What is Nano Coin: The Beginner’s Guide?

So far we’ve written guides on  several altcoins such as a beginner-friendly guide on BZLcoin, and ultimate guide on Verge coin. And now we’re continuing with this tradition. In this blog post we’ll discuss Nano Coin: its history, how it works, its wallet, and its token XRB. Let’s get started.

What is Nano Coin?

In the beginning, Nano was known as RaiBlocks, and its founder is Colin LeMahieu. However, in 2018 the team decided to rebrand the coin, and its name was changed to Nano.

Nano is a payment platform that aims to replace fiat currencies. Its transactions happen immediately and on any purchase, you have zero fees. Also, Nano can perform over 1000x more transactions per second than Bitcoin. That’s impressive.

How does Nano Coin work?

Nano uses a consensus mechanism called Delegated Proof-of-Stake (DPoS). Moreover, the coin is built on a Directed Acyclic Graph (DAG) technology, where each account has its own blockchain.

XRB – Nano token

Nano Coin wallets

The Nano coin (XRB) has its own designated wallets. These wallets are available for Windows, iOS, and Linux and for Desktop, as well as for mobile devices. You can download all these wallets from Nano website.

The Nano token has a circulating and total supply of 133,248,290 XRB. In case you want to acquire XRB then you should know that it isn’t possible to buy Nano coin with fiat currencies. Instead, you can use fiat currency and buy some other cryptocurrency through a reputable exchange platform. Some of the exchanges where you can acquire the coin are Binance, KuCoin, Mercatox, etc.

Bitgrail scandal

In February 2018, around $150 million worth of XRB tokens was stolen from the Italian cryptocurrency exchange Bitgrail. For this hacking attack the Nano team blamed Bitgrail and their lack of security. Also, it’s worth mentioning that Bitgrail was the largest XRB exchange at the time.

Sum-up

Recently, Nano has updated its roadmap, outlining their goals for the future. Some of these goals are integrating a fiat currency exchange, continuing work on Smart Cards, and increasing their presence on the global crypto market. Good luck with that, Nano!

In the meantime, don’t forget to follow us on Facebook!

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