With the motto “no fuss, no fees, no waiting” and uniquely designed to provide simple peer-to-peer value transfer, Nano provides individuals with the most efficient and accessible digital money possible, connecting them to the global economy with minimal impact. Nano leverages the Open Representative Voting (ORV) consensus mechanism that expands on other designs by providing security with extreme efficiency using delegated, weight-based voting, allowing consensus to be achieved with minimal resource usage. Nano is able to offer fast and commission-free transactions thanks to the Block Lattice, a data structure where all accounts have their own Blockchain, rather than compete with the others on a central Blockchain.
Consensus is generated through voting representative, where accounts can freely choose their representative at any time, thus providing more control for users to decide who validate transactions. There are three main reasons Nano is fast and energy-efficient compared to other decentralised currencies:
- the distribution method
- the lack of transaction fees
- the ledger’s design and consensus mechanism for securing transactions.
The energy usage of a single Nano transaction has been calculated as low as 0.111Wh. 2 seconds of Bitcoin transactions use more energy than 65 million Nano transactions do.
In November 2018, the Nano Foundation announced that Nano has been selected as an official “Gold Label Project” by Binance Info. The Binance Gold Label Project has been launched to provide complete updated informations on various Crypto projects. Through Binance Info, Nano supporters and Binance users can learn more about the project, with the latest news, updates and releases. In December 2018 Nano announced its integration with CoinGate payment gateway. Anyone who owns Nano can shop at over 4,000 merchants using Coingate. Nano is mainly aimed at the following sectors: remittances, microtransactions, online and in store payments, foreign exchange and trading, banking infrastructure.
The total supply is 133,248,297 NANO, which has already been equally distributed through a faucet that everyone could use by filling in Google Captchas.
Nano is developed by the Nano Foundation, a non-profit organization established in London, UK. The most notable Team member is founder Colin LeMahieu.
He was a software engineer and developer with a background working for the largest companies in the technology industry such as eLoyalty, Dell, AMD, National Instruments and Qualcomm.
Nano has a position on Coinmarketcap oscillating between the one hundred and fiftieth and two hundredth place of the most capitalized coins.
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