Nano, a relatively obscure cryptocurrency, managed to catch the spotlight yesterday due to its singular transactional proposal. But, what is Nano really, and why did the token manage to skyrocket more than 60% in just a few hours?
Nano and Its Fee-Free Approach
Nano, a fairly unknown cryptocurrency for people not directly related to the crypto world, that features a fee-free transactional method, managed to catch the spotlight yesterday. Nano’s price raised more than 60% in just a few hours, surprising investors who normally don’t take it as a particularly important currency for speculating. But what is nano (NANO) and why it experienced this price intense fluctuation?
Nano is a cryptocurrency created in 2015 by Colin Lemahieu, that has its own blockchain structure called “block-lattice,” where each wallet has its own blockchain, constituted by the ledger of transactions. However, blocks are not mined, because Nano uses proof-of-stake (PoS) as a consensus algorithm, and transactions are resolved via delegated voting.
Unlike most of the PoS-based cryptocurrencies out there, the distribution of nano was made online. People could receive it by just solving a captcha on a web page, which made it relatively popular for newcomers in 2017. Due to its nature, nano transactions don’t pay mining fees, and the system is optimized to run in low-end computing equipment.
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