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 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.
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.
ETH Developers Calculated How To Defuse The Difficulty Bomb
ETH developers calculated how to defuse the difficulty bomb because if they leave it untreated, they will slow down the network as we can see more in our Ethereum news today.
Ethereum’s encoded difficulty bomb is set to explode this summer and James Hancock as well as Tim beiko said that the ETH developers calculated the time needed to delay the bomb and this could the last time the developers need to take that action. Ethereum developers agreed on Friday how to delay the difficulty bomb ad if that is left untreated, the entire network could be slowed down. The difficulty bomb is an old piece of code that makes mining on ETH slower and less profitable over time by increasing the lag between the production of blocks.
We just wrapped up #AllCoreDevs 113 😁
Recap below 👇🏻 https://t.co/wDU2vlNnBS
— Tim Beiko | timbeiko.eth 🦇🔊 (@TimBeiko) May 14, 2021
Ethereum 2.0 switches the network from proof of work as a way of validating transactions with powerful mining computers to Proo of Stake which rewards the ones that pledge the coins to the network. It takes an average of 13 seconds to mine a block on ETH right now and without delaying the bomb, it could take more than 20 seconds to validate the block by the end of the year. Ethereum developers agreed on how many blocks were quite necessary to delay the bomb until December. The calculation for the delay was proposed by the ETH core developers James Hancock as he said:
“The bomb’s always there, and we defuse it by turning the blocktime back just for the bomb.”
He later said that the proposal will delay the bomb by 9,700,000 blocks. Tim Beiko, the ETH core developer also said that the developers dismissed a proposal to delay the bomb next spring but that won’t be necessary. The developers expected that by December, the network will update to allow the ETH 1.0 the network that relies on PoW to communicate with ETH 2.0 as the new network relies on PoS and this is known as the Merge:
“If the Merge is ready by December, we won’t need to do anything about the bomb because we will move away from mining entirely.”
If the merge plans remain unimplemented, the Shanghai fork is expected to go live and will delay the bomb once again. The Bomb has been delayed three times so far.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
VeChain price prediction: VeChain prepares to move higher?
TL;DR Breakdown VET retests 0.618 Fib retracement level. Closest major resistance at $0.22. Closest support at $0.16. Today’s VeChain price prediction is bullish as the market continues setting higher lows over the past days in preparation for a push to the upside next week. The overall market trades in the red today as Bitcoin has […]
- VET retests 0.618 Fib retracement level.
- Closest major resistance at $0.22.
- Closest support at $0.16.
Today’s VeChain price prediction is bullish as the market continues setting higher lows over the past days in preparation for a push to the upside next week.
The overall market trades in the red today as Bitcoin has lost almost 2 percent, while Ethereum trades with a 5 percent loss. Solana (SOL) is one of the best performers as it trades with a gain of 15 percent. Alternatively, Polkadot (DOT) is among the worst performers, with a loss of almost 9 percent over the last 24 hours.
VET/USD opened at $0.172 today after a bearish push yesterday. Over the past hours, VET/USD retested the local high at $0.19, from which the market moved lower once again and currently looks to set another higher low.
VeChain price movement in the last 24 hours
The VET/USD price moved in a range of $0.1701 – $0.1925, indicating a moderate amount of volatility. 24 hour trading volume has increased by 9.5 percent, totaling $1.7 billion. The total market cap trades around $15.5 billion, resulting in a market rank of 17th.
VET/USD 4-hour chart – VET consolidates in an increasingly tighter range over the past days
On the 4-hour chart, we can see bulls picking up any further selling pressure around the $0.175 mark, indicating that another slightly higher low will be set.
Overall the market continues retracing from the $0.25 swing high set on the 7th of May. A total loss of 35 percent was seen over several days, indicating that further selling pressure is likely exhausted.
Currently, the VeChain price action builds a base from which to move higher over the next week. Both a higher low and a lower high were established over the past 24 hours, indicating an increasingly tighter range. Therefore, once VET/USD breaks above the $0.19-$0.195 mark, we expect the market to rapidly move forwards to the next major resistance target around $0.215 – $0.22. From there, bulls will likely pick up momentum and push the market towards the current all-time high resistance around $0.27-$0.28.
