Nano Price

What Is Nano (XNO)?

Nano (XNO) is a fast, zero-fees, eco-friendly digital currency designed to facilitate near-instant transfer of funds in a secure and trustless manner.

A low latency payment platform, Nano (previously known as RaiBlocks) runs according to a unique DAG design that provides a solution to Bitcoin’s perennial challenges of high transaction latency, limited scalability, high fees and energy inefficiency.

Instead of a blockchain that keeps track of all transactions, Nano uses a block-lattice architecture in which each user on Nano has their own blockchain to update transactions, which ensures speedy confirmations at a minimal cost.

Nano also applies a unique Open Representative Voting (ORV) consensus mechanism, which is faster and more energy-efficient than that of typical blockchains since Nano’s block-lattice design obviates competitive mining.

Nano’s native currency, XNO, is a medium of exchange used to power the Nano ecosystem, which consists of online and in-shop merchants, gaming and trading platforms.

Nano Price

Nano’s price didn’t gain much traction upon its entry into the crypto market in 2014. At the time, it was trading under the token ticker XRB. It wasn’t until December 2017 that the Nano coin price really took off, from $0.22 on December 1 to its highest price yet of $33.69 on January 2, 2018. At the end of the month, RaiBlocks rebranded to Nano with the new ticker NANO. 

This massive rally was followed by sideways trading until mid-January, when rumors spread of a possible hack at the BitGrail exchange. After BitGrail’s announcement that Nano wallets on its exchange had been attacked, Nano began dumping. Nano’s price fell to a low of $7.37 on February 21, 2018, followed by a gradual decline to below $1 in August of that year.

Nano’s price didn’t recover from the impact of the BitGrail scandal, stagnating for most of 2019 and 2020 with XRB’s value barely moving more than a dollar. However, things began to look up in early 2021 as the coin pumped from around $1 in January to hit $14.72 in mid-April. In June 2021, its price began to decline. In November, NANO acquired the new ticker of XNO. 

On November 23, XNO suddenly pumped by over 110% within a day in an unprecedented rally that saw it leap from $0.615 to $1.32, though the price declined by the next day to fall below $1 again.

What Is Nano (XNO) Used For?

As a real-world utility currency, you can use XNO as follows:

• Pay for goods and services through merchants around the globe

• Facilitate instant peer-to-peer transactions

• Use and earn the token in games such as CS:GO

• Provide instant point-of-sale merchant solutions

• Facilitate fast, low-cost cross-border remittances

Nano Tokenomics

From 2015 to 2017, 39% of the initial total planned supply of XRB was distributed through a faucet system. Anyone could earn the coins by completing CAPTCHA tests. The undistributed Nano coins were burned, leaving a total supply of 133,248,297 according to its official site. Similar to Bitcoin, XNO has a finite supply, and no new coins can be minted.

Who Is the Founder of Nano? 

Nano, initially known as RaiBlocks, was founded in 2014 by Colin LeMahieu (CEO), a software engineer who also founded the Nano Foundation.

Read more: What Is Nano Crypto: The Eco-Friendly Choice to Watch

How to Store Nano (XNO)

Wallets recommended for storing XNO include Nautilus Wallet, Gonano, Exodus, Guarda and Atomic Wallet. You can also store it in the Ledger hardware wallet for added security.