The Nano XRB coin is a cryptocurrency that was released in 2018. It is designed to be used as the currency within the NANO network and has seen a lot of success since its release. This guide will give you all the information you need to know about this coin, including how it works and where to buy them.
Nano is a cryptocurrency that was created by Colin LeMahieu, who also created RaiBlocks. The why nano coin will fail is because it’s not as decentralized as other cryptocurrencies.
Tom Alford is a British actor. contributed to this article. 26 June 2018
Everything you need to know about the NANO (XRB) currency may be found in our review. We’ll explain what NANO currency is and how it differs from Bitcoin. We’ll also offer our thoughts on the project. TotalCrypto, as usual, advises care before investing in cryptocurrencies and encourages you to do your own research.
The XRB Coin has undergone a rebranding.
First and foremost, Raiblocks (XRB currency) has been renamed NANO. On the 31st of January 2018, the company’s name was changed. Veteran investors may still refer to NANO by its previous moniker. Don’t be perplexed and ask yourself, “What is XRB?” since NANO and XRB are the same cryptocurrency project.
What was wrong with the previous name, Raiblocks? Many investors had no clue how to pronounce their cryptocurrency’s name, the researchers discovered. Is it ray or rye, or both? The Raiblocks community also suggested that the name be altered to make it more appealing to a wider audience. For these reasons, the rebranding was carried out, and the team chose the name NANO. This new moniker, it was thought, would emphasize the cryptocurrency project’s quickness and simplicity.
What has changed as a result of the rebranding? In a nutshell, there isn’t much to say. The cryptocurrency’s name, ticker, and logo have all changed. That’s all there is to it.
What Is NANO Coin and How Does It Work?
The NANO coin is meant to be used as a kind of digital money. Their goal is to establish themselves as “a worldwide currency with fast transactions and zero costs via a secure, decentralized network.” Isn’t that what Bitcoin does, you may ask? You’re absolutely right. So, what makes NANO unique? To begin, you must first comprehend why Bitcoin was developed in the first place.
In 2008, Bitcoin was developed in response to excessive bank fees and long transaction delays. “Why can’t buyers and sellers trade with one other without the need of an intermediary (banks)?” wondered Bitcoin’s inventor. The first cryptocurrencies sprang from this fundamental concept. Complex algorithms, encryption, and a public ledger were coupled to eliminate the need for banks to validate transactions.
There are several disadvantages to early cryptocurrencies. A procedure known as mining is required for a transaction to be completed on Bitcoin. Mining is simply the process of computers solving complicated equations in exchange for fresh bitcoin. As a consequence, miners log transactions on the public ledger and share them with the rest of the network.
There is, however, an issue. The mining process gets slower, more costly, and inefficient as the public ledger increases. This is why many analysts believe Bitcoin will never gain widespread acceptance in its present form.
The mining procedure for NANO currency is completely absent. Instead, it employs the block lattice technology. This method has discovered a technique to process transactions quickly and without charging any fees. Most significantly, there is no limit to the number of simultaneous transactions that may be completed. This important characteristic has prompted many people to think that NANO might become a widely used digital currency.
The Block Lattice Technology Appears to Be Significant. Tell me more about it.
This project relies entirely on NANO’s block lattice technology. This technology enables NANO to execute feeless transactions on a massive scale. Almost every other cryptocurrency is dealing with or attempting to resolve scaling problems. Steam, an online computer game shop, has removed its Bitcoin payment option due to high Bitcoin costs and poor transaction times. High volatility and costs were mentioned as reasons by Steam. When the application Crypto Kitties gained traction in December 2017, the Ethereum network came to a stop as well. The costs and speed issues are impeding widespread adoption of bitcoin.
Because of its block lattice technique, NANO has no such problem. Each NANO account has a blockchain of its own. Only the account owner has the ability to update a chain for that account. As a result of this procedure, each account chain may be updated separately and quickly. This is why NANO currency transfers are extremely quick.
