Marketed as "digital money for the modern world," nano is a streamlined cryptocurrency crafted to enable secure, nearly instantaneous transactions without any fees. It tackles some of the key limitations of traditional financial systems and many contemporary cryptocurrencies.
The project kicked off in 2014 under the name RaiBlocks, with the coin, then known as XRB, being launched the following year through a public faucet. This platform allowed users to earn small amounts of XRB by completing captcha challenges, making it accessible to anyone with a computer or phone. The amount of XRB awarded per captcha varied over time.
RaiBlocks (XRB) was rebranded to Nano in January 2018, with the new name chosen to better reflect the project’s emphasis on speed and simplicity for users.
Nano operates as a peer-to-peer network utilizing a distinct block-lattice data structure that enables users to seamlessly transfer value to one another without needing centralized intermediaries.
In contrast to platforms that utilize a large mining network's proof-of-work for consensus, Nano employs a system called Open Representative Voting (ORV). Here, account holders vote for their preferred representative, who then confirms transactions securely.
This ORV system makes Nano significantly energy-efficient, presenting it as a greener alternative to proof-of-work (POW) cryptocurrencies.
In November 2021, to align Nano with globally-recognized International Organisation for Standardisation (ISO) standards, the cryptocurrency adopted a new ticker and symbol: XNO and Ӿ.
Who Started Nano?
Nano was founded by Colin LeMahieu, an experienced software engineer with a background in working for leading tech firms such as Dell, AMD, and Qualcomm.
LeMahieu, who describes himself as an inventor, has interests that range from space technology to physics and environmental sustainability, and is well-regarded in the digital currency arena. He dedicated himself full-time to Nano in 2017 and continues to serve as the Director of the Nano Foundation—an entity established to advance the development and wider use of Nano.
LeMahieu has been the primary contributor to Nano’s GitHub repository.
Apart from LeMahieu, the Nano Foundation consists of over a dozen other team members, including George Coxon, who serves as an Industrial Fellow and Strategic Advisor to various UK universities and was a speaker at the United Nations Summer Academy 2023.
In early 2023, the Nano Foundation transitioned to a completely volunteer-led operating model. (LINK: https://nano.org/en/blog/the-nano-foundation-takes-a-step-forward-on-its-open-source-journey--420eae42)
What Sets Nano Apart?
As noted earlier, Nano is designed to be incredibly fast. In fact, most Nano transactions achieve absolute finality in under a second, compared to several minutes or longer for many other leading cryptocurrencies.
This rapid speed makes Nano ideal for commercial payments, allowing merchants and retailers to accept payments without worrying about transaction delays.
Additionally, Nano transactions come with no fees. Since representatives don’t earn financial compensation for securing the network, there's no need for transaction fees, making Nano a perfect fit for micro-transactions. Users don’t have to worry about high fees when making small payments.
These attributes are made possible by its distinct architecture. Unlike many cryptocurrencies that rely on a blockchain-based distributed ledger, Nano is built on a similar technology called a directed acyclic graph (DAG).
This robust structure can support 1,000 transactions per second (tps) with appropriate hardware, without the need for an energy-demanding mining network, positioning Nano as an environmentally friendly digital payment solution.
How Many Nano (XNO) Coins Exist in Circulation?
Like most cryptocurrencies, Nano has a fixed maximum supply, capped at 133248297.92 Nano.
Initially, the maximum supply was set much higher, but any Nano exceeding the current 133 million limit was permanently burned. Approximately 39% of the original genesis supply was distributed.
Nano is unique because its entire supply is already in circulation, making it fully diluted.
As a fully diluted cryptocurrency, Nano is also highly decentralized and well-distributed, with the majority of Nano accounts holding less than Ӿ100. As of December 2020, about 20% of all circulating Nano (~26 million) was held in a cold wallet associated with the Binance cryptocurrency exchange.
Additionally, 5% of the circulating supply was reserved for ongoing project development, allocated to a “developer fund.”
How Is Nano's Network Protected?
Nano's network security relies on a group of representatives, each elected by XNO holders.
These representatives cast votes when consensus is required, with their voting power based on the total weight delegated to them by XNO holders. This voting process ensures that only valid transactions are confirmed on the Nano network.
This mechanism guards the network against a type of attack known as a double spend, where an attacker could potentially spend the same funds twice.
Moreover, the Nano network incorporates various additional defenses against potential attack vectors—all of which can be reviewed here.
Where Can You Purchase Nano (XNO)?
Since Nano cannot be mined, the most common way to acquire it is by buying it through one of the 50+ exchanges that support it. Binance, OKEx, and Huobi Global rank among the top exchanges for trading Nano with other cryptocurrencies, while it can also be purchased with fiat currency on platforms like Kraken and Binance.US.
For more detailed information about buying cryptocurrencies with fiat, check out our comprehensive guide.
