The scalability of a payment system is one of the key indicators of its practicality. Low throughput results in financial transactions being delayed for hours or even days. Blockchain engineers are therefore focusing on increasing the scalability of peer-to-peer networks.
One way to solve the problem is to use a lattice system for recording information. Each account has a separate blockchain branch that includes its wallet balance and personal transaction history. Only the account holder can make any changes to it. Thus, each transaction is performed asynchronously to the rest of the blockchain, which greatly reduces the load on the network. Transactions are controlled via the genesis balance, which is fixed. The genesis balance is redistributed across accounts through transactions, but its total amount never exceeds a set limit. This is the technology used by Nano, a cryptocurrency built on an overlay network that stands out for its lack of fees and fast transactions.
History of the Nano Coin (XNO) project
In 2014, programmer Colin Le Mayet decided to create a cryptocurrency with an acyclic blockchain structure. The new digital currency, which retains all the advantages of distributed ledger technology, gets rid of the drawbacks of traditional blockchain ecosystems. It does not reduce bandwidth under high loads, and it does not charge transaction processing fees.
A year later, a test version of the network was launched, originally called RaiBlocks (XRB). But, in 2018, the company rebranded and the project became known as cryptocurrency Nano (XNO). The system is not overloaded with additional features such as smart contracts and decentralised applications. The only purpose of Nano cryptocurrency is for mutual settlement between users of the network. The network’s tokens can be used to pay for goods and services.
The developers probably hoped that Nano coin would soon replace Bitcoin, which by that time already faced scalability issues, but alas, that has not happened yet. As of 13.01.2022, Nano cryptocurrency is ranked 142nd in terms of network capitalisation by coinmarketcap.com. The exchange rate of 1 XNO = 3.15 USD.
Nano Coin development team (XNO)
The Nano Foundation is made up of qualified professionals from various backgrounds who are responsible for working to further develop and grow Nano.
Colin LeMahieu is the founder and CEO.
George Coxon – chief operating officer.
Adam Edwards – general consul.
Andy Johnson – communications manager.
Zach Hyatt – project manager.
Russell Waters – computer security specialist.
Sergei Kroshnin – Programmer.
Stein Roger – Programmer.
Wesley Shillingford, Programmer.
Marko Sabez is a programmer.
Guilherme Lawless – Programmer.
Graham Kull – communications coordinator.
A lot of help in the development of the network is provided by community managers from different countries.
Features of the project Nano Coin (XNO)
Each Nano account has its own blockchain, in which each individual transaction (rather than a group of transactions) is a block. Transactions are evaluated individually and asynchronously. Senders and recipients interact directly with each other.
Instead of a processing fee, a relatively small amount of client-side cryptographic computation is required to protect against spam and prioritise transaction execution. If the network is overloaded, the computational requirements increase, making it more difficult for an attacker to send further spam. Legitimate users can easily perform a “PoW+1” to move to the top of the queue.
As of version 22, Nano ecosystem validators sort transactions using a combination of account balances and LRU (least recently used) rules. In order to over-spam decent users, the attacker must be in possession of a large sum. But, even then, less frequently used accounts have priority.
Attempts to double-spend are eliminated by node voting. Each transaction, when sent, is broadcast to all major representatives in the network. If they believe that the transaction is valid (complies with all the rules, has not been seen before, is not a double-spend, etc.), they acknowledge it. Once the node that executed the transaction has enough votes to pass the quorum threshold, it considers the transaction validated and marks it as irreversible.
Validators (called representatives here) are elected by Nano holders. The Open Representative Voting (ORV) system implemented in Nano does not restrict users to specific delegates and does not require blocking tokens. Anyone can run a representative node and move their vote freely. Nodes in the network with a vote weight of more than 0.1% of the total online stake are called “core representatives”, their votes are broadcast across the network and contribute to the consensus. At the same time, they do not receive a penny for doing so. Their incentive is to contribute to the decentralisation of the network, and to secure personal funds. Businesses or services can use their representative nodes for marketing. There are community-run sites where representatives can create a full profile to inform network users about current sales and promotions.
How to mine Nano Coin (XNO)?
