Cryptocurrency sphere is relatively young and still evolving. Nevertheless, there are many reputable decent assets that affect the whole sphere and are a kind of catalyst for the further evolution of the whole cryptocurrency world. Nano is definitely one of these assets.
At CoinRabbit we believe that such currencies deserve a better adoption in the first place. In this article, we would like to share some insights on Nano itself and how you can expand your wealth horizons by using it as collateral currency.
The Nano (XNO) is a decentralized peer-to-peer cryptocurrency. The token is backed by the Nano Foundation, and with basically no fees, it is a decentralized, stable, and sustainable crypto payment system.
Billed as “digital money for the modern world”. Nano is a lightweight cryptocurrency that is designed to facilitate secure, practically instant payments, without fees, and addresses some of the major limitations of both legacy financial infrastructure and many modern cryptocurrencies.
Development of the project began in 2014 under the name RaiBlocks, and the coin (then termed XRB) launched the following year through a public faucet, which allowed users to claim small amounts of XRB after completing a captcha challenge. Users were allowed to complete as many captchas as they liked to increase their words — effectively trading their time and effort for XRB.
RaiBlocks (XRB) was rebranded to Nano (NANO) in January 2018, with the new name chosen to better represent the speed and simplicity the project offers to users, and then we saw rebranding again in 2021 from NANO to XNO.
It is a peer-to-peer platform that uses a unique block-lattice data structure to allow users to easily transfer value to one another without relying on centralized intermediaries.
Unlike other platforms which typically use the combined proof-of-work of a massive mining network to achieve consensus, Nano instead uses a system known as Open Representative Voting (ORV) — which sees account holders vote for their chosen representative, who then work to confirm blocks of transactions securely.
ORV makes Nano extremely energy efficient, positioning it as a more environmentally friendly alternative to proof-of-work (POW)-based cryptocurrencies.
As we previously touched on, Nano is designed to be fast. So fast, in fact, that most Nano transactions reach absolute finality within less than a second — compared to several minutes or even longer for many other major cryptocurrencies. This speed makes Nano suitable for commercial payments since merchants and retailers no longer need to worry about transaction delays when accepting payments.
Moreover, Nano transactions are completely free. Since representatives do not receive financial compensation for their efforts to secure the network, there is no need for a transaction fee. This makes Nano an ideal solution for processing micro-transactions since users no longer need to worry about fronting a potentially expensive transaction fee when making small payments.
These features are enabled by its unique architecture. Unlike many cryptocurrencies which are built on top of a distributed ledger known as a blockchain, Nano is instead built around a similar ledger technology called a directed acyclic graph (DAG). This structure is highly reliable and allows Nano to process as many as 1,000 transactions per second (tps) — without requiring an energy-intensive mining network to maintain its integrity, positioning Nano as an eco-friendly digital payment option.
There are several reasons for XNO to be one of the most convenient and efficient collaterals nowadays: its network speed, current price and low volatility (compared to assets that can dump for 20% in a few hours, for example).
Let’s take a closer look at these reasons. First of all, transaction speed matters when working with crypto-backed loans because it changes everything when deposits, withdrawals, or any other asset transfers take a significant amount of time. XNO speed is undeniable.
Also, XNO reached its $17.49 All-Time-High on Jan 02, 2018 (4 years ago) which means it has a huge growth potential since its current price. It all makes Nano great collateral.
CoinRabbit is the first service to accept Nano as collateral. All the assets we support deserve an exclusive approach. With that said, while keeping in mind distinctive aspects of Nano we released XNO crypto backed loans strongly related to them:
Taking crypto-backed loans at CoinRabbit has more different opportunities and provides wider adoption of NANO. Here are some capabilities:
Though crypto-backed loans are great and powerful tools like any other financial activity, taking crypto-backed loans has its own risks. We would like to share some important points you should know and/or constantly monitor:
Rethink forward crypto loans at CoinRabbit.
Not financial advice. Do your own research and take everything moderately.
Crypto-backed loans have their own risks that should be taken respectively.
Sources used: CoinMarketCap, Nano.
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