A transaction is verified in other cryptocurrencies when hundreds of miners certify that it took place. Only two transactions are required by NANO:
- A send transaction deducts money from the sender’s account.
- A receive transaction adds the money to the balance of the receiver.
The block lattice is shown in this image. A transaction is only executed if both the receipt (R) and send (S) blocks are signed by the account chain owner (A, B, C).
Compared to other cryptocurrencies, this approach offers a lot of advantages:
- Because the quantity of data transmitted for each transaction is minimal, transactions are quick.
- The ledger is only as large as is required. As a result, using NANO, the quantity of data kept on the ledger is substantially reduced.
- Unverified transactions may readily be distinguished from confirmed transactions.
Every NANO account has a blockchain of its own. What Are People’s Opinions?
Since March 2017, NANO (previously Raiblocks) has been around. Key cryptocurrency industry leaders, such as Charlie Lee, the founder of Litecoin, have just lately started to consider NANO coin.
The first thing you should know about NANO currency is that it is a Litecoin rival. Both are meant to be used in the same way as regular money. Many in the bitcoin world were surprised to learn that Charlie Lee was pleased with the idea and has invested in it.
It has also wowed many in the r/cryptocurrency subReddit, with the general opinion being that “it seems to address virtually every crypto world issue.” There are no fees, no mining, and no useless channels, and everything is done quickly. Still a lot to accomplish, but I believe BTC+LTC+Lightning can win in the long run.”
David Hay, a famous YouTuber, launched a cryptocurrency initiative in January 2018 to aid people affected by Venezuela’s economic crisis. The buying value of the Venezuelan currency has been decimated by hyperinflation, and many Venezuelans have migrated to Colombia as economic migrants. The problem for many migrants is that they have little or no money with which to begin their new lives.
David Hay’s goal is to teach these migrants about cryptocurrencies, assist them in setting up their own wallets, and pay them for 2 to 10 weeks of labor if they attend his crypto seminars. The aim is that this would serve as a local economic boost and provide banking to those who do not currently have access to it. Other cryptocurrencies, such as Dash and Bitcoin, have transaction costs that may exceed a dollar. In the developed world, this is acceptable, but not in underdeveloped nations. In this situation, a feeless cryptocurrency such as NANO coin may be critical for broader crypto acceptance.
What Is The Distinction Between NANO and Bitcoin?
NANO is a next-generation cryptocurrency that is based on Bitcoin. NANO is based on a completely different technology than Bitcoin. The block lattice method is used to create the Directed Acyclic Graph. NANO is, in a word, the development of cryptocurrencies like as Bitcoin.
The following are the main distinctions between NANO and Bitcoin:
- A 51 percent assault on Bitcoin is theoretically possible. This occurs when a person obtains 51 percent of the coins. This may give them control of the network, allowing them to steal coins. 51 percent control can’t be utilized to steal coins using NANO.
- BTC is a decentralized cryptocurrency. This is due to the fact that NANO was all pre-mined.
- To execute a transaction, Bitcoin requires miners to generate blocks. This takes time and resulting in transaction times that are somewhat sluggish. There is no need for such a procedure with NANO, and transactions are practically instantaneous.
- To keep the Bitcoin network safe and execute transactions, ‘miners’ are used. This implies that Bitcoin transaction fees may be very expensive during periods of strong demand. There are no miners in NANO, therefore there are no transaction fees.
- To keep track of transactions, Bitcoin uses a distributed ledger. Because each account has its own blockchain, this is not needed for NANO.
2018 NANO Coin Performance Analysis
Cryptocurrency values have had a difficult year so far in 2018. NANO has been unable to defy this trend, and its value has plummeted. The price of NANO coin began the year at $24.44 per coin and is now just $2.69 at the time of writing. So far in 2018, the value of the company has dropped by almost 90%! However, the project is still a top 40 cryptocurrency, and the current discount may be regarded as a purchasing opportunity for investors.
Image courtesy of Coinmarketcap.com.
