Nano is the newest of many cryptocurrencies to be re-branded. It was formerly known as Raiblocks (XRB) but the pronunciation of the name, for whatever reason detracted from the desirability of the product and namely the seriousness of the project and the amazing capabilities and potential stored inside its shell (very uninformed people were grouping it with the video-game Roblox potentially because of the Faucet-distribution method Nano used for the years leading). The re-branding did keep the ticker “XRB” but the majority of people are simply referring to it as Nano and for the sake of the article I will refer to it only as ‘Nano’.
There are a lot of great things about Nano, but probably one of the most important things to know about Nano from a first-glance is this:
Nano has zero-fees and the transactions are instant.
I felt it deserved it’s own line so you can read it again and again because those alone are two very big and amazing reasons to pay attention to what they’re doing. Now, how do they make this possible?
Bitcoin’s blockchain as well as many others, use the fees that come from all their transactions to encourage the miners to continue using/securing the network; simply put Nano is already at its maximum supply and cannot be mined and has no need for miners, therefore no need for fees. (It is important to note that there are a lot of legitimate sites that say they “mine Nano”… They aren’t trying to scam you – what they’re doing is they’re mining OTHER cryptocurrencies but paying you out in Nano).
Something very unique about XRB that we have yet to see in any other project is what creator and lead-developer of Nano Colin Lemahieu refers to as the ‘blockchain lattice’ where the overall Nano blockchain would operate with many mini-blockchains referred to as ‘account-chains’ intertwined into it.
These account-chains are attached to each and every account and are equivalent to the account balances/transaction history which allows the account-chain to be updated immediately and asynchronously to the rest of the block-lattice. The protocol is lightweight enough to fit each transaction into the required minimum UDP packet size to be transmitted over the net for practically all of the transactions. What this does is allow for extremely fast updates to the account-chains when changes happen (I.e send or receive transactions) and then at the final completion of the task, only then send the final update via Nano-blockchain for the final confirmation which also allows the blockchain to stay clear. User wallets also pre-cache the network which is anti-spam Proof of Work and once both sides have completed their ‘send’ and ‘receive’ tasks it sends it off onto the Nano-blockchain.
How can you buy XRB?
You first need to buy Bitcoin or Ethereum on Coinbase and then transfer it over to your account at Binance or KuCoin to exchange it for XRB. For reference, check out our guide –Cryptocurrency Investing: How to Buy Altcoins. If you get stuck or need help, send us a message through our Facebook page or use our contact page and someone on staff will walk you through the process.