Nano is the software designed specifically to support costless cryptocurrency-driven transactions. The most fascinating aspect of Nano coin is that all the account holders of this crypto coin have an access to their own blockchain. When a transaction takes place, Nano account holders exchange their coins and update their ledgers themselves. Updated balance is then transmitted to the main Nano blockchain.
What differentiates Nano from the traditional cryptocurrency is it does not keep the track record of all the transactions. Instead of storing all the transactions, Nano blockchain stores all the account balances and the transaction amounts associated with them.
This behavior of Nano crypto coin sets it apart from the traditional crypto coins like Bitcoin and Ethereum wherein all the transactions are recorded into a chain of interconnected blocks with a finite capacity. In this system, those who participate in the creation of new blocks are rewarded with new coins.
The goal behind this approach is that all the participants will be incentivized for verifying the transactions. To receive a reward, a miner of the new block will have to spend resources.
The way in which Nano coin is designed is utterly different from the traditional blockchain network. All the participants of the Nano network vote on how will be allowed to create a new block, and since this process can take place at a zero to no cost thereby users don’t need to pay for the transaction that takes place via Nano blockchain.
The developers of the Nano crypto coin were of the view that their innovative design will encourage more peoples to transact via Nano that leads to the widespread adoption of a Nano cryptocurrency.
As of today, the Nano foundation drills down all the detailed statistics regarding the global adoption and future prospect of the Nano crypto coin.
Working Methodology of Nano
Similar to all the leading cryptocurrencies, Nano develops a consensus algorithm to necessitate all its users to comply with its software rules. The reputation of the Nano as the best currency for cross-border funds transfer stems from the fact it employs a proof-of-stake consensus algorithm that is also regarded as Open Representative Voting.
In this system, Nano coin holders are assigned voting right that depend solely on their account balances. Subsequently, they have the opportunity whether to utilize their voting rights or give them to another node in the Nano network.
When the specific node within the Nano blockchain network has an adequate voting right, it is referred to as Principal Representative and can cast vote on all the transactions. Herein the peculiarity of the Nano coin comes into play. Representatives won’t get paid for their votes on whatever transactions or blocks the network should accept.
From Where Nano Gets Value?
None possesses many characteristics from which all the cryptocurrencies drive value that includes durability, portability, and scarcity. As of today, a number of Nano coins in circulation is 133, 348, 297.
Within the period of 2015 to 2017, Nano cryptocurrency was distributed via the mechanism of online faucets whereby anyone can complete the captcha and acquire Nano coins free of charge.
Undeniably, the latest breakthroughs in the crypto landscape like Nano coin has garnered substantial acclaim.
Even after the disastrous market crash of 2018, peoples’ interest in cryptocurrency remains intact and the interest of asset management firms like JP Morgan and Goldman Sachs is reminiscent of this fact.