- NANO -5.94%
- Coin Supply: 133,248,289
- 24H Vol: $8,193,300
Nano XRB Coin Guide 2018: Everything you need to know
Our NANO (XRB) coin review will tell you everything you need to know. We’ll explain what NANO coin is, how this digital money could be better than Bitcoin and share our insights on the project. As always, TotalCrypto urges caution before making any cryptocurrency investments and we encourage you to do your own research.
- 1 XRB Coin Has Been Rebranded
- 2 What Is NANO Coin?
- 3 The Block Lattice Tech Sounds Important. Tell Me More.
- 4 Every NANO Account Has Its Own Blockchain. What Do People Think?
- 5 What’s The Difference Between NANO & Bitcoin?
- 6 NANO Coin Performance Analysis For 2018
- 7 Why Do Altcoins Like XRB Fall Harder Than Bitcoin?
- 8 What Are The Prospects For NANO In 2018?
- 9 Meet The Team
- 10 The Future Of NANO Coin
- 11 Potential Issues With The Project
- 12 The XRB ICO
- 13 Should I Invest In NANO Coin?
- 14 Conclusion
- 15 Resources
XRB Coin Has Been Rebranded
The first thing to know is that Raiblocks (XRB coin) is now known as NANO. This name change happened on the 31st of January 2018. You may still find veteran investors calling NANO by its old name. Don’t be confused and be left wondering ‘what is XRB?’ because NANO coin and XRB coin are the same cryptocurrency project.
What was the problem with the old name Raiblocks? The team realized that many investors had no idea how the name of their crypto was pronounced. Is it, ray or rye? The Raiblocks community also thought the name could be changed to be more identifiable to a mainstream audience. For these reasons the rebrand went ahead and the team settled on the name NANO. The belief was that this new name highlighted the speed and simplicity of the cryptocurrency project.
What changed with the rebranding? In a nutshell, not much. The name of the cryptocurrency, it’s ticker and logo changed. That’s about it.
What Is NANO Coin?
NANO coin is intended to be used as digital currency. Their mission is to become “a global currency with instantaneous transactions and zero fees over a secure, decentralized network”. Wait, you might say, isn’t that what Bitcoin does? You would be correct. So what’s different about NANO? To get into this, you need to understand why Bitcoin was created in the first place.
Bitcoin was created in 2008 to combat high bank fees and slow transaction times. The creator of Bitcoin asked ‘why can’t buyers and sellers transact with each other without the use of a middleman (banks)?’. From this basic idea, the first cryptocurrencies were born. Complicated algorithms were combined with cryptography and a public ledger so that banks were no longer needed to verify transactions.
The early cryptocurrencies do have drawbacks. For a transaction to be processed on Bitcoin, it requires a process called mining. Mining is just when computers solve complex equations to be rewarded with new cryptocurrency. The result is that miners record transactions on the public ledger and share this record with the network.
However, there is a problem. As the public ledger grows, the mining process becomes slower, more expensive and increasingly inefficient. This is why many commentators argue that Bitcoin can never be mass adopted in its current form.
NANO coin doesn’t have a mining process at all. Instead, it uses a technology known as the block lattice. This process has found a way of processing transactions instantly and with no fees. Most importantly, there is no limit on the number of transactions that can be processed at the same time. It is this key feature that has led so many to believe that NANO could be mass adopted as a digital currency.
The Block Lattice Tech Sounds Important. Tell Me More.
NANO’s block lattice technology is everything to this project. This tech is what allows NANO to process feeless transactions at unlimited scale. Pretty much every other cryptocurrency out there is experiencing or trying to solve scalability issues. High Bitcoin fees and slow transaction times led to online computer game store, Steam, removing its Bitcoin payment option. Steam cited high volatility and fees as the reason. The Ethereum network also ground to a halt in December 2017 when the application Crypto Kitties started gaining popularity. These problems of fees and speed are preventing mass adoption of cryptocurrency.
NANO has no such issue due to its block lattice technology. Each NANO account has its own blockchain. A chain for an account can only be updated by the account owner. This process means that each account chain can up updated independently and instantly. This is why transactions are so fast with NANO coin.
With other cryptocurrencies, a transaction is confirmed when dozens of miners verify the transaction has occurred. NANO only requires two transactions:
- A send transaction: This deducts the funds from the sender’s balance.
- A receive transaction: This adds the funds to the recipient’s balance.
This method has a number of advantages over other cryptocurrencies:
- The amount of data transferred for each transaction is tiny and this means fast transactions.
- The ledger is only as big as it has to be. This means that the amount of data stored on the ledger is significantly lower with NANO.
