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Nano coin review: beginner’s guide 2019

If you’ve ever heard of Raiblocks, then you know of Nano coin. Nano is their new name and it was formerly known as Raiblocks. A rebranding occurred to make the…

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If you’ve ever heard of Raiblocks, then you know of Nano coin. Nano is their new name and it was formerly known as Raiblocks. A rebranding occurred to make the name less technical and more easily understood by the masses. The coin makes use of advanced technologies dropping the concept of a single blockchain. Therefore, Nano is able to overcome a number of the scaling concerns that beset the Bitcoin and Ethereum approaches to blockchain. This Nano coin review will dig deeper into what Nano coin is, what is does and why you should check it out.


What Is Nano coin?

Nano is attempting to become what Bitcoin sometimes struggles to be. A fast and efficient alternative to fiat currency.

In Nano’s white paper, the development team raises concerns over the practicality of Bitcoin as a common currency. The concerns are as follows:

  • Scalability issues have users facing high transaction fees
  • Bitcoin’s high computational latency makes for an average transaction time of 164 minutes.
  • Bitcoin’s proof of work consensus uses an estimated 27.28TWh annually, an average of 260KWh per transaction.

On a technical level, Nano is a trustless cryptocurrency with low latency. Rather than being based on a blockchain, it uses directed acyclic graph (DAG) technology and block-lattice architecture.

This also allows each account to have its own blockchain (an account-chain).

The consensus mechanism used by Nano is Open Representative Voting (ORV), a form of Delegated Proof-of-Stake (DPoS).

A key benefit to using DAG technology is high scalability along with lightening quick transactions. Add these qualities to no fees, as a product of design decision, then it’s a potent offering in the blockchain space.


How Nano coin improves Cryptocurrency usage

Nano has some great benefits which push itself into a great position as a growth crypto. It’s free of fees, transactions are super quick and it can scale effectively.

The super quick transaction time is a strong feature of the coin. By implementing a dual-transaction mechanism, it’s up to both the receiver and sender of funds to verify a transaction. This eliminates the need for miners and creates a pathway for rapid and feeless transactions.

Nano transactions video explanation – Nano coin review cryptocoindude.com

Nano is scalable. All transactions on Nano are handled on the accounts blockchains and verified by principle representatives. This drops the idea of block size issues because nodes are not responsible for maintaining a vast record of all network transactions. Nano only needs to store the individual account balances of each account-chain rather than their entire ledger.

For example, compare this Bitcoin’s currency scalability. More information is stored, sluggish transaction times and high fees. Nano’s account-chains make for a lightweight infrastructure. Consequently people cite this pathway as the next evolution of blockchain. What do you think?

Nano is energy efficient. The dPoS system avoids the huge energy consumption and expensive mining hardware required by Proof-of-Work cryptocurrencies.


Nano coins (or tokens as they are)

Initially, the supply of NANO was released via a faucet.

That faucet no longer exists. Now to get hold of Nano coins they must be bought.

Nano can be bought via fiat at Bitvavo.com or at Bitinka.com which has USD and EUR pairs for Nano.

Alternatively, Binance exchange is the largest exchange for NANO and it’s also offered for sale at other exchanges such as Kucoin. The most common purchases are made with BTC, ETH or USDT.

Once you have bought Nano, then you’ll need to find somewhere to store it over the longer term (storing on exchange hot wallets is never the best bet). The following wallets are good places to store Nano Coin:


The history of Nano

Like most cryptocurrencies, Nano or Raiblocks as it was know has a colourful history. For example, the coin’s community took a bit of a drop kick in the wake of the Italy-based Bitgrail cryptocurrency exchange’s collapse in early 2018.

In February 2018, a hacker or group of hackers stole roughly $150 million worth of XRB tokens from Italian cryptocurrency exchange Bitgrail.

The fallout from this event was particularly ugly. Bitgrail blamed the developers of XRB. Nano/RaiBlocks blamed the lack of security at Bitgrail.

