Rethinking the Global Digital Payment System with Nano

Nano is a highly ambitious blockchain project that aims to offer the ideal currency as a global medium of exchange for daily transactions. The project is a rebrand of the former RaiBlocks and one of the main reasons for the name change is, in fact, the network’s objective of mainstream adoption.

What’s in a Name?

The team behind Nano chose this name for the simple fact that it is easy to pronounce and will sound the same regardless of the language spoken. This was quite in tune with the goal of appealing to a wide base of users from all around the world.

The name also reflects the core features of the product it represents. Transactions on Nano are virtually instantaneous and do not cost a dime. In this regard, the name Nano seems suitable as it elicits thoughts of small or minute, a brief span of time, the least possible expense. It thus appeals to every type of user and all transaction sizes no matter how small.

RaiBlocks, the base platform that led to the birth of Nano, had an eventful 2017, especially in December. Its popularity gives Nano the perfect foundation for widespread adoption and growth.

The Advanced Technology behind Nano

What makes Nano particularly captivating is that it operates using an extraordinary blockchain approach. While the regular blockchain is essentially linear, Nano incorporates a lattice framework to enhance the efficiency of the system. Each account on the network runs on its own blockchain and belongs to a new generation of fast, feeless and minerless (FFM) digital currencies.

This design greatly reduces the time taken to confirm transactions and is, therefore, able to keep operational costs conveniently low. It also ensures limitless scalability, a target that has proven to be highly elusive for most of the popular blockchains.

A Revolution for Digital Payment Systems

The fact that Nano offers feeless and instant transactions on its network makes it the ideal choice for crypto traders. It also presents a worthwhile revolution for today’s costly and time-consuming payment systems. It is easy to make payments for recurrent bills like rent. Users can even pay for a cab or dinner using this simple method.

It is also the best choice for small payments like content subscriptions and digital asset rights. Retail outlets can also take advantage of these benefits for both online and in-store crypto payments.

Even though the rebrand was executed towards the end of January, the Nano ecosystem has maintained most of the familiar features users associated with RaiBlocks, at least for now. Wallet addresses still take the XRB prefix but in future will change to NANO.

The Futuristic Crypto Model

The original community and inherent value proposal of the project have contributed to widespread support and adoption for Nano. As a result, it has come a long way in a brief span of time. The system uses state of the art technology and has very few competitors in terms of speed and scalability. The model offers impressive transactional flexibility and has a real shot at dominating the Internet of Things space in the foreseeable future.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.

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