Why is Nano (XNO) crypto soaring?

March 17, 2022 11:08 PM AEDT | By Versha Jain
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  • Nano (XNO) is a cryptocurrency that provides secure, instant payments without fees. 
  • In 2021, the company changed its ticker to XNO and the sign to Ӿ.
  • Its current market capitalization is US$280 million.

Nano (XNO) cryptocurrency’s one-day volume surged 1,174.37 per cent over the previous day as the virtual currency appeared to gain investors’ attention.

The reason for the quick surge could be attributable to the overall market sentiments where the global crypto market rose 2.79% to US$1.82 trillion in the morning hours on Thursday, March 17.

Another reason could be the announcement by Fiatom.io, a crypto exchange, where anyone can earn US$50 in XNO by just commenting, tweeting, and retweeting Fiatom’s latest article on its website. 

What is Nano?

Nano is a cryptocurrency aimed to provide secure, instant payments without fees to eliminate the legacy inefficiencies of the other cryptocurrencies.

Unlike other platforms that use combined proof-of-work of mining networks to achieve consensus, Nano uses Open Representative Voting (ORV) to confirm blocks of transactions securely. This ORV system is energy efficient compared to the proof-of-work (POW) system used by other cryptocurrencies.

Also Read: Why is ECOMI (OMI) crypto gaining attention?

Nano has gone through a lot of changes since its launch. Raiblocks (XRB) was a cryptocurrency project that started in 2014 and later changed its name to Nano in January 2018. There was no technical change except the name, which the company founders thought, was more suitable to represent their vision. 

In 2021, the company changed its ticker to XNO and the sign to Ӿ. The only purpose of creating this coin was to perform the function of a means of payment.

The Nano network does not provide support for other functions such as smart contracts and decentralized applications. Notably, Bitcoin also does not support any other function except a means of payment as an alternative to fiat money. 

Also Read: Why is ShibaDoge (SHIBDOGE) rising today?

Most Nano transactions are finalized within less than a second, confirming its claim of providing the speedy transaction. This can be understood by the average confirmation time, which is approximately 10 minutes for a BTC payment. However, the transaction times varies depending on hash rate, total network activity etc.

For Nano, the better speed is due to ledger technology, directed acyclic graph (DAG), Nano is built around.

Also Read: Why is PancakeSwap (CAKE) crypto rising?

nano Data Source: coinmarketcap.com

Also Read: Why is The Sandbox (SAND) crypto gaining attention?

Price and performance:

Nano (XNO) price went up 23.77% to US$2.12 at 4:13 am ET, Thursday.

Its current market capitalization is US$280 million. The circulating supply is 133.24 million XNO, and the total supply is 133,248,297 XNOs.

Binance, Huobi Global, OKX, Mandala Exchange, DigiFinex, and Fiatom.io are the crypto exchanges to buy, sell, and trade the cryptocurrency. 

Also Read: What is Stacks (STX) crypto and why is it rising?

Bottom line

Nano claims to provide high output, unlimited opportunities for scalability with its innovative blockchain structure and energy saving by not using high-performance equipment for its network protocol operations. All this makes Nano convenient to use in everyday life.

The Crypto market is volatile and risky amid various scams that have happened lately. Thus, the investors must exercise due diligence before leaping into the crypto market. 

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