The question of how to mine Nano has a short answer – no way, all the coins have already been released. Consensus is formed by voting for a representative who will verify the transactions. The services of the representatives are not paid for.
According to the developers, a system in which the incentive to participate is switched to indirect savings in operating costs eliminates one of the risk factors of centralisation, as nodes are interested in developing the network, but it does not make sense for them to be overly active.
Nano cryptocurrency can be earned through passive mining. You mine any cryptocurrency running on the PoW algorithm and then exchange it for Nano tokens.
XNO can be earned by playing Counter Strike against others online in Armament Race mode, or by playing in factional warfare mode in the classic multiplayer game Just Cause 2. A full list of games in which you can earn rewards in Nano cryptocurrency is available on the project’s official website, under Earn, link https://hub.nano.org/i/earn/217.
You can get a small amount for free at https://nanodrop.io. Follow the link, enter your Nault or Natrium wallet address and check the box next to “Drop Me 0.0002 Nano”.
Where you can buy Nano Coin (XNO)
Nano cryptocurrency is traded on 20 trading platforms. We recommend you use the services of the trading platform Binance. It supports 4 exchange pairs: NANO/BTC, NANO/ETH, NANO/USDT, NANO/BUSD. To register, you have to create an account with your username and password. Login is an email address or mobile phone number. Password must be at least eight characters long, contain upper and lower case letters as well as special characters.
Detailed instructions on how to pass KYC on Binance can be found in the thematic review on our website. Once the verification is successfully completed, you will have access to all services of the platform. XNO cryptocurrency can be exchanged on the spot market as well as bought or sold for fiat money with a bank card.
To use the second option, click “Buy” and select “Credit/Debit Card”. A window will pop up in front of you, where you need to specify the direction of the transaction (buy or sell) and fill in the form, choosing one of the digital coins ( in this case Nano) and the national currency (roubles are supported). Specify the transaction amount and agree to provide your account data to the service provider. You will be redirected to the transaction processing page. Complete it, following the service’s instructions, and the money will be debited from your card and the cryptocurrency will be deposited. If necessary, you can perform a reverse transaction in the same section of the exchange.
For a full list of trading platforms working with Nano digital currency and the current token exchange rate, see https://coinmarketcap.com/ru/currencies/nano/markets.
Wallet for Nano Coin (XNO)
A list of cryptocurrency wallets recommended for storing Nano is available on the developers’ official website.
The mobile app for Android and iOS is called Natrium. It is a fast, reliable and secure wallet for Nano cryptocurrency. Natrium has been thoroughly vetted by Red4Sec, a security firm with extensive experience with blockchain and cryptocurrency projects.
Create a new Nano wallet or import an existing account.
Secure pin code and biometric authentication
Instant Nano transactions anywhere in the world.
Manage your contacts in an intuitive and easy-to-use address book.
Notifications of incoming transactions.
Management of multiple Nano accounts.
Uploading Nano from a paper wallet or seed.
Change your wallet representative.
Previewing your transaction history.
Support for more than 20 languages.
Digital currency exchange.
You can contact technical support for questions and problems.
You can create an XNO Web Wallet at https://nault.cc. Go to “Settings” and select Configure New Wallet, then create a password and save it.
Nano cryptocurrency is supported by multi-currency applications:
Magnum Web (Ledger support).
Exodus – Win, Mac, Linux, iOS, Android.
Trust Wallet – iOS, Android.
Hodler – Android, Win, Linux.
Atomic Wallet – Win, Mac, Ubuntu, Debian, Fedora
You can create a Nano paper wallet for cold storage of tokens by going to https://nanopaperwallet.com.
Advantages and disadvantages of Nano Coin (XNO)
The Nano payment network processes 7,000 transactions per second with no fees and scales almost infinitely. But financial transactions are only done online and it is not possible to run smart contracts and dApps. Without integration into the real economy, the payment network will be difficult to develop, but here Nano is so far inferior to nearest competitors Ripple and Stellar.
Digital currency Nano is another high-tech project lost in the second echelon of the crypto industry. The market is oversaturated and a flexible marketing strategy is needed in the face of stiff competition. Work in this direction is under way, but so far the team has not been very successful. Let’s see what happens next.