Can Nano Crypto become the future Bitcoin?
Opening thoughts
Bitcoin and Ethereum might be two of the most dominant cryptocurrencies in the current financial market but that doesn’t imply that they are absolutely viable to be employed as global cryptocurrencies, due to some practical reasons. Scalability is one of the daunting issues in the cryptocurrency space, in general. The Bitcoin blockchain had experienced congestion in the year 2017 and due to the extensive use of decentralized applications or Dapps like cryptokitties, the Ethereum network also experienced huge traffic to its Blockchain network. As a result, more than 1,500 variety of cryptocurrencies exist till date but they have their own set of functional architectures. However, many of them were exclusively designed in order to improve the inefficiencies in Bitcoin or Ethereum itself. Let us read about Nano Crypto and investing in Nano.
Nano Crypto
Nano Crypto is one such cryptocurrency which was predominantly discovered in order to improvise the scalability issues of Bitcoin. The cryptocurrency project members somewhat felt compelled to change the name of its initiative from Raiblocks (XRB) to Nanocurrency (NANO). The key members of the project cited that the name to be quite confusing and boring within their community, and it was from their efforts that the name was changed to Nano Crypto. Not just the name, the website, the project logo, wallet, as well as addresses, were completely changed. The result was a 38% increase in its market valuation.
Nano Crypto overcoming Bitcoin drawbacks
Due to the latency limitations in case of Bitcoin Blockchain, the transactions would take almost 164 minutes, and due to the Brute Force computations required for mining, indirectly due to the Proof of Work consensus mechanism, it is estimated that on an average the Bitcoin Blockchain network consumes 260 kWh electricity for a single transaction. Just take a moment to imagine the amount of electricity wasted for millions of transactions to be confirmed. Hence Nano Crypto aims to bring in the cryptocurrency domain what the Bitcoin Technology has been unable to.
Foundation of Nano Crypto
Founded by Colin LeMahieu in 2015, the Nano Cryptocurrency has arisen from all the obscurity, outta nowhere into a fully fledged coin. Nano Crypto is also known as the 3rd generation cryptocurrency project, as Nano Crypto, foresees to transform the current cryptocurrency scenario, where the humans are facing bad transaction speeds and a high fee. Nano Crypto uses something known as block lattice and deliberately avoids the blockchain concept. The block lattice record system is also well known as by Directed Acyclic Graph. In this paradigm, each account holder of the coin has a provision to maintain a private Blockchain, where each block contains a single transaction.
Where to get Nano Crypto?
A transaction is considered only when transfers are initiated from both the sides. With its decentralization capabilities, Nano Crypto offers for a fee less an instantaneous transaction, immense scalability, and a trustless network. Nano Crypto is designed in such a way that it cannot be mined, and recently, the market supply the max of 133,248,290 Nano Cryptos. One of the most preferred methods to buy them is to buy BTC or ETC and they simply trade it for Nano Crypto on exchanges such as KuCoin, OKEx, BitFlip, Binance, etc.
Nano Crypto and DPoS
The Nano Cryptocurrency coins also incorporate the Delegated Proof of Stake mechanism and consensus is obtained through votes. Nano Crypto’s main aim is to become the internet standard form which is free from political interventions. Any conflicts within the crypto domain can democratically be resolved by voting. This even allows Nano Crypto, protection from the centralization due to the cryptocurrency mining.
Is Nano Crypto a good investment?
The cryptocurrency project looks quite futuristic when it comes to its roadmaps. Also, the team members of Nano Crypto are highly experienced in their respective fields. It is self-evident from the widespread adoption of the Nano Crypto, that it is all set to become the future currency and is absolutely worth investing in for the year 2018 on a long-term basis. Nevertheless, it even is liable for daily trading purposes as the cryptocurrency market as a whole is highly volatile in nature.
Conclusion
It would absolutely be an icing on the cake if the Nano Crypto project becomes successful in delivering its promises to the customers within the cryptocurrency space. The future Bitcoin alternative is also highly simple with no complex complexities involved by incorporating the technologies like Artificial Intelligence or the Internet of Things. Also, it is highly secure, as for a hacker to gain 51% access to the network, she needs to hold a huge part of the total market capitalization of Nano Crypto which is a huge amount.
