Formerly known as RaiBlocks, Nano took the crypto world by surprise in 2017 when its token grew by over 100,000%. Once people got over the initial surprise, however, they came to see that the growth was no fluke: Nano had an innovative tech along with a value proposition that was very unique. In this post, you will find everything you need to know about the blockchain-based network that may hold the key to future payments.
Nano is a cryptocurrency-based global payment network that facilitates the free and instantaneous transfer of funds. Its token, XRB, was launched on the 7th of March 2017.
Bitcoin is still the biggest cryptocurrency in the world but it stopped being the most efficient a long time ago. Its inadequate scalability means transaction costs on the network are at an all-time high. That’s not all, due to high latency on the network, bitcoin transactions take up to hours to settle. Also, transactions use up lots of power and the average bitcoin payment consumes up to 260KWh.
As a result of the shortcomings outlined above, the Bitcoin network can no longer be relied upon to for cheap and speedy transactions, calling into question its functionality as a global currency.
Nano does not only guarantee fee-less transactions on its network, it also settles payments within seconds. Furthermore, Nano runs on the vastly superior Proof-of-Stake mechanism, meaning there are no mining activities and transactions on the network do not expend any power.
These features make Nano a better alternative as far as day-to-day payments are concerned. Imagine being able to send money to anyone in the world near-instantaneously and without charge. It sounds unbelievable, does it not? Yet, that is exactly what Nano are promising, and so far, the cryptocurrency network has processed well over 4.2 million successful transactions.
Nano was founded by software developer Colin LeMahieu. LeMahieu has considerable expertise and experience as a developer and before starting Nano, he worked at notable companies like Dell, AMD, and Qualcomm. He is joined on the Nano team by Chris Mair, who is in charge of the company’s strategy and Business Development. Mair has previous work experience from Diesel (Head of Digital), Airlock (Strategy Director), and DADI (Founding Partner).
By providing a network with low latency, maximum power efficiency, and infinite scalability, Nano’s target market is surely the millions of people that perform daily transactions using Bitcoin, Litecoin, and all other cryptocurrency-based payment solutions. As a result, they have a large market segment to target: Bitcoin alone has a market capitalization of $155 billion (as at the 1st of Feb 2018). Given that Nano has a modest market cap of $2.15 billion (as at the 1st of Feb 2018), there is definitely ample room for the cryptocurrency to grow.
As mentioned above, Nano’s major competitors include all cryptocurrency platforms that provide worldwide payment services. Their most notable rivals are Bitcoin and Litecoin, but there are many more startups with similar use cases.
The new crypto networks will struggle to upstage Nano and offer better terms than feeless and instantaneous transactions. The established networks, however, pose an entirely different kind of problem to Nano. Companies like Bitcoin and Litecoin have been on the market for years and they have gained the trust of their users, few of whom will abandon the projects hastily for a new one.
Using the revolutionary block-lattice architecture technology, Nano was able to acquire the holy grail of crypto payments: a network with low latency and infinite scalability. As a result, they offer users something no other platform can, split-second transactions at zero fees. Every user on the Nano network have personal blockchains, and transactions are tracked using account balances instead of transaction amounts.
Nano has a superior tech and can offer prospective customers a value exclusive to their network. There are few other business propositions that can beat this.
Nano’s token, XRB, was released to the public on the 7th of March, 2017, and since then, the token has grown by leaps and bounds. According to Coinmarketcap, XRB opened trading at $0.0091 and as at the 1st of Feb 2018, 1 XRB was worth $16.57, a growth of over 181,000%.
As a result, all original investors would surely have made their investment back in multiple folds. Future investors will also be encouraged by how well the company is doing, and how strong the Nano community is.
While the members of the Nano management team are known (sort of), they are not household names in the cryptocurrency scene. Furthermore, their résumés cannot be used to predict how well they can run the company and get it through the choppy waters that are surely ahead. So far, so good, however, up until this point, they have done a good job of managing the company and its token.
They have a working product; as mentioned above, over 4 million transactions have been settled successfully on the network. Additionally, Nano is open source and they have a GitHub where interested parties can inspect and contribute to their code. They also have active communities on Facebook, Telegram, Slack, and Reddit.
Likelihood of Critical Mass
For now, Nano has not garnered enough users to guarantee self-sustainable growth. Will they be able to? How long will it take? These are the questions. The answers depend on how attractive Nano can make their platform to the world. If they can manoeuvre their way to the forefront of their market segment till they are seen as a viable alternative to Bitcoin (and other similar networks), then critical mass is attainable. If they cannot, the network may never achieve self-sustainable growth.
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Disclaimer: The information contained herein is not intended to be a source of advice and the information and/or documents contained in this website do not constitute investment advice.