HomeCoinsNano (NANO)How to run a node and why — a full nano guide...

How to run a node and why — a full nano guide | by Kate Lifshits | Apr, 2022

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How to run a node and why — a full nano guide | by Kate Lifshits | Apr, 2022
Why run a node?
  • Businesses should start accepting nano as payment as it is feeless, instant and eco-friendly
  • Accepting nano payments is possible using such tools as payment gateways, wallet and POS solutions, customized solutions & more
  • Why should businesses also run a nano node: cutting costs, getting full control over the payment process, helping decentralize, securing the network
  • Who runs a nano node: exchanges, businesses, various projects and “anyone who has a vested interest in the network”
  • Small businesses should get started by using a service providing access to nodes and then switch to running a non-voting node themselves.
  • Optimization: choose optimized equipment, maintain the node so it is able to contribute to the network and not fall behind. It is very important to run good maintenance of the node so that you and the whole community can continuously help the network and enjoy its benefits.

Why accept nano as payment? The answer is threefold.

Nano is completely feeless

There are absolutely no costs when it comes to nano. With banks, businesses constantly face an assortment of fees, be that a monthly service fee, transaction fees, overdraft fees, or even simple card processing fees. Nano has none of those, and never will. When compared to some payment cryptocurrencies out there, which tend to have at least some network fee, however minimum it might be, nano is true to its purpose — a payment currency available to all. There are absolutely no fees.

Ӿ1 paid by the customer is Ӿ1 earned by the business.

Nano is instant

0.4 second on average — that is how fast nano is. It means no waiting, no lengthy confirmation times, no awkward pauses in brick-and-mortar stores when paying and waiting for the transaction to come through. No “card declined”.

Ӿ1 sent this second is Ӿ1 received that very same second.

Nano is eco-friendly

How to run a node and why — a full nano guide | by Kate Lifshits | Apr, 2022
Crypto Energy Consumption

Being one of the most eco-friendly cryptocurrencies, nano uses 0.000112 kWh per transaction. So that you can get an idea of what 1 kWh is like, check out some real-world examples: with 1 kWh, you can blend 200 smoothies, or binge watch 3 hours of television, or create 10K nano transactions. This is nano: the greener payment alternative.

With circa 90K transactions a day, nano energy consumption comes to just 3679.2kWh or 0.000003679 tWh per year. To compare, a single Bitcoin transaction footprint amounts to 1997.16 kWh. So a whole year of nano transactions at this point equals circa 2 Bitcoin transactions. This is a lot as it can be compared to the amount of electricity an average family can use for 2 months as an average US house uses 30 kWh per day.

Another benefit of nano is that it is fairly easy to start accepting. Let’s go over the options in the next paragraph.

Crypto payment gateways

The easiest way is to use a crypto payment provider (for example NOWPayments or CoinGate) which takes fees (0,5%-1%) and manages the whole payment flow for you providing auto coin conversion, fiat exchange and allowing you to track payment statuses. They can also serve as a point-of-sale solution for brick-and-mortar stores.

Here are some of the crypto payment gateways that support nano:

Crypto Wallets

Simple crypto wallet options can allow you to accept nano but require you to manage your own keys and manually exchange nano when needed. You will also have to track all the payments and their statuses by yourself.

Custom integrations with additional developing needed

In this case, access to an API for a nano node is hosted by someone, and that way it is easy to get started developing without learning how to run and maintain a node. For example, you can check out this library of useful tools for managing nano transactions or try a self-hosted crypto payment gateway, such as AcceptNano. Check out more developer tools for nano payment processing.

Run a node on your own!

The nano network is open and available for anyone to run a node given some resources, technical skill and willingness to perform ongoing maintenance.

One of the (many) things that makes nano such an amazing currency is the unique way it processes payments. Nano is designed to be efficient and easy to run a node on, which enables its instant, feeless transfers.

In short, running a nano node is a key way to help decentralize the network and provide a network access point for systems built on nano.

When running a nano node, a plethora of possibilities opens up both for businesses that want to accept nano as payment and developers looking to build apps integrating nano.

However, there are things to consider when deciding to run a node, there are a few things to keep in mind. We’ll go over them in the next section.

How to run a node and why — a full nano guide | by Kate Lifshits | Apr, 2022
Nano node

There are at least 4 different ways to run a node, with the level of difficulty in maintenance growing respectively:

  1. Running a PR is only for committed tech-savvy people who can prove their qualifications.
  2. Running a voting node which is not a PR is also for those who are willing to dedicate a lot of time and effort, and are ready to validate their credentials.
  3. Running a non-voting node is the perfect option for a small organization, however it is recommended that such a project should get started by using a 3rd party service that provides nodes.
  4. Using a blockchain service that provides access to nodes

Small businesses and projects should start with option 4 and when they are ready to commit and run their own nodes without depending on a 3rd party, they can move to option 3.