- Verified transactions can be easily differentiated from unverified ones.
Every NANO Account Has Its Own Blockchain. What Do People Think?
NANO (formerly Raiblocks) has been around since March 2017. However, key cryptocurrency market players such as the Founder of Litecoin, Charlie Lee, have only recently begun looking at NANO coin.
The first thing you should know is that NANO coin is a competitor to Litecoin. Both are intended to be used like conventional currency. So it came as a surprise to many in the cryptocurrency community that Charlie Lee was impressed by the project and has actually invested in it.
It also has impressed many in the r/cryptocurrency subReddit with the general consensus stating: “It’s like it solves almost every crypto world problem. No fees, no mining, no stupid channels, fast. Still, a lot to do, but I think in long term it can actually win with BTC+LTC+Lightning.”
At the beginning of 2018, popular YouTuber David Hay started a cryptocurrency project to help those hit by the economic turmoil in Venezuela. Hyperinflation has destroyed the purchasing power of the Venezuelan currency and many Venezuelans have fled to Colombia as economic migrants. The issue for these migrants is that they are being very little to no wealth with them to start their new lives.
David Hay’s vision is to educate these migrants about cryptocurrency, help set up their own wallets and to provide 2 to 10 weeks salary to everyone who attends his crypto workshops. The idea is that this would act as a local economic stimulus and give banking to the unbanked. Transaction fees with other cryptocurrencies like Dash and Bitcoin can be over a dollar. This is acceptable in the first world, but not in developing countries. In this sort of environment, a feeless cryptocurrency like NANO coin could prove crucial for wider crypto adoption.
What’s The Difference Between NANO & Bitcoin?
NANO is a next-generation cryptocurrency where Bitcoin is the original. NANO is actually built on an entirely different technology to Bitcoin. This is called the Directed Acyclic Graph and it uses the block lattice process. In a nutshell, NANO is the evolution of cryptocurrencies like Bitcoin.
The key differences between NANO and Bitcoin are:
- Bitcoin could technically suffer a 51% attack. This is when a person gets control of 51% of the coins. This can give them control over the network and enable the bad actor to steal coins. With NANO, 51% control cannot be used to steal coins.
- BTC is more decentralized. This is because NANO was actually all pre-mined.
- Bitcoin needs miners to create blocks to process a transaction. This takes time and results in relatively slow transaction times. With NANO, no such process is required and transactions are almost instant.
- The Bitcoin network uses ‘miners’ to keep the network secure and process transactions. This means that in times of high demand, Bitcoin transaction fees can be exceptionally high. With NANO, there are no miners and therefore no transaction fees at all.
- Bitcoin has a distributed ledger to record transactions. This is not required for NANO as every account has its own blockchain.
NANO Coin Performance Analysis For 2018
So far 2018 has been a tough year for cryptocurrency valuations. NANO has failed to buck this trend and has had a dramatic decrease in valuation. NANO coin started the year priced at $24.44 per coin and is trading for just $2.69 at the time of writing. That’s nearly a 90% drop in valuation so far in 2018! However, the project still remains a top 40 cryptocurrency and such a huge discount can be viewed as a buying opportunity for investors today.
It is true that Bitcoin has lost less value than NANO in 2018. At the time of writing, Bitcoin has seen its value fall by more than 50% in 2018 alone. However, NANO coin’s losses are similar to those experienced by the likes of SALT, Ripple, and Cardano. The point is that the steep fall in valuation doesn’t mean the project is done for. The simple fact is that altcoins perform significantly worse than Bitcoin in a down market and outperform Bitcoin in a rising one.
Why Do Altcoins Like XRB Fall Harder Than Bitcoin?
Cryptocurrencies like Bitcoin are traded against other cryptocurrencies and conventional currencies like the USD. In contrast, altcoins like NANO only really have a price in Bitcoin. In a cryptocurrency market going down, investors tend to sell their altcoin positions to buy Bitcoin. The reason is that Bitcoin is seen as more of a safe haven than other altcoins and better protects investor buying power. Naturally, this leads to the price of altcoins falling more than Bitcoin in down markets.
If you are struggling to believe that NANO doesn’t have a price in USD then look at the markets it is traded on. The coin’s Bitcoin trading pair on Binance accounts for 82% of the crypto’s entire trading volume:
The project being predominantly priced in Bitcoin means that if the price of Bitcoin falls, so does the price of NANO coin. What you need to know is that the USD price for altcoins you see on sites like TotalCrypto.io is calculated like this:
NANO Coin’s Price In Bitcoin (0.00042295 BTC) * The Bitcoin USD Price = NANO Coin USD Price
This relationship between altcoins and Bitcoin is likely to continue until popular exchanges offer a way to buy altcoins with conventional currency. The TotalCrypto Team is expecting such a change to happen at the end of 2018. But until it does, the wider cryptocurrency market will be driven by Bitcoin.