True, Bitcoin has lost less value this year than NANO. Bitcoin’s value has dropped by more than 50% this year alone, as of this writing. The losses suffered by NANO currency are comparable to those suffered by SALT, Ripple, and Cardano. The idea is that a sharp drop in value does not imply that the enterprise is doomed. The basic truth is that altcoins underperform Bitcoin in a bear market and outperform Bitcoin in a bull market.
Why are altcoins like XRB more difficult to mine than bitcoin?
Bitcoin and other cryptocurrencies are traded against each other as well as traditional currencies like the US dollar. Altcoins like NANO, on the other hand, only have a price in Bitcoin. When the price of a cryptocurrency falls, investors prefer to liquidate their altcoin holdings and buy Bitcoin. The rationale for this is that Bitcoin is considered a safer investment than other altcoins since it protects investor purchasing power better. In weak markets, this naturally leads to altcoin prices dropping faster than Bitcoin.
Take a look at the marketplaces where NANO is traded if you can’t believe it doesn’t have a USD price. On Binance, the coin’s Bitcoin trading pair accounts for 82 percent of the cryptocurrency’s total trading volume:
Image courtesy of Coinmarketcap.com.
Because the project is primarily priced in Bitcoin, the price of NANO currency will decrease if the price of Bitcoin falls. What you should know is that the USD pricing of cryptocurrencies on sites like TotalCrypto.io is determined as follows:
The price of a NANO Coin in Bitcoin (0.00042295 BTC) * The price of a NANO Coin in US Dollars Equals the price of a NANO Coin in US Dollars
This connection between altcoins and Bitcoin is likely to continue until major exchanges offer a method to purchase altcoins using fiat money. The TotalCrypto Team anticipates such a shift before the end of the year. However, until that day comes, Bitcoin will continue to dominate the cryptocurrency market.
What Does the Future Hold for NANO in 2018?
Without a substantial rise in the price of Bitcoin, the NANO price is very difficult, if not impossible, to break above the all-time high of $34.43 achieved on January 2, 2018. This is due to two major factors:
- At the moment, no new money is entering the bitcoin market. This can be seen in the steady decline in daily trade volumes since the beginning of the year. Without fresh money entering the market, it seems that there will be little demand to raise NANO prices.
- Bitcoin accounts for more than 80% of NANO’s 24-hour trading volume. This implies that the currency will require a higher Bitcoin price to begin retesting the early January 2018 highs. If the cryptocurrency market’s general mood becomes positive, investors are more inclined to take on greater risk and invest in possibilities like NANO coin, which offer higher return profiles than Bitcoin.
What is the most likely price for NANO Coin in 2018?
To produce fantastic returns for investors at present prices, NANO need a robust general cryptocurrency market. As previously said, Bitcoin is the driving force behind the cryptocurrency industry, and NANO coin is valued in Bitcoin. Despite the downturn in the market, many market analysts remain bullish about cryptocurrencies in 2018. Nicholas Merten, a popular YouTuber with over 300,000 followers on the DataDash channel, expressed his views on Bitcoin:
The realities are that interest rates are rising and the European Central Bank’s quantitative easing (money printing) program is coming to an end. This implies that, despite the current low price, a $50,000 Bitcoin in 2018 is a distinct possibility.
What would a Bitcoin price of $50,000 imply for the NANO pricing? On the 2nd of January 2018, the currency was valued at 0.0022925 BTC, as seen in the chart below.
Image courtesy of Coinmarketcap.com.
This implies that if NANO currency achieved the same price as Bitcoin and Bitcoin was valued at $50k USD, the following would happen:
$114.62 per NANO coin = 0.0022925 (NANO’s all-time high BTC price) * $50,000
This implies that, if market analysts like Nicholas Merten are right, NANO coin owners might see a 40-fold return on their investment today.
Get to Know the Team
Every cryptocurrency investor wants to see a business with a strong vision and a compelling use case for the digital currency. All of this, though, will be for nothing if the squad lacks faith in their ability to pull it off.
