About Nano (NANO)

Overview

Nano was rebranded in 2018 from Raiblocks which was initially launched by Colin LeMahieu in 2015. Nano is a low-latency, infinitely scalable, and trustless payment platform using minimal resources which makes it suitable for P2P transactions. These transactions happen instantaneously and require no fees when paying for a purchase with the coin. Each Nano account has its own blockchain, equivalent to the account's balance history, which is part of a directed acyclic graph meaning that they provide computational power to verify their own transactions and the entire network does not need to update the ledger in large blocks.

Technology

Each transaction performed with Nano fits into the required minimum UDP packet size to prevent block size related problems. Nano transactions are made instantaneous due to wallets pre-caching the anti-spam proof of work for the next transaction, once the previous one has been sent. Nano achieves consensus using a balance-weighted vote on conflicting transactions to make the process faster yet still maintaining the strength of a decentralized system.

Future Focus

Nano has its own official lightweight web wallet available and is developing wallets for iOS, Android, and a desktop version. One of the significant features on the roadmap for Nano is the protocol becoming an internet standard. The Nano team is also looking to add more exchanges and enhance the current blockchain. The end goal for Nano is to become the primary digital currency used for everyday P2P transactions which seems highly possible when taking into consideration the minimal resources required and the fee-less transaction structure.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

POLI - internet banking

POLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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