Buy Nano

Nano is a blockchain and cryptocurrency designed to be a fast, scalable, and fee-free transaction system. The project solves the problems of high transaction fees and slow processing times that traditional cryptocurrencies like Bitcoin and Ethereum experience. Nano does this by using a unique structure called ‘Block Lattice’. Instead of a single blockchain, each Nano account has its own blockchain, allowing users to update their balances instantly without waiting for network consensus. This allows for transactions to be executed extremely quickly and without fees, making Nano particularly attractive for both small and large transactions.

Besides being cost-efficient and time-saving, Nano also offers a more environmentally friendly alternative by using an efficient consensus mechanism called Open Representative Voting. This mechanism consumes significantly less energy than traditional Proof-of-Work systems.

The NANO token plays a central role within the Nano ecosystem, as it is used to conduct transactions and transmit value across the network.

Who is the founder of Nano?

Nano was founded by Colin LeMahieu. As CEO and founder of the UK-based Nano Foundation, LeMahieu launched Nano in 2014 under the original name RaiBlocks. The project was renamed Nano in 2018 and is supported by a dedicated team committed to the continued development and adoption of Nano.

Nano has several features and applications and can be used for the following purposes:

• Fast payments: Nano enables instant transactions, ideal for both everyday purchases and large transactions, without the wait times and fees that traditional banks impose.
• More eco-friendly transactions: Thanks to its energy-efficient consensus mechanism, Nano offers a sustainable alternative to energy-intensive cryptocurrencies.
• Microtransactions: The absence of transaction fees makes Nano ideal for small, frequent payments, a feature that is often impractical with other cryptocurrencies due to high transaction fees.
• Online shopping: Stores can accept Nano payments in their webshop, receiving the value immediately without their customers having to pay additional transaction fees.

Nano is different from many other blockchains because it solves the scalability problem. This is possible thanks to Nano's unique data structure and consensus mechanism.

Block Lattice Architecture

Nano uses a Block Lattice architecture. This means that each user controls their own blockchain, also known as an account chain. The advantage of this is that transactions can be processed almost instantly, as there is no waiting time for consensus from the entire network. Unlike traditional blockchains, where transactions are stored in a single chain, the Block Lattice supports parallel processing, which allows for higher throughput and scalability.

When a user wants to carry out a transaction, they publish two transactions: a debit transaction on the sender’s account chain and a credit transaction on the receiver’s account chain. Each transaction contains a small piece of Proof-of-Work (PoW) to prevent spam attacks, however, Nano’s PoW system uses much less energy than Bitcoin, for example. After the transactions are published, they are independently verified by the rest of the network.

Open Representative Voting (ORV)

Nano uses a consensus mechanism called Open Representative Voting (ORV), which is a variant of Delegated Proof-of-Stake (DPoS). In this system, NANO token holders can assign their votes to trusted representatives. These representatives are responsible for validating transactions and maintaining the integrity of the network.

Nano is a unique project for several reasons. The following features set Nano apart from other blockchain and crypto projects:

• Block Lattice Architecture: Nano’s unique structure allows users to manage independent blockchain-like structures called account chains. This allows for fast, individual transactions without burdening the entire network.
• Zero transaction fees: Unlike most other cryptocurrencies, Nano does not charge fees for executing transactions, making it ideal for both small daily payments and larger transfers.
• Instant transactions: Thanks to its unique structure, Nano transactions can be processed almost instantly, making it one of the fastest cryptocurrencies on the market.
• More environmentally friendly: By using an energy-efficient consensus mechanism, Open Representative Voting, Nano stands out as a greener option.

Both Nano and Bitcoin are cryptocurrencies that are primarily used as a means of payment. Despite this similarity, there are major differences between the two cryptocurrencies.

First, Bitcoin’s transaction speed is limited by its block time of around 10 minutes and the capacity of the block. This causes scalability issues. Nano, on the other hand, is designed for fast and scalable transactions. Thanks to its Block Lattice architecture, Nano can process up to a thousand transactions per second.

Another difference is in the consensus mechanism. Bitcoin uses Proof-of-Work, where miners add blocks to the blockchain by consuming a lot of energy. Nano, on the other hand, uses the Open Representative Voting (ORV) mechanism, where selected representatives validate transactions by voting. This system requires significantly less energy than Bitcoin's Proof-of-Work system.

Another difference lies in the use cases and adoption. Bitcoin is often seen as ‘digital gold’ and is used as a store of value and for investment. While it is also used for payments, its higher transaction fees and longer processing times limit its use in everyday transactions. Nano, on the other hand, focuses primarily on being an efficient and practical means of payment, suitable for everyday transactions thanks to its lack of transaction fees and fast processing times. This makes Nano an attractive option for microtransactions and cross-border payments.

You can purchase Nano at Bitvavo. Our exchange is a space for both beginners and experienced crypto traders. Follow the steps below to buy NANO tokens via our website or app:

1. Log in to your Bitvavo account or create a new account.
2. Select "Deposit" to add money to your account.
3. Go to the Nano (NANO) purchase page.
4. Determine how many euros you want to invest or how many NANO tokens you wish to buy, and complete the purchase by clicking "Buy".

Purchased NANO tokens are displayed directly in your Bitvavo wallet. Selling NANO is just as easy via Bitvavo, so you can quickly respond to Nano price changes.

You can safely store your NANO tokens at Bitvavo, where most funds are kept in cold wallets for optimal security. We also always recommend activating two-factor authentication (2FA) so that your account is extra secure.

For those who prefer to take control, Bitvavo supports several software and hardware wallets that are compatible with NANO. After purchase, you can easily transfer your NANO tokens to an external wallet, provided you have the correct address linked to your Bitvavo account.