HomeCoinsNano (NANO)The future of money is here — it’s called Nano. | by...

The future of money is here — it’s called Nano. | by Senatus | Nano | Feb, 2021

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Senatus

Using Nano (a cryptocurrency) it’s possible to instantly, feelessly send from any country in the world to any other country in the world, using a decentralised network, and have the transaction confirmed in the other person’s wallet before your text about it will arrive. Using Nano is the way money is used in science fiction movies — effortless, instant and feeless. Hard to believe, even after watching the video?

You can try it for free, within 2 minutes.

  1. Install Natrium (Android here, iOS here).
  2. Visit a Nano Faucet.
  3. Fill in your Nano_ address and hit send.

That’s all! To really try it out I’d recommend getting a second wallet such as Nault (web-based) or Nalli (Android here, iOS here), then sending some Nano from your first wallet to the second.

So how does this work?

Nano is a cryptocurrency, but uses a different model than traditional cryptocurrencies such as Bitcoin. Rather than having one big blockchain, where everyone competes for space in the next “block” to be mined, Nano utilises something called the Block Lattice. Rather than competing for space, users add blocks to their own chain which are processed instantly.

So there’s no mining?

Correct. Rather than using mining, Nano uses Open Representative Voting. Miners do not compete to “solve” the next block in Nano, Nano holders vote for Representatives who then confirm transactions on their behalf. Anyone can be a representative, and anyone can change their vote at any time.

Because of the lack of mining, Nano is energy efficient. Extremely so. The entire network could be run on the power output of a single wind turbine.

What’s the idea behind this?

Nano is intended to be digital money for the modern world. It was distributed, for free, to anyone willing to solve captchas. Because of this, Nano was distributed mostly to people in poorer countries. Because of its feeless nature, it’s ideal for lower-income countries. Because of being instant, it works as a medium of exchange. Because of the lack of fees and inflation, no money is lost when either storing value in Nano, or when using Nano.

So why hasn’t this taken off yet?

I’m speculating here, but I think that many people have heard of Bitcoin. A fraction of those actually tried to use Bitcoin, and most, justly, have concluded that Bitcoin is slow and clunky. To many people Bitcoin = cryptocurrency, and therefore all cryptocurrency must be slow and clunky. Nano’s claims seem outlandish after having experienced Bitcoin, and it’s easy to dismiss it as a scam. Hence my instruction, at the start of this post, on how to try Nano out for free, within 2 minutes. Since you probably skipped over it the first time, I’d like to end this article by saying that you spent so long reading this, you might as well try it out, for free!

  1. Install Natrium (Android here, iOS here).
  2. Visit a Nano Faucet.
  3. Fill in your Nano_ address and hit send.

That’s all! To really try it out I’d recommend getting a second wallet such as Nault (web-based) or Nalli (Android here, iOS here), then sending some Nano from your first wallet to the second.

We Nano enthusiasts welcome anyone who wants to talk about Nano on www.reddit.com/r/nanocurrency, and feel free to message me either here or on Reddit if you have any questions.

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