Green cryptocurrencies for the environment: Nano (XNO)

For Green cryptocurrencies, today I’m showing you a crypto that has made sustainability one of its strengths: Nano, focused on the removal of the inefficiencies present in existing Cryptocurrencies. Nano defines itself as “a digital currency for everyone, with no fees.” (To see all the articles related to this column, click here.)

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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.

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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.

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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.



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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.

A winner is a dreamer who never gives up.

Disclaimer: I am not aware of any third party rights on the images used. I undertake to cite the source if there are any and to adjust the position if requested.

Disclaimer: Trading cryptocurrencies carries a high level of risk and may not be suitable for all investors. Before deciding to trade cryptocurrency you should carefully consider your investment objectives and your level of experience. Do Your Own Research. All opinions expressed here are owned by the respective writer and should never be considered as financial advice in any form.

ABOUT THE AUTHOR


CRYPTO_ALBERT   

EDITOR-IN-CHIEF AT NEW COIN POST. I HELP PEOPLE TO UNDERSTAND BETTER THE CRYPTOCURRENCY SECTOR AND ITS PURPOSES.