Alternatively, Vechain cannot move any higher and breaks below the current local swing lows around $0.17, we should see another push lower over the next 24 hours. In this scenario, VET/USD will likely continue moving lower next week towards the next major support area around $0.12-$0.13.
VeChain Price Prediction: Conclusion
VeChain price prediction is bullish as the market continues to consolidate in an increasingly tighter range after a sharp drop earlier this week. Therefore, we expect VET/USD to push higher early next week to regain some of the loss.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Bitcoin Price Analysis: BTC Breaks Long Term Trend As Tesla Ditches It
Bitcoin has broken out of a long 3 month range of $10,000. After Elon Musk announced Tesla will no longer be accepting BTC due to environmental reasons, BTC broke its major support of $55,000 and quickly fell over 15%. BTC is now is now in scary waters.
While looking at the chart, BTC has broken a long term trend that has been held for nearly 6 months. This is not a good sign as there is much FUD spreading about Bitcoins environmental impact. BTC must hold major support range of $46,500-$48,000 or we can experience a large fall to $40,000. As of now, the 150MA has held the price of BTC as it touched this moving average for the first time in 6 months.
Bitcoin Price Analysis: BTC/USDT 1 Day Chart
If BTC can break above $48,000 and hold, there will be a decent revival to $51,400. In the case that BTC holds this resistance, next up is $54,400. BTC has grown over 1000% in a year. With this being said, there is a good chance more downside might occur before BTC resumes a bullish uptrend.
While looking at the Stochastic RSI, we can see that strength has reset to oversold levels. If the strength can bound above 30, expect a revival to minimum $51,400. The regular RSI also confirms a small bullish upswing as it has printed a bullish divergence. This occurs when price makes a Lowe low but RSI makes a higher low.
BTC intraday levels
- Spot rate: $48,100
- Trend: Bearish
- Volatility: High
- Support: $46,400
- Resistance: $48,000
Billionaire Druckenmiller says ledger-based system could replace USD worldwide
Bitcoin Vault inks major deal with ESE to co-produce Gaming & Esports Talent Show in five countries
XRP Lawsuit ramifications: Is the SEC hurting the same community it vows to protect?
First Spot: Coinbase’s App Surpassed TikTok, Instagram, and Facebook on iOS in the US
Raze Network Kicks Off Testnet Phase With UI Community Voting
dotmoovs Raises $840,000 From Strategic Investors and Partners
The challenges with designing a CBDC, explained
Casper Network’s CSPR Spot Trading Now Open on OKEx
How did Internet Computer (ICP) become a top-10 cryptocurrency overnight?
When dollars meet the hype: The biggest NFT hits from celebrities
PARSIQ Integrated Into Polkadot For Smart Triggers Across the Relay Chain
US Investment Bank Cowen to Offer Crypto Custody Services
Uniswap flips Bitcoin on daily revenue… and it’s more impressive than you think
Polkadot, Cosmos, Bitcoin Cash Price Analysis: 11 May
From cypherpunk to state contracts: the changing face of blockchain
DeFi lending platform Aave reveals “private pool” for institutions
TA: Ethereum Overcame Odds With New High, Here’s Why ETH Could Test $4.5K
MoneyGram to Enable Users to Buy Bitcoin and Withdraw it From Birck-and-Mortar Locations
eBay Now Allows the Sale of NFTs on its Platform
Griff Green: Doge-loving hippy hacker steals crypto before bad guys can
Blockchain1 week ago
Crypto Market Cap Added $300B in 7 Days as Altcoins Explode: The Weekly Recap
Blockchain5 days ago
Palantir Accepts Bitcoin for Payments and Considers Adding BTC to Balance Sheet
Blockchain1 week ago
Ray Dalio’s Bridgewater CFO leaves to work on Bitcoin full-time
Blockchain1 week ago
Ethereum price closes in on $4K as Shiba Inu (SHIB) steals Dogecoin’s thunder
Blockchain1 week ago
CFO of World’s Largest Hedge Fund Joins Institutional Bitcoin Firm NYDIG
Blockchain1 week ago
Banking Giants Goldman Sachs and Citi Warm Up to Offering Bitcoin (BTC) Services
Blockchain1 week ago
Ethereum (ETH) Hits $3800 ATH As Coinbase Premium Shoots With Institutional Interest
Blockchain1 week ago
Crypto Banter Will Give Away Over $500K To 10 Eligible Community Members