NANO’s Tech And Binance Movement Make It A Crypto To Own
Summary NANO, started as Raiblocks, is up over 85% in USD value in 2019. The coin is attempting to be the fastest, lowest cost blockchain currency on the market and has made strong steps in establishing itself as such. Recent trading on Binance is showing high volume and interested […]
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NANO, started as Raiblocks, is up over 85% in USD value in 2019.
The coin is attempting to be the fastest, lowest cost blockchain currency on the market and has made strong steps in establishing itself as such.
Recent trading on Binance is showing high volume and interested traders, an effect that could careen into wider and other markets.
NANO is a coin to own for altcoin investors in 2019 and a part of the Coin Agora's 2019 Pick Portfolio.
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NANO is a cryptocurrency that shares the same vision as others - to replace fiat currency. Additionally, the platform seeks to revolutionize the blockchain technology by enabling zero-fee transactions in real time.
Initially named Raiblocks, the platform was created by Colin LeMahieu. It was launched in 2015 as Raiblocks and later rebranded to NANO. This rebranding caused the coin's price to surge 40% in less than 24 hours.
At present, the coin is trading at $1.75, with a 2% surge in the last 24 hours. Additionally, the platform's market capitalization is at $233,547,432. Moreover, the coin's price is expected to increase soon, and below are the reasons why.
The Advantages Of Its Technology
First, NANO technology provides each individual with their own blockchain. These platforms are the only one of its kind to employ its own technology known as block-lattice architecture. The individual blockchain assigned is called account chain.
The amount of data required is less compared to its contemporaries. The NANO technology records account balances, which is different since others track all information. Each NANO transaction creates its own block before the older one is replaced on the account chain. As such, the end result is a new block containing updated data of each user.
Instant and real-time transactions. The main issue in blockchain transactions is the speed, which stands at an average of 3 hours in the case of Bitcoin. Nonetheless, NANO transactions require no such time for the network ledger to update. The users update the information reflected, which is then updated asynchronously to the bigger block-lattice, resulting in fewer transaction times.
Transactions costs are zero. This is another issue of concern for crypto users, as well as scalability concerns. Nonetheless, NANO eliminates these concerns as it provides zero-fee transactions, since the miners require no fees, thus making the exchange free.
Lower energy consumption. This has become a major topic in the Cryptosphere since Bitcoin mining consumes more electricity than 159 countries, thanks to its proof-of-work consensus, which uses about 27.28TWh per year and 26 KWh per transaction.
Massive Adoptions On Several Platforms
One of the key adoptions of NANO technology is the NANO Tip Bot on Twitter. This allows users to easily and quickly send and receive NANO tips back and forth on Twitter.
According to Andrew Mitchell:
"I want to give a tool to people who could introduce new users to NANO. On Twitter, there are 336 million active users. Anyone of them can now receive a tip without leaving the website, which I think is pretty powerful. Every tip mentions the #NANO, so anyone searching for it could stumble upon the bot and get some publicity through that as well. And now, anyone can reward or introduce someone to NANO without the hassle of setting up a wallet."
Another major adoption is the recent addition of Chrome extension. This adoption improved the user experience and made it easier to manage the tipbot account and start tipping.
Reddit also recently adopted the NANO Tipbot. This allows users to tip the coin across the entirety of the social platform at any time.
Moreover, James Coxon recently created the NanoQuake, a playable proof-of-concept, which integrates NANO into the old gamers' favorite 'Quake 2'. This showcases the seamless nature of Nano micro transaction integration into gaming.
The Recent Bullish Bet On NANO By Traders On Binance
Traders recently moved more value into riskier digital assets such as NANO on the Binance exchange. NANO was among the main beneficiaries, as more than 60% of its trading volume came from a BTC trading pair on the cryptocurrency exchange. Another 10% came for the exchange's USDT pair, and this caused a sudden surge in the coin's price.
Nonetheless, this was not the first time the coin experienced a mini-bull run on the exchange. NANO surged 22% on 8th April, and the BAT (Basic Attention Token) increased by more than 5% by the end of the same month.
It is quite significant that these gains have been witnessed on the crypto exchange Binance. While other exchanges have been accused of manipulating their trading volumes, this exchange has a strong track record of showing accurate data when it comes to prices of several digital currencies.
A sudden surge in another exchange would be highly doubted, but in the case of Binance, it could hint a wider movement in the market.
The confidence shown by NANO investors on the exchange indicates that they believe this project has better quality and, thus, more potential than the rest of the coins. It may be inaccurate to associate this bullish move with a long-term trend, but this clearly shows that Binance traders are placing more confidence in NANO.
These advantages, recent adoption, and confidence by investors are a clear sign that NANO is aiming for the sky.
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Disclosure: I am/we are long NANO. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.