Billed as "digital money for the modern world," nano is a lightweight cryptocurrency that is designed to facilitate secure, practically instant payments, without fees, and addresses some of the major limitations of both legacy financial infrastructure, and many modern cryptocurrencies.
Development of the project began in 2014 under the name RaiBlocks, and the coin (then termed XRB) launched the following year through a public faucet, which allowed users to claim small amounts of XRB after completing a captcha challenge. Anyone with access to a computer or phone could solve captchas, and be rewarded with RaiBlocks. The number of XRB people received per solved captcha varied over time
RaiBlocks (XRB) was rebranded to Nano in January 2018, with the new name chosen to better represent the speed and simplicity the project offers to users.
It is a peer-to-peer platform that uses a unique block-lattice data structure to allow users to easily transfer value to one another without relying on centralized intermediaries.
Unlike other platforms which typically use the combined proof-of-work of a massive mining network to achieve consensus, nano instead uses a system known as Open Representative Voting (ORV) — which sees account holders vote for their chosen representative, who then work to confirm blocks of transactions securely.
ORV makes Nano extremely energy efficient, positioning it as a more environmentally friendly alternative to proof-of-work (POW)-based cryptocurrencies.
In November, 2021, aiming to bring nano to the real world and to comply with the globally-recognized standards of the International Organisation for Standardisation (ISO) requirements, nano adopted a new ticker and a standard symbol: XNO and Ӿ.
## Who Are the Founders of Nano?
Nano was founded by Colin LeMahieu, a heavily experienced software developer and engineer with a wealth of experience working for prominent tech companies, including Dell, AMD and Qualcomm.
Self-described as an inventor, LeMahieu has interests that range from space technology to physics and environmental sustainability, and is a well-known name in the digital currency space. He began working full time on nano in 2017 and remains the Director of the Nano Foundation — an organization created to drive the development and adoption of nano — to this day.
Colin LeMahieu also pushed the vast majority of commits to Nano’s GitHub repo.
Beyond LeMahieu, the Nano Foundation has over a dozen other employees, including George Coxon, an Industrial Fellow and Strategic Advisor to various UK universities and United Nations Summer Academy Speaker 2023.
The Nano Foundation team moved to a completely volunteer-led operating model in early 2023(LINK: https://nano.org/en/blog/the-nano-foundation-takes-a-step-forward-on-its-open-source-journey--420eae42)
## What Makes Nano Unique?
As we previously touched on, nano is designed to be fast. So fast, in fact, that most nano transactions reach absolute finality within less than a second — compared to several minutes or even longer for many other major cryptocurrencies.
This speed makes nano suitable for commercial payments, since merchants and retailers no longer need to worry about transaction delays when accepting payments.
Moreover, nano transactions are completely fee-less. Since representatives do not receive financial compensation for their efforts to secure the network, there is no need for a transaction fee. This makes nano an ideal solution for processing micro-transactions, since users no longer need to worry about fronting a potentially expensive transaction fee when making small payments.
These features are enabled by its unique architecture. Unlike many cryptocurrencies which are built on top of a distributed ledger known as a blockchain, Nano is instead built around a similar ledger technology called a directed acyclic graph (DAG).
This structure is highly reliable, and it can scale to support 1,000 transactions per second (tps) with the right hardware — without requiring an energy-intensive mining network to maintain its integrity, positioning nano as an eco-friendly digital payment option.
Nano is a lightweight cryptocurrency designed to facilitate secure, nearly instant payments without any fees, addressing limitations of traditional financial infrastructure and modern cryptocurrencies. In January 2018, RaiBlocks (XRB) was rebranded as Nano to better reflect the project's emphasis on speed and simplicity for users. Nano utilizes a unique block-lattice data structure, allowing users to transfer value easily without relying on centralized intermediaries. Unlike other platforms, Nano achieves consensus through an Open Representative Voting (ORV) system, making it extremely energy-efficient and an environmentally friendly alternative to proof-of-work (POW) based cryptocurrencies.
