Let’s face it - at this day and age, every single person and their dogs have heard about Bitcoin. The cryptocurrency has completely shattered the doors of mainstream success and is now more popular than ever before. However, not everybody is aware of the coin’s shortcomings - ones that might not exist with the Nano coin.
There are a few big problems that Bitcoin has that people keep referencing and talking about - and for every such problem, there’s an altcoin to solve it. In this tutorial, we are going to be talking about one such altcoin - the Nano coin. Towards the end of the review, you'll see why simplicity truly is the best approach when it comes to cryptocurrency's success.
I’ll tell you all about it - what the Nano coin (the former XRB coin) is, how it came to be, what it’s used for, and so on. I’ll also give an XRB price prediction and tell you the best places where to buy and store XRB.
So, what are you waiting for? Let’s jump right into the tutorial!
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- Transactions are free
- Very scalable
- Works similarly to Bitcoin
- Good developer team
- Not as popular as some other coins on the market
- Difficulties buying NANO coins with fiat currencies
Table of Contents
What are Nano Coins?
The term “NANO” itself has been officially rebranded from what was known as “RaiBlocks”. At the beginning of 2018, the company officials decided to name their cryptocurrency project (and the currency itself) Nano - this marked a new beginning for the coin.
As a project and a cryptocurrency on its own, Nano is pretty self-explanatory - it is a coin that aims to replace fiat currencies and bring crypto into people’s daily lives. The coin’s goals and aims are almost identical to those of Bitcoin.
Unlike Bitcoin, however, Nano aims to perform the tasks (mainly - transactions) of its blockchain in a much faster and more flexible way.
Nano coin uses a combination of Proof-of-Stake and Proof-of-Work algorithms. The mixture is called a “delegated Proof-of-Stake”. The way that it works is that, when there is a problem with a transaction in the Nano coin’s system (let’s say, two transactions collide - one of them is legit and the other one is a robbing or infiltration attempt), there are “delegates” that are there to vote for the legit transaction and dismiss the fraud one.
To become a delegate, you must have some XRB in your wallet - this incentivizes people to participate in the growth and advancement of the Nano community.
The History of Nano
Nano (ex-RaiBlocks) was launched back in 2015 by a man named Colin LaMahieu (a software engineer with years of prior experience in the field of computer software). It was launched under the name RaiBlocks, but after a few years, the team decided to rebrand. Why is that?
The reason is pretty simple. The initial name simply did not resonate with the mainstream audience that the company tried to appeal to. It is worth noting that they weren’t wrong - after the announcement of the name change, their transactions increased vastly.
This is also the reason why you might often encounter the Nano coin referred to as the “XRB coin”. It is a tag left since the days of RaiBlocks, and both Nano and XRB are correct when referring to the coin itself.
Ever since the inception of what would end up becoming the Nano coin, it had one solemn purpose in mind - to make peer-to-peer cryptocurrency transactions more scalable. It is probably no secret that not only Bitcoin (although this coin especially), but a lot of other older blockchain version-based cryptocurrencies identify scalability as the biggest problem of all. This results in huge transaction fees, super slow trading speeds and so on.
Many different altcoins have tried creating their versions of blockchain that would help improve the scalability in question, and the Nano cryptocurrency is one of them. Now, the natural question that might arise for you might be - what’s so special about the Nano coin, then? My answer to that would be one simple thing - block-lattice.
Nano Block Lattice
A difficult term in of itself, block lattice refers to a mixture of two systems - the traditional blockchain, and what is called a “directed acyclic graph”, or DAG for short.
DAG is a type of data structuring. When, for example, you perform a transaction (buy, sell or simply trade) with a traditional cryptocurrency, your transaction is grouped into a “block” with a predefined space and size - these blocks make up the blockchain. With the DAG structure, however, you would be able to see individual transactions and how they correlate in the bigger picture of the blockchain itself.
What’s good about DAG is that it’s extremely scalable - exactly what the traditional blockchain lacks. The downside is that it isn’t particularly safe - however, this is where the infamous security of blockchain steps in.
The Nano coin aims to unite the best of these two worlds - DAG’s scalability and blockchain’s security.
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How Does it Work?
The working principle behind Nano's coin is quite simple.
To over-simplify it, Nano simply stores incoming and outgoing transaction data into designated, individual blocks in your own, personal blockchain. This way, your wallet balance is always kept updated and secure, while also keeping the blockchain working smoothly.
The general concept and idea behind the Nano cryptocurrency is the driving goal behind this process. The company has only one, single focus - scalability. They aren’t too concerned with security - that’s where the blockchain itself comes in.
Rather, the team focuses on providing the fastest possible transactions in the field of cryptocurrency. In turn, the “fee” topic comes up - there are no fees whilst using Nano coin in your transactions. Yup, you’ve read that right - 0 fees.
To analyze the price swings and form possible XRB price predictions, let’s take a look at the graph below.
As of writing this tutorial, the current price of the Nano coin is $1,31. As you can see from the chart, there has been a notable (or I should probably say - a VERY notable) price swing that impacted the Nano coin price, and it happened back during January of 2018. If you’re familiar with cryptocurrencies and have been following them for a bit of time, you might know that the XRB coin itself didn’t have anything to do with it.
At the turn of the year (2017-2018), the cryptocurrency market experienced the strangest period of its lifetime - the prices of cryptocurrencies inflated and then suddenly crashed - some completely, others - not so much.