What Are The Prospects For NANO In 2018?
It is exceptionally unlikely, if not impossible, for the NANO price to blaze past the all-time high of $34.43 set on the second January 2018 without a significant increase in the price of Bitcoin. There are two main reasons for this:
- New money is not coming into the overall cryptocurrency market right now. We can see this in the continuous reduction of daily trading volumes since the start of this year. Without new money entering the market, it seems impossible for the demand to be there to boost NANO prices.
- NANO does over 80% of its 24-hour trading volume in Bitcoin. This means that the coin needs a higher Bitcoin price to start retesting the highs it saw in early January 2018. If the overall sentiment of the cryptocurrency market switches to bullish, then investors are likely to choose to take on more risk and invest more in opportunities like NANO coin, which offer better return profiles than Bitcoin.
What Price Could NANO Coin Hit In 2018?
NANO really does need a strong overall cryptocurrency market to generate phenomenal returns for investors at current levels. As discussed previously, Bitcoin drives the overall cryptocurrency market and NANO coin is priced in Bitcoin. Despite the down market, there are still many market commentators who are optimistic on cryptocurrencies in 2018. Popular YouTuber Nicholas Merten, who runs the DataDash channel and has over 300k subscribers, shared his thoughts on Bitcoin:
The facts are that interest rates are continuing to rise and the European Central Bank is stopping its quantitative easing (money printing) program. This means a $50,000 Bitcoin in 2018 is a very real possibility, despite the low price we see today.
What could a $50k Bitcoin mean for the NANO price? We can see in the chart below that the coin was priced at 0.0022925 BTC on the 2nd January 2018.
This means that if NANO coin reached the same Bitcoin price and Bitcoin hit a $50k USD valuation then:
0.0022925 (NANO’s all-time high BTC price) * $50,000 = $114.62 per NANO coin
This means that if market experts like Nicholas Merten are correct, then investors in NANO coin today could see 40 times returns on their investment.
Meet The Team
Every cryptocurrency project investor wants to see a project with a great vision and a great use case for the digital asset. However, all this is for nothing if there isn’t confidence that the team can make it all happen.
The team has a solid blend of personnel working on the project. This includes 6 developers, including a specialist iOS and desktop developer. The team is rounded off with expertise in the following areas: community management, communications, operations, partnerships, design and most importantly, legal. Crucially, there are team members who have been involved in cryptocurrency over the last 7 years and are able to draw on this experience to drive the project forward.
To save space in this article we will briefly go other the three lead developers in the NANO project:
- Creator & Lead Developer – Colin LeMahieu: Colin brings with him over 10 years of development experience. The Raiblocks project was actually born all the way back in 2014 and Colin pursued it full time in 2017. Mr. LeMahieu is responsible for leading the development of the core protocol.
- Lead Developer – Russel Waters: Russel entered the cryptocurrency space all the way back in 2013. Since then he has coded for various crypto projects and is now focused on the development of the core wallet.
- Lead Developer – Roy Keene: Not much is known about Roy Keene. It appears he is a very private individual. However, we are sure he knows his way around a keyboard.
The Future Of NANO Coin
The first thing to know is that no one knows the future. However, there are a lot of reasons to be positive on NANO in 2018:
- The Rebranding Was A Success: Raiblocks often struggled to gain traction due to its name. As silly as it sounds, many traders appear to have been confused on how to pronounce the projects name and struggled to remember it’s ticker. This headwind has now been remedied by the rebranding efforts.
- Positive Comments From Important Figures In Crypto: Litecoin founder, Charlie Lee, had a lot of good things to say about NANO coin in his tweet. Although the endorsement may not seem much, support like this goes a long way to improving the sentiment behind a cryptocurrency. If other cryptocurrency experts follow Charlie Lee’s example, it would not be outrageous to think that NANO will get a lot of attention and positive price action.
- Twitch Accepts NANO Coin Payments: In early 2018 Twitch announced that it would accept NANO as a currency from its subscribers. The streaming platform is owned by Amazon and has over 10,000 subscribers. Subscriber numbers are expected to increase in 2018 and that could be great news for this cryptocurrency project.