You get the picture.

Nearly one year after Francesco Firano, the owner and operator of the Bitgrail cryptocurrency exchange, announced that the exchange had lost 17 million NANO (approximately $ 170 million), an Italian Bankruptcy Court and a court-appointed technical expert concluded that Mr. Firano (“The Bomber” as Mr. Firano called himself on social media) was at fault for the loss and is required to return as much of the assets to his customers as possible.

The ruling is a landmark decision that sets an important precedent for the protection of cryptocurrency users worldwide. For a full in-depth examination of the event, check out the BitGrailVictimsGroup’s post over on Medium.

However, this did not finish Nano off. Like so many examples in the crypto ecosphere, the stronger coins learn, adapt and move on with their projects.


Nano coin review – final thoughts

Nano could very well provide an alternative to Bitcoin’s scalability and latency issues. Likewise it could tackle energy consumption that has come to define proof of work mining. If any cryptocurrency is to become a viable alternative to fiat, then this is the approach it will need to take. Quick, safe and zero cost to the user. Maybe, in the next few years, when you go into Starbucks, it will be Nano coin that you will be using to buy your Mini Matcha Green Tea Crème Frappuccino. You never know!

If you likes this Nano coin review, or are a fan of the Mini Matcha Green Tea Crème Frappuccino, please share our post on your favourite social media channel below. Thank you in advance.

For further information on all things Nano visit this excellent curated Nano information site.

Source: https://cryptocoindude.com/nano-coin-review-beginners-guide-2019/?utm_source=rss&utm_medium=rss&utm_campaign=nano-coin-review-beginners-guide-2019

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CoinShares Launches a $75 Million Physically-Backed Ethereum (ETH) ETP

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A month after launching a Bitcoin ETP on Switzerland’s SIX Exchange, CoinShares has released a physically-backed exchange-traded product following the performance of the second-largest cryptocurrency – Ethereum. 

  • Describing itself as “Europe’s largest digital asset investment house,” CoinShares is a cryptocurrency-oriented manager with over $4 billion in AUM. The company, headquartered in London, announced the launch of its latest crypto product – a new physically-backed ETP tracking the performance of Ethereum. 
  • Called CoinShares Physical Ethereum, the product is already listed on the regulated SIX Swiss Exchange under the ticker ETHE and has a base fee of 1.25%. According to the company, the cost is “lower than the industry standard” of 2%. 
  • The statement explained that each unit of ETHE is backed with 0.03 Ether tokens at launch. Thus, it provides investors with “passive exposure to Ethereum’s native asset with the convenience of an ETP.” 
  • “In the early days of 2021, we have seen a continuation of last year’s demand in digital assets from institutions. We have also seen an increase in investor interest in Ethereum. We are encouraged by our client’s trust in our team to guide them in their journey through the digital asset ecosystem, and for many, Ethereum is an important part of that journey.” – commented Chief Revenue Officer Frank Spiteri. 

  • It’s worth noting that this is the company’s second similar product tracking the performance of a crypto asset launched this year. Somewhat expectedly, the first one, released in mid-January, follows the largest digital asset by market cap – Bitcoin. 
  • CryptoPotato reported upon its launch that it started with AUM of $200 million, and each unit is backed by 0.001 BTC. 
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Source: https://cryptopotato.com/coinshares-launches-a-75-million-physically-backed-ethereum-etp/

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Chainlink Price Analysis: 27 February

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Bearish sentiment has been the norm over the past few days, with the same being the case at press time for altcoins such as Chainlink. LINK has seen its price hike by around 164 percent since the start of the year. Over the last 7 days, however, with sellers dominating the market, LINK lost close to 28 percent of its value. While there have been some signs of recovery on the price charts, traders cannot discount the possibility of a further dip soon.

At the time of writing, LINK was trading at $25.5 with a market cap of close to $10.5 billion, making it the ninth-largest cryptocurrency according to CoinMarketCap’s list.