On the project, the team has a good mix of people working on it. There are six developers in all, including one who specializes on iOS and desktop development. Community management, communications, operations, partnerships, design, and, most crucially, legal knowledge are all represented on the team. Importantly, there are team members that have been engaged in cryptocurrencies for the last 7 years and can use their knowledge to further the project.
To conserve space in this post, we’ll only mention the NANO project’s three main developers:
- Colin LeMahieu, creator and lead developer: Colin adds over ten years of development expertise to the table. Colin started working on the Raiblocks project in 2014 and made it his full-time job in 2017. Mr. LeMahieu is in charge of overseeing the core protocol’s development.
- Russel Waters, Lead Developer: Russel began working in the bitcoin sector in 2013. Since then, he’s worked on a variety of crypto projects and is currently concentrating on the main wallet’s development.
- Roy Keene, Lead Developer: Roy Keene is a relatively unknown figure. He seems to be a pretty private person. We’re certain, though, that he knows his way around a keyboard.
The NANO Coin’s Future
The first thing to remember is that no one knows what will happen in the future. There are, nevertheless, many reasons to be optimistic about NANO in 2018:
- Raiblocks’ rebranding was a success: Due to its moniker, Raiblocks had a hard time gaining momentum. As ridiculous as it may seem, many traders appear to have had difficulty pronouncing the project’s name and remembering its ticker. The rebranding initiatives have now alleviated this obstacle.
- Positive Reactions from Crypto Industry Leaders: In a tweet, Litecoin creator Charlie Lee said a lot of nice things about NANO currency. Although the support may seem little, it goes a long way toward enhancing the perception of a cryptocurrency. It is not unreasonable to believe that if more cryptocurrency professionals follow Charlie Lee’s lead, NANO will get a lot of attention and favorable price movement.
- Twitch Accepts NANO Coin Payments: Twitch stated in early 2018 that it will accept NANO as a form of payment from its users. Amazon owns the streaming service, which has over 10,000 users. In 2018, the number of subscribers is anticipated to rise, which may be good news for this cryptocurrency initiative.
- The Android Wallet: The Android wallet has not yet been fully implemented. Many people, however, believe that mobile payments will be crucial in achieving widespread acceptance. Indeed, many individuals in poor countries do not have access to a laptop or computer. Everyone, on the other hand, will have a cellphone. This is why a light wallet for older devices may be critical to NANO’s viability as a transactional digital currency.
- Exchange Listings: NANO is only listed on two of the major four cryptocurrency exchanges. A Huobi and Bitfinex listing might be huge.
Issues With The Project That Could Arise
The main issue with NANO coin is that it is competing with a slew of other cryptocurrency initiatives. The coin’s purpose is to serve as a digital currency, and more established cryptos such as Bitcoin and Litecoin are already vying for this market.
NANO’s block lattice architecture allows it to grow indefinitely and execute feeless transactions from a technical perspective. The currency really addresses the issues that are keeping competitors like Bitcoin back. However, the initiative has yet to gather enough traction to compete on an equal footing.
Due to a lack of acceptance, superior technology is often relegated to the history books. For NANO to thrive as a digital money, it must be extensively utilized. Until that occurs, there’s always the danger that the project may end up being nothing more than a wonderful experiment that didn’t work out.
The XRB Initial Coin Offering (ICO)
NANO has never had an initial coin offering (ICO). Instead, the team chose to distribute coins. They accomplished this by developing a captcha that rewarded users with XRB coins if they solved it. This meant that all early XRB currency holders received free coins, which were widely disseminated.
Many early investors, on the other hand, choose to simply purchase XRB tokens on a cryptocurrency exchange and let others earn them by completing captchas. On exchanges, the coins could be bought for as little as one penny apiece while they were being distributed.
Why would the project team do anything like this? NANO was supposed to be decentralized, and in order for that to happen, the currencies needed to be owned by as many individuals as possible. This is why NANO chose to distribute money via a captcha faucet rather than an ICO.
