Originally founded in 2014 and known as Railblocks, Nano is a decentralized, open-source, peer-to-peer digital currency, based on directed acyclic graph (DAG) technology.
Nano uses a next-generation type of DAG architecture called “Block Lattice.” In this system, each individual account on the network has its own blockchain and signs transactions via private keys. The Block Lattice architecture is designed as an improvement over other types of blockchains, providing much more efficient and faster transaction speeds than cryptocurrencies like Bitcoin.
Nano was created in an effort to become a highly usable global currency. Users of Nano enjoy feeless transactions, instant processing, and near-infinite scalability. Additionally, because every unit of Nano is already in existence, Nano holders don’t have to worry about the future supply of Nano increasing.
Nano can be used for a variety of situations, including:
- Micropayments: perfect for online services, automatic payments, and other related transactions.
- Peer-to-Peer payments: unlike fiat currencies, sending Nano can be done without fees or lag-time, no matter the amount.
- Cryptocurrency trading: by saving users on transaction costs, Nano has positioned itself as an ideal base currency for crypto trading.