Chainlink 1-day Chart

Source: LINK/USD, TradingView

Chainlink’s price surged within an ascending channel formation over the last two months and as expected, the breakout was bearish for the coin. Additionally, Bitcoin also fell over the past week, adding to LINK’s price woes.

At press time, while LINK had strong resistance around the $35.1-price range, it was testing the support at $23.9, just like it has over the past few days. If this support level fails, it is quite likely that LINK will head towards the next support at $19, creating an opportunity for traders to open short positions.

Rationale

The technical indicators for LINK were quite bearish at press time and one can expect a further price drop for the coin in the coming days. At the time, the RSI indicator was quite far away from the overbought zone and was close to the oversold zone, indicating the absence of a buyer-dominated market.

If the RSI drops even further, LINK’s downtrend will continue. The MACD indicator also painted a similar picture after having seen the Signal line go past the MACD line, resulting in a bearish crossover.

Important levels to watch out for 

Resistance: $35.1

Support: $23.9, $19

Entry: $24.7

Take Profit: $19.4

Stop Loss: $34.4

Risk/Reward: 0.56

Conclusion

Chainlink saw its price surge on the charts over the past two months. However, the sentiment has since changed quite significantly and the coin seemed to be firmly in the grip of the bears. The altcoin may see a further price drop in the coming week if the press time support level fails. Such a scenario will result in LINK’s price going below the $20-mark, presenting an opportunity for short positions in the market.


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Source: https://ambcrypto.com/chainlink-price-analysis-27-february

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Bitcoin Cash, Huobi Token, Zcash Price Analysis: 27 February

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Bitcoin Cash retained the 10th spot on the crypto-rankings, despite being severely impacted by the recent correction in the broader market. Huobi Token flashed bullish signals, but a break above its press time resistance was unlikely. Finally, Zcash was projected to trade within a fixed channel since volatility was low in the market.

Bitcoin Cash [BCH]

Source: BCH/USD, TradingView

Weekly losses on Bitcoin Cash‘s charts amounted to 34% as a correction in the broader market had a negative effect on the crypto-asset. This period also saw $3 billion erode from BCH’s total value as it held on to the number 10th spot in the crypto-rankings by a bare margin, with a market cap of $9.18 billion. At the time of writing, BCH’s price was floating just above its $464-support, while the indicators gave mixed signals on BCH’s future trajectory.

The RSI pointed lower from under the 40-mark and reflected the weakness in price. On the other hand, the MACD moved above the Signal line while the histogram registered rising bullish momentum. With the crypto-market awaiting strong cues, we can expect BCH to remain above its press time support level. If the aforementioned level fails, the next line of defense would be at $421.5.

Huobi Token [HT]

Source: HT/USD, TradingView

The ADX indicator showed that Huobi Token’s uptrend was weakening after the price snapped an all-time high exactly a week ago. In fact, the losses amounted to over 30% following the broader sell-off in the crypto-market. At the time of writing, the altcoin’s price had bounced back from the $15.4-support after the bulls stepped in.

The MACD closed in on a bullish crossover, while the red bars on the histogram moved towards the half-line on the histogram. Either way, its gains would be capped at the immediate resistance and a hike to record levels seemed unlikely over the coming trading sessions.

Zcash [ZEC]

Source: ZEC/USD, TradingView

The Bollinger Bands on Zcash’s hourly charts were compressed as volatility remained low after the price bounced back from its $114.7-support. Weak trading volumes and buying pressure worked against a bullish outcome even though the price looked to breach the $124.75-resistance.

The Awesome Oscillator switched to red from green as momentum moved back and forth over the last few sessions. Moving forward, expect Zcash to remain within its current channel as it awaits stronger signals from the broader market for a definitive move on the charts.


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Source: https://ambcrypto.com/bitcoin-cash-huobi-token-zcash-price-analysis-27-february

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