The key takeaway from the project’s currency distribution is that the crew was not looking for a fast buck. Instead, they chose a plan that they believed would ensure the project’s long-term success.
Should I Put Money Into NANO Coin?
TotalCrypto is unable to make your choice for you. However, we may offer our ideas and comments on the project:
- There are no transaction fees while using NANO Coin. This makes the cryptocurrency very appealing to those who wish to use it as a digital money.
- Transactions are almost instantaneous.
- The digital money can handle an endless number of transactions since it is infinitely expandable.
- NANO coin, according to TotalCrypto, is the most likely cryptocurrency to be extensively utilized as digital money because its block lattice technology.
- NANO is causing other cryptocurrency initiatives to sit up and pay attention.
- The initiative has to establish a lot more merchant relationships and convince them to adopt NANO currency as a payment option. It’s doubtful that the currency can ever fully live up to its goal of becoming digital money without widespread merchant acceptance.
- In order for NANO to become a genuinely global currency, anybody should be able to use it. It should be simpler to purchase the coin using normal currency.
- In certain jurisdictions, cryptocurrencies are also subject to regulatory and legal limitations. For NANO to achieve its goal of being a global currency, several obstacles must be solved.
- There is less publicly accessible information about the team than there is for other cryptocurrency initiatives.
- TotalCrypto is uncertain if this coin will gain widespread acceptance. At any moment, something better and more hyped might appear.
- The Android wallet must be released and must be great. It is doubtful that the cryptocurrency will be embraced in poor nations without a good light wallet.
Image courtesy of Coinmarketcap.com.
Do you want to purchase NANO?
Coinbase and Binance are the two best places to purchase NANO currency. Do you need assistance? The good news is that we’ve put up a step-by-step guide to teach you how. Simply follow our instructions to get your NANO coins in no time!
TotalCrypto adores the fact that NANO has overcome the major roadblocks to widespread bitcoin adoption. Other cryptocurrency initiatives are being held back by high fees, sluggish transactions, and scalability. In our opinion, resolving these problems has made NANO the most likely cryptocurrency to be utilized as real money.
We’re enthusiastic about the potential for this initiative to assist nations in economic upheaval by banking the unbanked and promoting bitcoin adoption. NANO is one of the most promising cryptocurrencies with the potential to become worldwide. In the affluent world, a $1 transaction charge may be acceptable, but not in poor nations.
The successful launch of the project’s Lite Android wallet will be critical to its success. This will aid in the development of cryptocurrency as a viable cash substitute in the developed world. If the wallet isn’t compatible with older mobile devices, the coin’s adoption in the developed world is doubtful.
This initiative has the potential to change the way people think about money. The TotalCrypto Team is unsure whether NANO will be successful. This initiative, on the other hand, is far from a Bitcoin clone and offers a unique value proposition. NANO, in our opinion, is a major upgrade over cryptocurrencies designed to be used as digital money. We’ll be keeping a close eye on this initiative in the next months and years.
Learn about three NANO competitors and evaluate the competition.
1) Bitcoin (Bitcoin) is the first digital currency.
2) Litecoin: Bitcoin’s Little Brother Is All About Low-Cost Transactions
3) Electroneum: A mobile-friendly currency aimed towards the computer game and gambling industries.
We’ve included a collection of useful NANO resources below.
? The Best NANO Investment Tracking Apps
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
Tom is a cryptocurrency specialist and investor from Edinburgh, Scotland, who has worked in the industry for over 5 years. He graduated from the University of Nottingham with an MA in diplomacy and a BA in politics, providing him a solid grasp of the social and political ramifications of cryptocurrencies. He is a big supporter of the future use of blockchain technology and believes in long-term initiatives above short-term profits. Tom may be reached at [email protected]
The Nano XRB Coin Guide 2018: Everything you need to know is a guide that has been released in order for people to learn more about the Nano cryptocurrency. Reference: where to buy nano crypto.
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