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What Is Nano?

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Jan 13, 2023
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5 min read
what-is-nano

This blog post will cover:

  • About Nano (XNO)
  • Where did (XNO) come from?
  • What are the advantages of Nano (XNO)?
  • What are the disadvantages of Nano (XNO)?
  • How to buy Nano Coin (XNO) on SimpleSwap?

About Nano (XNO)

Nano is a decentralized, open-source, peer-to-peer project that makes cryptocurrency payments simple, by offering instant and fee-less transactions.

Nano uses a special data structure which is called the Block Lattice. This technology helps to arrange blocks in a special way, with each account having their own blockchain.

Every transaction happens in the same way:

  • the sender publishes a block that shows the amount that should be sent;
  • the receiver publishes a block that shows the amount that should be received;
  • the block must be confirmed by the network;
  • the receiver publishes a block that confirms that the funds were received;
  • if the receiver is offline, the funds are held in waiting, it is called pending state. While the funds are at this stage, the transaction cannot be reversed.

The structure of a block is also interesting. Each block has all the information about an account at the particular moment and the Proof-of-Work value. This speeds up the process of transactions.

At the heart of Nano, there is the Open Representative Voting consensus mechanism. This mechanism gives accounts the right to freely choose representatives whenever they prefer, and these representative accounts vote on the validity of transactions using the voting weight that has been delegated to them. These representative accounts are built on nodes, they remain online to provide an ongoing voting process to validate transactions. Open Representative Voting is designed to trend towards decentralization and to give users more control over participation in consensus.

Nodes are the core of the Nano network. There are two types of nodes:

  • principal representative node
  • representative node

They have different opportunities in voting and validating, and therefore different hardware recommendations. Users of this network can run their own nodes. Running a node helps to decentralize the network. However, it is important to mention that validators do not get block rewards.

To use the Nano network it is necessary to create an account. This procedure consists of two steps: user issues an open transaction and chooses an account representative.When all of the above is done the account is ready. Starting to use Nano is very easy, it does not require any costs, and it has an intuitive interface.

Where did (XNO) come from?

The lead developer of NANO is Colin LeMahieu. Since 2010 Colin LeMahieu developed an interest to Bitcoin. He was amazed by the idea of a decentralized cryptocurrency. However, he saw a number of flaws of the existing ones. In 2014 he started to work on his own project. Initially, Nano had a different name, it was called RaiBlocks. It was officially announced in 2015, then rebranded in 2018, and got the name NANO.

What are the advantages of Nano (XNO)?

  • High speed
    
    One of the main ideas of Nano is that digital money should be fast. The technologies that are used on this platform provide this experience.
  • Accessibility
    
    Nano is very simple to use. The intuitive interface helps anyone to participate in the economy. Moreover, transactions are feeless, which gives even more opportunities for participants.
  • Special consensus mechanism
    
    It provides more control to users and better decentralization.
  • Small blocks
    
    It helps to make transactions faster.
  • Lower energy costs
    
    Non-traditional PoW and the absence of mining give an opportunity to avoid the necessity to waste a lot of energy.

What are the disadvantages of Nano (XNO)?

  • The lack of progress in the adoption
    
    This is the main disadvantage that is being discussed by active users. Even though the platform itself and the idea behind it seem to be interesting and promising.

How to buy Nano Coin (XNO) on SimpleSwap?

If you are interested in the Nano platform and want to buy some NANO coins (XNO), you can do it fast and simply following the instructions below:

  • For example, you want to swap BTC for XNO. Select the currency you want to exchange (e.g. BTC) in the first drop-down list. Then enter the amount you want to swap.
  • Select Nano in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. XNO will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to NANO exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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