What is Nano?
Nano is a digital currency that is decentralized, fee-less, and designed to provide a simple peer-to-peer transfer of value. A no-frills digital currency with zero fees, fast transaction times, and great accessibility.
The currency was originally called ‘Raiblocks’ before rebranding to ‘Nano’ in 2017.
What are Nano's goals?
The Nano Foundation says it empowers individuals and provides the most efficient and accessible digital money available, connecting users to the global economy in a sustainable way. The network is based on the Nano protocol and provides open access to anyone worldwide wanting to transfer value instantly, without fees and in an eco-friendly way, without mining.
Developers are building a reference node implementation for those wishing to participate on the network and plan to continue such efforts in the future.
What determines the price of Nano?
Supply and demand. Simply put, like most assets, the price of Nano is based on how much people are willing to pay. Since Nano is distributed online the price is determined globally. Minor price disparities between Exchanges are soon eliminated through arbitrage.
How much Nano is on the open market?
The Nano Foundation is not a conventional commercial enterprise. Instead, it’s financed by a fund of 7 million Nano, created in October 2017 from a total supply of 133,248,297.
The fund was launched after the original Nano faucet was shut down so that Nano creator Colin LeMahieu could focus on Nano’s development.
The Nano Foundation does not seem to have any other source of regular income, which could prove to be an issue.
What the bears are saying
- Lack of marketing: For any project to survive in the crypto space, it has to have a robust marketing strategy to back up the product and entice adoption. Since the 2017 bull market, Nano has struggled to promote its currency.
- Lack of wallets for users: Users have been crying out for official wallets to store Nano for years. They now have a web wallet, accessible via mobile and desktop browsers, and a mobile wallet in Beta. Many users remain frustrated by how long it’s taken and are worried about the long-term implications of such a slow rollout.
- Scalability: Other cryptocurrencies have more layers giving them wider appeal, such as smart contracts, the ability to build Dapps etc. Nano is just a currency - a crowded space. Many commentators believe it needs stronger differentiation.
What the bulls are saying
- Instant transactions: Many cryptos struggle with transaction speeds. Nano is fast. Transactions are almost instantaneous, coupled with zero fees for the user.
- Environmentally friendly: One of the most eco-friendly coins in the business, Nano has the ability to transact 1.35 million transactions with the same amount of energy that it would take for one Bitcoin transaction.
- Limited supply: Nano gives investors and adopters a deflationary effect over time. Higher adoption means higher value.
How to buy NANO
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1. Go to Uphold.com and click sign up.
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This article is for informational purposes only and takes no account of particular personal or market circumstances, and should not be relied upon as investment, tax, or legal advice. For investment, tax, or legal advice and before taking any action you should consult your own advisors. Note that digital assets such as cryptocurrencies present unique risks for investors. Please see ourbefore investing.
May not be available in all jurisdictions.
This content is correct as of October 2020
Note: this cryptocurrency is not available for withdrawal to external crypto wallets. It can be bought, held, and sold on Uphold.
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