There were many reasons behind this crash (it would take way to long to list all of them here), but just to name a few of the main ones: some governments banned cryptocurrencies altogether, financial experts prophesized the doom of the crypto world, people started panic-selling (I should say - dumping) their coins, etc.
As you can see, this had very little to do with the Nano coin itself. And it goes to show - towards September of 2018, the Nano coin price started stabilizing and is currently in quite a good position, even showing signs of growth.
As for the XRB price prediction… A lot of experts say that if the company will keep on advancing their technology and stay focused on the “feeless, fast and scalable” goal, the price of the Nano coin might keep on slowly increasing.
Note: I am not a financial expert or a cryptocurrency advisor. NEVER invest your money in cryptocurrencies before consulting with a legitimate financial expert.
If reading this Nano coin tutorial up to this point has piqued your interest in the Nano coin even more and you’re already thinking where to buy XRB, read on!
For the sake of clearance, I’ll segment this next part into two steps.
Step 1: Wallet
The very first thing that you’ll need to figure out before venturing out and buying Nano coin is the right wallet to use.
Naturally, it might be difficult to pick the right wallet for your cryptocurrency. However, you should focus only on one thing - security. If a wallet isn’t secure, then nothing else matters.
Most of the cryptocurrencies out there have their own, designated wallets. Nano coin is no exception - the Nano wallet is a great choice if the Nano cryptocurrency in the only one that interests you. It’s safe, open-source, and you can use it anywhere in the world.
Alternatively, an even better option would be to use a hardware wallet - namely, the Ledger Nano S. With Ledger, you can rest assured that all of your Nano coins are going to be completely safe and sound.
Step 2: Acquiring ETH and Buying Nano
Well, not necessarily ETH… But that’s the most optimal way to go about it.
You see, it isn’t possible to buy Nano coin with fiat currencies. The network simply does not support that option. Instead, what you should do is find a reputable cryptocurrency exchange platform and buy some other cryptocurrency (preferably Ethereum) with fiat currencies and then use that to buy Nano.
A good option would be Binance. If you don’t hold any Ethereum, you could buy it there and then use it to purchase Nano cryptocurrency straight into your wallet. Binance has proved their legitimacy as crypto exchange platform many times already - they have low fees and fast transaction speeds.
Alternatively, as of late, you can also purchase Nano coins via Simplex. The platform allows you to pay with a credit or debit card, and ensures that all of your transactions are going to be secure and fast.
If you do have Ethereum, however, then this makes things a bit easier. All you need to do is use the same crypto exchange to purchase Nano coins and that’s it - all that’s left to do now is wait until they appear in your wallet!
I’ve tried covering quite a few extensive topics in this Nano coin tutorial. Just to make the information stick better, let’s have a quick summary of what we’ve already covered about the coin.
Nano coin, as a cryptocurrency platform, has very specific and straight-to-the-point goals. Ultimately, it aims to make peer-to-peer crypto trading fast and fluid. This isn’t achievable with the old versions of blockchain, but Nano coin offers a solution. The merging of blockchain and the DAG systems seems to be a great way to solve these problems - only time will tell if it works in practice.
It is important to note, however, that the team has made some noticeable progress throughout the years - the coin’s price seems to reflect this pretty well.
When it comes to the actual price of the coin, however, it will be an interesting process to observe. Naturally, there are experts on both sides who prophesize very different things - this is true to cryptocurrencies in general, though. The main thing that you should keep in mind when thinking about Nano coin’s price is that everything lies in research.
People who are thinking about investing in Nano coin (and cryptocurrencies, in general) should do extensive research on the topic. And I don’t mean only reading the latest news or watching the price charts of the past couple of weeks. You should get to the bottom of the matter - a good way to go about it is to listen to crypto experts and other, fellow enthusiasts.
If nothing else, cryptocurrencies like Nano prove that the crypto technology is constantly advancing and moving forward. Even after the infamous market crash of the end of 2017 - the beginning of 2018 didn’t shun people away - on the contrary, more and more people seem to take interest in the world of crypto.
With that, new challenges arise every single day - cryptocurrency platforms and the teams behind them must keep constantly advancing and developing.
One of the best features that Nano coin provides is that it is simple. And by no means do I mean that from a technical standpoint - it’s as complicated as the other cryptocurrencies out there. No, what I mean is that it has very clear goals and tasks in mind, straightforward ways to achieve them, and a good leader and team to back it up. With such a combo, the coin may reach interesting hights in the future to come.
In this tutorial, we have only briefly touched upon the topic of Nano. I’ve talked about the Nano coin price and suggested where to buy XRB, but there is so much more to the coin than it is possible to cover in this short guide.
Concerning the questions of where to buy Nano and where to then store it, allow me to give you a quick rundown:
- You'd register on an exchange such as Binance, and verify your identity, if needed;
- If the exchange sells Nano coins directly (which might not be the case), you can just enter your details and purchase it there and then;
- If the crypto exchange does NOT sell Nano coins directly, you might need to purchase Ethereum (or any other crypto), and buy Nano with that;
- Alternatively, you could also purchase Nano coins via Simplex. Here, you might even be able to do it directly, whilst paying with a credit or debit card.
Do also remember that you should always keep your Nano coins in a designated, secure wallet - out of all of the wallets out there, the Ledger Nano S is considered to be one of the best alternatives.
The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.