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What is Nano, beside A Heavy Competitor for Bitcoin?

what is nano

Colin Lemahieu created a new digital currency in 2014 named as Nano. It was created to overcome the problems posed by Bitcoin. Nano is famous for its speed and competency. Transactions are completed within seconds because it does not require whole data to process the transaction. It is considered as a good competitor for Bitcoin cryptocurrency.

Bitcoin is becoming a bad choice for competitors because of its slow transaction process and high mining costs. In comparison, Nano has no registration fee and less cost of electricity to run its network. It uses P2P relationship network for its transaction processing which reduces blockages.

On September 14, Nano recorded $34 billion market capitalization with an exchange rate of $2.56. Nano was initially publicized through Captcha Faucets from 2016 to 2017. Online, mobile, and desktop clients use Nano.

Nano has the sending node and the receiving nodes where the sender has to start a send transaction, while at receiving node, the receiver has to receive transaction. Since there is no agent between them, thus there is no agency cost .that is why Nano has no fees. In comparison, the Bitcoin network requires a prior transaction to run with the current transaction that takes a long time to complete the process. Therefore, Nano is much faster than Bitcoin because the transaction has to be processed one time.

Nano has some security problems as all Blockchains have, but it is still better than Bitcoin in other aspects like speed, minimum transaction process time, and efficiency. Furthermore, it has high trade volume in the crypto community. Even after being a hacking victim, Nano is still predicted to perform better in future.

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Saad B. Murtaza

Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

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