- The Android Wallet: The Android wallet has not been rolled out properly just yet. However, many see mobile payments being key to driving mass adoption. Indeed, in many developing nations people simply do not have access to a laptop or a computer. However, every person will have a mobile. This is why a lite wallet that can be used on aged devices could be key to NANO’s success as transactional digital currency.
- Exchange Listings: Out of the top 4 cryptocurrency exchanges, NANO is listed on only two of them. A listing on Huobi and Bitfinex could be massive.
Potential Issues With The Project
NANO coin’s major problem is that there are a lot of other cryptocurrency projects competing with it. The coin’s function is to act as a digital currency and there are already more established crypto’s like Bitcoin and Litecoin competing for this segment of the market.
From a technological standpoint, NANO’s block lattice solution means it can scale infinitely and process feeless transactions. The coin actually solves the problems holding back rivals such as Bitcoin. However, the project has not yet gained the recognition to compete on an even playing field.
Superior technology is often consigned to the history books due to lack of adoption. For NANO to succeed it must be widely used as a digital currency. Until that happens, there is always going to be a risk that the project will just be a great experiment that failed to catch on.
The XRB ICO
NANO actually never had an ICO. Instead, the team decided to give away coins. They did this by creating a captcha that rewarded the user with XRB coins for solving it. This meant that early XRB coin holders all got their coins for free and that these were widely distributed.
However, many early investors decided to just buy XRB coins on a cryptocurrency exchange and let others earn them by solving the captchas. When the coins were being distributed, they could be purchased for as low as 1 cent each on exchanges.
Why would the project’s team do this? The idea was that NANO should be decentralized and to do that the coins needed to be held by as many people as possible. This is why NANO decided not to do an ICO and decided to use a captcha faucet to distribute coins.
The thing to take away from the projects coin distribution is that the team were not interested in a quick money grab. Instead, they opted for a strategy that they thought would lead to long-term success for the project.
Should I Invest In NANO Coin?
TotalCrypto cannot make the decision for you. But we can share our opinions and thoughts on the project:
- NANO Coin can be transacted with no fees whatsoever. This makes the cryptocurrency extremely attractive to those that want to use it as digital cash.
- Transactions are almost instant.
- The digital currency is infinitely scalable and can process an unlimited number of transactions.
- TotalCrypto believes that block lattice technology makes NANO coin the most likely cryptocurrency to be used widely as digital money.
- Other cryptocurrency projects are beginning to sit up and take notice of NANO.
- The project needs to create a lot more partnerships with merchants and get them to accept NANO coin as a payment method. Without mass merchant adoption, it is unlikely that the coin can ever truly live up to the vision of being digital money.
- In order for the coin to become a truly global currency, accessing NANO must be easy for anyone. It needs to be easier to buy the coin with conventional money.
- There are also regulatory and legal restrictions on cryptocurrencies in some countries. These must be overcome for NANO to live up to the vision of becoming a Global currency.
- There is less information publicly available about the team than for other cryptocurrency projects.
- TotalCrypto is unsure if this cryptocurrency will be mass adopted. Something better and with more hype could come out at any time.
- The Android wallet needs to come out and be excellent. Without a great lite wallet, it is unlikely that the cryptocurrency will be adopted in developing countries.
Want To Buy NANO?
The two top ways of buying NANO coin are by using Coinbase and Binance. Do you need some help? The good news is that we have created a step by step walkthrough to show you how. Just follow our guide and you will have your NANO coins in no time!
TotalCrypto loves that NANO has solved the main problems holding back mass cryptocurrency adoption. High fees, slow transactions, and scalability are all holding back other cryptocurrency projects. Our view is that solving these issues has made NANO the most likely crypto to be used as actual digital money.
We are excited about the role this project can play in countries experiencing economic turmoil, banking the unbanked and helping with wider cryptocurrency adoption. NANO is one of the top cryptocurrencies that could actually go global. Sure, a $1 transaction fee might be acceptable in the developed world, but this is not so in developing countries.
A key element to the project’s success will be the successful rollout of it’s Lite Android wallet. This will help make the crypto become a viable alternative to cash in the developed world. If the wallet is not usable on older mobile devices, then it is unlikely that the coin will be adopted in the developed world.
This project really does have the potential to revolutionize money. The TotalCrypto Team does not know if NANO will succeed. However, this project is far from a Bitcoin clone and does have an exceptionally interesting value proposition. In our view, NANO is a significant improvement on cryptocurrencies intended to be used as digital money. We will certainly be following this project closely over the coming months and years.
Below we’ve listed some key resources relevant to NANO.
???? Best Apps To Track Your NANO Investment
Want to get into the nitty-gritty details of NANO coin for yourself? Just read the project’s white paper.