What is Nano Blockchain?
Nano which was initially branded as Rail block rebranded into Nano in January 2018. The team behind this new cryptocurrency released a statement where it decided to change the name of this cryptocurrency.
Nano is replicating the model of Bitcoin wherein it is replacing the traditional cryptocurrencies and making it digital currency for day to day usage. In its quest to take over the Bitcoin, the Nano cryptocurrency is expanding its operations and evolving itself. This currency is presenting itself as a replacement of Bitcoin by resolving all the pertaining issues that occurred in Bitcoin technology. These issues include-
- The scalability was the major issue in the Bitcoin technology. The Nano cryptocurrency almost solves this problem by reducing the transaction fee charges.
- Another problem with Bitcoin is a computational time which is 164 minutes.
- The electricity problem is regarded to be one of the major concerns in Bitcoin currency as the mining of Bitcoins consumes more electricity than 150 countries.
The Nano blockchain technology addresses all these problems effectively and resolves all these issues. With its block lattice structure that consumes less energy and zero transaction fees, this new technology in cryptocurrency is obtaining a lot of popularity.
How the Nano System Works?
The Nano cryptocurrency works differently as compared to the other currencies. In Nano, each account has its own Nano blockchain. Moreover, each account chain is only being updated by the owner and rest of the blocks can be easily updated. Each user needs to update its block by sending and receiving funds, thereby completing two transactions. A sending transaction can deduct a given amount from the sender account and update it in the receiver account by adding money to his account. However, these two transactions need not to take place at the same time. As there are no restrictions on the time to send or receive transactions, therefore, transactions can occur anytime.
Creating Account on Nano Cryptocurrency
Anyone who is interested in investing in cryptocurrency needs to create an account to perform any transactions. This transaction is basically the first one of every account chain and is created upon receiving the first transaction block.
Account Balance
The entire user data is being stored at users account chain which is actually quite benevolent as there is no need to store the amount of transaction. Now the verification process requires only checking the balance of previously sent block and the current one. The value of the new block can go in either direction i.e. it can either increases or decreases. This actually increases the processing speed of the blockchain platform by downloading the high numbers of transactions blocks.
Sending Currency from an Account
To successfully send the value, the sending address needs to have an open account with some balance. It is also being noticed that once the transaction is performed it can’t be rolled back. Once the transaction is broadcasted to the network the funds would be deducted from the sender account and will be kept pending until the receiving party signs the block to accept it. The pending acceptance is also considered as spent and sender can’t revoke the transaction once given its nod.
Receiving Payment on Nano
To successfully receive the payment, the receiver needs to create an account and receive the payment. Once the account is created and broadcasted, then the balance is updated with the new value.
Nano Price over time
The price & value of Nano cryptocurrency is soaring after its inception. Investors are taking this cryptocurrency seriously and investing money in it. The price of Nano has hiked up to $4.02 in December 2017. After that, it has been seen that the price of Nano cryptocurrency is going upwards and there is no stopping to it. Currently, the gains have gone up to $33.14. It is evident that after it’s rebranding Nano has come into the limelight and crypto traders have started taking this cryptocurrency seriously.
