Nano (XNO): Digital Money, Sustainable cryptocurrency for digital payments, microtransactions, remittances and more
Cryptocurrency and its use cases, such as crypto payments, crypto donations and more have entered the business sphere, the ecommerce market, and, our daily lives in general.
Nano is the perfect example to show the benefits of digital payments and its impact on the community today.
What is nano?
Nano is decentralised, sustainable, and secure digital money made for digital payments, perfect for microtransactions, remittances and tips.
Nano is on a mission to provide everyone with the most accessible digital money possible, connecting them to the global economy with minimal impact.
Nano features
Feeless
Nano transactions are completely fee-less, which makes nano a perfect currency for payments, donations, remittances, as well as micropayments, tips etc.
Small businesses can benefit from nano, as fees and commissions tend to be some of the main challenges business owners face, with banks taking a percentage depending on many factors: whether the transaction is cross-border, whether the customer’s and merchant’s banks are the same, and many more. Nano is fee-less on a global scale.
Charities can also benefit from nano, as most donations tend to be microtransactions, and various banking fees may end up consuming the whole donation. With nano, charities get 100% of what they are sent.
Sustainable
One of the challenges crypto faces when trying to become globally adopted is the energy factor. Many popular cryptocurrencies, such as Bitcoin or Ethereum, are mined, and that consumes a lot of energy.
Nano is not mined, and while a single Bitcoin transaction footprint amounts to 1997.16 kWh (this is the amount of electricity an average family can use for 68 days), nano transactions use 0.000112 kWh.
This means that 1 Bitcoin transaction consumes as much energy as several million nano transactions.
How does nano do it? Anyone can add blocks to their own blockchain in an asynchronous manner, which are then validated by the other nodes in the network. Those nodes are cheap to run and they can validate hundreds of transactions per second.
There are various eco-friendly cryptocurrencies, and that is why it’s important to note that besides being sustainable currency, nano is fee-less, and the transactions are instant.
Instant: less than one second
The nano network can handle ~100 transactions per second. Nano used the Open Representative Voting (ORV). Representatives confirm transactions (67% consensus needed) as soon as they see a transaction, which means that only Internet connection latency can limit the speed of nano, which is almost the speed of light.
- When describing fastest cryptocurrencies, Fool.com featured nano and its less than one second transaction time.
- Listing cryptocurrencies and their transaction speed times, Kraken features nano as “near-instant”.
- Cointelegraph, when explaining the DAG model, which nano uses, mentioned “high transaction speeds unencumbered by block creation as one of the benefits”.
- In 2019, BeinCrypto analyzed the nano network and recorded an average transaction time of the 0.27s.
- Nano Crawler shows 5–10 txs a second
Nano is fast because it “generates transactions through interactions between two accounts, rather than from interactions between all”.
Nano use cases
Digital Payments
With a growing number of crypto payment providers offering ways to accept nano payments, like ecommerce plugins, API and invoices, more and more merchants are adopting nano every day.
Crypto payment gateways that support nano include:
- NOWPayments
- Simplex
- Coinify
- Kappture
- CoinEmbed
- QvaPay
- Bitrequest
- Coingate
Nano Hub lists all the different merchants exploring nano payments. Industries that accept nano include:
- Merchandise
- Hosting Services
- Software
- Consumer Electronics
- Clothing
- Traveling services
- Office supplies
- Mobile top-ups
- Grocery
- Education
- Sports
- Gaming services
- Streaming services
And more
Crypto Donations and Tips
Accepting nano donations and tips in nano is possible via various tools, faucets, games and services.
- Games. There are nano-themed games, some of which allow earning nano by playing them.
- Faucets. Faucets of different types can be found for nano: simple ones distributing nano once a day, game-like faucets organized like treasure hunt, and there is also the WeNano project allowing anyone to set up a nano spot in real life, which can serve as a faucet.
- Tools. Donation widgets, buttons and links can be placed anywhere on a site or on social media, to receive donations in nano.
Remittances in Digital Money
As digital money, nano can be a solution for remittances for those residing in unbanked areas.
New ticker and symbol: XNO Ӿ
A little bit of name history follows.
- 2014: Colin LeMahieu started to develop nano, under its original name — RaiBlocks (XRB).
- January 31, 2018: RaiBlocks rebranded to Nano (NANO).
- November 13, 2021: nano got a new trading ticker, XNO, and a new symbol Ӿ (Cyrillic Capital Letter Ha with Stroke — Unicode).
Why XNO?
Nano Foundation aims to place nano in the real world, hence the new XNO ticker and symbol, which allows nano to follow the requirements set by the International Organisation for Standardisation (ISO).
Being a ‘supranational’ currency, nano’s ticker should begin with ‘X’ as per the required standards for business and banking globally by ISO 4217.
The new Ӿ symbol is just like the pound, dollar or yen. At the same time, the name nano does not start with a capital letter and does not have any branding itself — again, like other currencies.
The new symbol is unique, easy to replicate and reflects the mission of the currency, and represents equality and opportunity.
It is constructed of the latin letter capital X and the equals sign (=), with each diagonal line representing the send and receive part of a nano transaction, together forming a universal X and a double horizontal line representing the altruistic foundation of the network.
