Last Updated on February 22, 2022 by Diana Kelley
In one of our recent posts, we’ve discussed a robust alternative to taking out a loan in Bitcoin. It was about Bitcoin Cash — a cryptocurrency that is faster than Bitcoin, more user-friendly, and much less expensive than the first crypto. BCH is a very reliable coin that has been in the Top-10 cryptos list since its inception — however, as it has been built on the same protocol as Bitcoin, it still carries some of its limitations in terms of speed and efficiency.
Today, we will talk about Nano — the coin that shocks with its speed and is completely (yes, totally) free to use. While many people prefer using it for quick payments (which is quite reasonable), some HODL, which is reasonable too: Nano shows an ROI close to 50,000% and is making a significant growth right now. Thus, you may want to use your profits, but don’t want to sell the coin as it may further appreciate. Here’ the decision: get a Nano loan and you will have some funds to use right now, while your Nano will be safe in our hands until the moment you ask it back.
In this article, we will discuss what is Nano, why is Nano an excellent choice to get a loan with, and how all this works. Dig in!
What is Nano?
Nano (former XRB) and now XNO – a decentralized open-source eco-friendly peer-to-peer cryptocurrency that was created to address some of the scalability issues associated with blockchain-based digital assets (such as Bitcoin and Ether), including high fees and slow transaction times, which have been a blocker to mainstream adoption.
In 2015, a coin named RaiBlocks was created. Its users got rewards for completing CAPTCHA challenges. In 2018, the Nano team realized that they aspire for the greater: making a coin for truly seamless peer-to-peer transactions, without any fees, and at a rocket speed. The old name didn’t correspond to the new purpose, and thus RaiBlocks was rebranded to Nano.
Check the Nano Speed Live to measure the live speed of the network’s coin — most likely, it will be less than a second. This is a truly instant transfer of value, precisely what the team was trying to achieve. And now, they are going further — for the adoption. Nano team is building an ecosystem with such apps as WeNano, the Natrium wallet, Nalli payments system, and more. The active community of Nano adopters and supporters helps spread the word about the coin, which makes it the second most active after Bitcoin.
The perks of Nano
- Instant payments of any size are possible. Nano is designed the way that no matter how the network is congested, you can always deliver your payment in a second — no matter where and how much. In Bitcoin, you can wait for your payment confirmation for hours, while here such a scenario is just impossible. We will talk about how it works further below.
- Nano is completely fee-less. One more reason for anxiety is not relevant anymore — in BTC or ETH, your fees can eat a significant part of your payment, and you never know what the fees will be at a certain moment. Nano validators don’t get mining or any other type of rewards, thus you simply don’t have to pay anything. Besides user-friendliness, this perk has another non-obvious advantage of Nano: it allows making micropayments of dollars and even cents. This can be tipping or paying for small items.
- Nano is energy-efficient. It works on a compact ORV (Open Representatives Voting) consensus protocol which consumes way less energy than the cumbersome Proof of Work like in Bitcoin. Nano is eco-responsible and has deliberately chosen an energy-efficient protocol design.
Why is Nano so fast? How does it work?
First, it’s the unique Nano blockchain architecture. They have implemented a so-called block-lattice design: each user has an account and their own separate blockchain inside. Only two transactions are necessary for validation: “send” and “receive”. Once a transaction goes, it gets validated in this user’s separate blockchain right away without any waiting. This enables two things:
- First, it’s speed. Nano’s transaction per second rate is 125, compared to Bitcoin’s 7. In BTC protocol design, about 500 transactions fit in a block which is issued every 10 minutes, and in this block, there are transactions from all over the world. Sometimes this creates bottlenecks, and users have to wait hours until their transactions are approved. In Nano, there’s no possibility of such since blockchains are held by individuals, not the whole planet Earth at once. Thus, the network congestion does not affect speed.
- Second, it’s efficiency in terms of energy. In Bitcoin, hundreds of miners in the whole world compete to validate the same transacitons at a given moment. Thus, much energy goes to “nowhere”. In Nano, one blockchain is only validated by one representative, which means no energy goes in vain.
Second, it’s Nano’s consensus algorithm. As a user, you have to choose one representative who will validate your transactions. How do you choose? Based on the following parameters: they should be online much of the time, have no more than 1% of voting weight, show links to their social media, be present in the community for some time. My Nano Ninja is one of the non-profit projects where you can find such representatives.
The validators don’t get paid for confirming blocks. Thus, there are no network fees that would reward them — the reason why Nano is free. To incentivize the representatives to run nodes, the Nano team allows them to interact directly with the network without having to rely on a third party and other perks.
Can I try Nano for free?
Yes, you can! WeNano is a platform that allows you to try some Nano for free. This app available for Android and iOS is a map with the spots that tip some little amount of Nano on a regular basis, and a built-in crypto wallet. There are user profiles, so basically this is a social network for Nano fans that allows you to enter the Nano ecosystem in a free and gamified way.
Why get a loan in Nano now?
Let’s say you have some Nano but don’t want to sell it now. However, you need some money right now that you could spend on your needs. CoinRabbit Nano lending allows you to get this money in a matter of minutes without any credit checks.
When you borrow at CoinRabbit, you leave some Nano for temporary storage and get a loan in USDT or USDC stablecoin at a 50% loan-to-value ratio. For instance, if 1 Nano now equals $4.1, and 1000 Nano equals $4,100, you would get a loan worth $2050 in Tether for leaving 1000 Nano.
With this $2K, you can go do whatever you want. USDT and USDC are very flexible crypto assets with plenty of use cases. Now, there’s a bull run going on, and you can trade these funds against other coins to make profits on one of the crypto exchanges. Since stablecoins’ value is pegged to the US Dollar and is always $1, you can easily count and plan your expenses and trading activity.
In the longer term, you can invest these stablecoins in a certain cryptocurrency to take out profits in several months or even years — CoinRabbit has no limits for the loan duration, and there are no monthly payments that would annoy you.
Many online stores today accept Tether and USDC — so you can pay with these tokens, thus realizing your dream that you needed some extra money for but didn’t want to sell your Nano in the middle of the bull run. However, if the service or online store of your interest doesn’t accept crypto, simply cash out on one of the major cryptocurrency exchanges and pay with fiat.
If you feel worried about the future of your cryptos or need some time to decide, you can store your USDT/USDC. Their price won’t change — so you can rest assured your funds are safe.
Why Coinrabbit?
We offer you crypto loans at a 14% annual interest rate. You will only have to pay this money when you want to end your loan — we won’t bother you with monthly payments. We lend Nano with unlimited loan periods and at low minimum amounts. It takes minutes to get your loan, and no paperwork is required — Nano lending at CoinRabbit is not accompanied by any credit checks. You can return your Nano at any moment you want.
Here, check the full list of our perks, and see the FAQs here.
Calculate your loan size
What is Nano and why Nano is better than many other cryptos? We didn’t provide you the complete list of Nano pros and cons in this article, but if you’re already using the coin, you might know most of them. If not, we encourage you to try Nano — you can do it for free at WeNano. Nano’s a great asset and we hope wide adoption awaits the coin in the future.
How much USDT can you borrow now with Nano? Find out in this calculator!
