nano Digital Currency, has many interests; he is a well-known name in digital currencies. He started working on Nano full-time in 2017 and is still the CEO of the Nano Foundation. In general, the Nano Foundation has more than 12 other employees.
How does it work?
Instead of relying on mining, like most digital currencies, Nano uses representative open voting (ORV) to reach a consensus. The vote approves network transactions of the representatives (nodes) in the network.
Account-holders assign a voting weight to each representative in direct proportion to the Nano value of each account. Consensus is reached when delegates vote on the validity of each bloc.
The purpose of this method is to allow Nano-owned users to choose the representative they want to vote for on their behalf without losing control of their coins or sharing them on the network.
The people who own Nano have the power to decide who will reach a consensus. Nano Support Team believes this is a better option than empowering mining companies. This voting process is also energy efficient, allowing the Nano to operate without transaction fees.
Feature of Nano
This platform has unique features which are different from other cryptocurrencies.
Instant transaction: Trading in this digital currency is high-speed, so we can say that nano transactions reach the final result in less than a second. This speed of transactions makes nano digital currency suitable for commercial transactions because people no longer have to worry about delays in transactions.
No commission: In addition to the fast transaction feature mentioned in the previous discussion, nano trading is completely free. There is no need for transaction fees anymore. This feature makes the nano currency cryptocurrency an ideal solution for processing transactions. Because users no longer have to worry about prepaying potentially expensive transaction costs when making small payments.
Unique structure: As we said at the beginning of this article, this digital currency uses the DAG algorithm or non-circular directional graph in its construction. This structure is very reliable and allows the Nano to process 1000 transactions per second.