This option is helpful for those who don’t want to run their own node. It may be a small app or a service that wants to just try out nano and does not have much volume yet.

With NOWNodes, you won’t have to set up a node — you make calls to their APIand use their own node. So if you are looking to get started and have someone else handle the whole complexity of setting up and running a node for you, NOWNodes offers a freemium API with a rich library of requests that you can make to a nano node, with 20,000 requests per day for free.

Learn more about this option in an article prepared by NOWNodes about running a nano node.

When you are ready for the responsibility of running your own node and also eager to stop depending on a 3rd party and start enjoying the benefits of your own node, running a non-voting node is an option to explore.

How to set up a nano node

If you want to set up a dedicated node, you will need a server, and cloud-based servers are the best for beginners. Cheap ones cost around $20 to run. Some examples of cloud servers to explore are Digital Ocean, Contabo, Vultr and Hetzner. However, for decentralization purposes, it is best to use a broad mix of cloud services (and non-cloud where appropriate), so you don’t have to limit yourself to only these choices.

This guide shows you how to set up a server for running a nano node using Vultr.

You can set up a node with a Representative account, which can be used to vote on the validity of transactions. This also requires the owner or someone else delegating a voting weight of 1,000 nano to the Representative. It is recommended that if you want to run a Representative, you should do so on a machine that is dedicated for that purpose.

You can have a node without a Representative setup on it. If you want to run a node to make and monitor transactions for a business or another project, do not also use that as a Representative. This is so that it can be ensured that all resources are available for the Representative to participate in consensus, and the big number of business transactions wouldn’t make it fall behind.

How to set up a PR nano node

If you choose Digital Ocean, here is a good guide on what to do when setting up a Representative node.

Here is deep dive video guide:

How to run a node and why — a full nano guide | by Kate Lifshits | Apr, 2022
Why run nano nodes

Cutting costs: Businesses saving on fees

“It’s a cost-saving incentive”, Colin LeMahieu, director of the Nano Foundation.

Nano is the perfect currency for payments. In addition to being global and instant (settlements commonly take less than 0.5 seconds), nano is completely feeless. It means that businesses adopting nano payments save on fees that usually accompany a transaction, be it a banking cross-border fee (cards tend to charge 2%) or a crypto network fee (like Ethereum or Bitcoin fees).

By running a nano node, businesses are able to benefit from the feeless nature of nano and accept it as payment. You don’t run a nano node out of altruism. You do it because it is a smart business decision.

Here is Colin LeMahieu, lead founder of nano, highlighting the business aspects of nano node incentives. According to him, entities running nodes would be “exchanges and e-commerce platforms, basically anyone who has a vested interest in the network”. They would do it because “the network solves a business problem for them”.

Decentralization

Nano encourages decentralization, and decentralization means increased security, equality and a brave new world of finance.

So how exactly does nano provide incentives for decentralization? Well, it avoids the pitfalls that come with transaction fees.

When there are transaction fees involved, it’s a strong incentive for holders or businesses to acquire a bigger share of the validation power. Larger players receive more benefits, bigger fees and so on. This is what creates the danger of emergent centralization, as, for example, Bitcoin miners wish to increase their share.

Without direct fees paid, the centralization dangers are reduced, as there is no monetary incentive for entities to gain more influence over the network. In addition, with no fees for holders to choose who they want to have validation rights, the network can more easily spread out, and the long term trends have been heavily toward decentralization.

In short, nano is based on cooperation, not competition.

Security

As we mentioned above, businesses profit from feeless nano. They save on fees, get access to instant settlements and explore the wonderful eco-friendly digital money that is nano.

Naturally then, they want the nano network to function.

When running a self-hosted node, they can limit attack vulnerability. It allows them to use the network trustlessly — with no need for third-parties — and they are first to know if anything happens with the network.

This is hugely beneficial both for exchanges and businesses, as they wouldn’t depend on a provider’s awareness and ability to fix anything.

Let’s take a look at some examples of businesses, exchanges and other projects that are already on board.

Ecommerce tools

  • Kappture (a point-of-sale processor that implemented nano)
  • Wirex (digital payment platform supporting nano)
  • Bitrequest (crypto payment gateway that supports nano)

Exchanges

  • Kraken
  • Binance
  • Huobi
  • Kucoin
  • Crypto.com
  • Mercatox

Businesses

Other

  • Nano projects: WeNano, SomeNano, nanos.cc, powernode.cc, Nano Charts, Nendly
  • Wallets: Natrium, Nanowallet, Nalli, Atomic Wallet, and guides: https://nanowallets.guide/
  • Node monitors: My Nano Ninja, NanoTicker, Nano Crawler
  • Private equity group: 465 Digital Investments
  • Games: Nano Quake, Kakele

You can check out online representatives here and view a map with representatives to see which providers they are using.

And now you are ready to help the network and change the world of finance for the better!

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