How to Buy NANO
1. How to Buy NANO on Exchanges
Step 1: Choose a reputable exchange platform
Select a trustworthy platform from numerous exchanges to make your purchase. Some trusted platforms include Coinbase, Binance, OKX, among others.
Step 2: Register an account
Create an account on the chosen exchange platform. You may need to provide personal information (such as phone number, email) to complete the registration process.
Step 3: Complete identity verification
For security reasons, some platforms may require you to undergo identity verification. Follow the platform's instructions, providing necessary identity information (such as country/ID number) and undergo facial recognition if prompted. Once your identity is confirmed, you'll receive notification.
Step 4: Link your bank or payment method
Link your bank account or other payment methods to the exchange platform for making payments when purchasing NANO.
Step 5: Purchase NANO
Find the option to buy coins on the exchange platform, select the C2C buying process, then input the amount of cryptocurrency you wish to purchase. Typically, you'll choose to buy USDT first and then proceed with the purchase method. Simply place your order, make payment to the seller, and you'll receive the cryptocurrency. Once the payment is completed, you can use your exchange assets to buy NANO.
Step 6: Store your NANO
After purchase, you can choose to store NANO in the digital wallet provided by the exchange platform or transfer it to a hardware wallet under your control.
Step 7: Security Tips
To protect your exchange account and NANO assets, it's essential to use strong passwords and enable two-factor authentication.
How to Buy NANO via Over-the-Counter (OTC) Trading
Over-the-counter (OTC) NANO trading occurs directly between buyers and sellers, bypassing exchanges or other intermediaries. Here are the general steps for OTC NANO trading:
Step 1: Find an OTC trading channel
Start by finding a reliable OTC trading platform or service provider. These platforms typically offer online marketplaces or ways to connect with brokers for trading.
Step 2: Register an account
Sign up for an account on the chosen OTC trading platform. You may need to provide some personal information (phone/email) to complete the registration process.
Step 3: Complete identity verification
For security purposes, some platforms may require you to undergo identity verification. Follow the platform's instructions to provide necessary identity information (nationality/ID) and undergo facial recognition or other verification steps.
Step 4: Browse the trading list
After logging into your account, browse through the platform's trading list to find NANO trades that interest you. You can choose trades based on the trader's reputation rating, trade volume, price, and payment methods.
Step 5: Select a trading partner
Once you find a suitable trade, click to enter the trading page and carefully review the trader's terms and conditions. Ensure you understand and agree to the trader's requirements, such as trade amount, payment method, trade time, etc.
Step 6: Negotiate trade details
After reaching an agreement with the trader, you can negotiate trade details such as trade amount, payment method, trade time, and location.
Step 7: Make payment
According to the agreement reached with the trader, use the chosen payment method to pay the NANO purchase amount to the seller.
Step 8: Confirm receipt
Once the trader confirms receiving your payment, they will release NANO to the NANO address you provided. You can check your NANO wallet balance after the trade to confirm its success.
3. How to Buy NANO through Decentralized Exchanges (DEX)
Buying NANO on decentralized exchanges (DEX) differs from purchasing other cryptocurrencies on centralized exchanges. Here are the general steps for buying NANO on DEX:
Step 1: Choose a NANO-supporting wallet
Create a new wallet supporting NANO assets, then select a decentralized exchange that supports NANO.
Step 2: Connect your wallet
Before using the DEX, you need to connect a wallet supporting the NANO blockchain. You can connect your wallet to the selected DEX via browser extension or mobile application.
Step 3: Deposit funds
In your wallet, select deposit and choose the asset you want to deposit (such as stablecoins). Follow the wallet prompts to complete the deposit process.
Step 4: Find the trading pair
Search or browse for the NANO trading pair on the DEX. Typically, you can find a search box or a list of trading pairs on the exchange's homepage or trading interface.
Step 5: Place an order
Once you find the NANO trading pair, you can choose between market or limit orders and input the quantity you want to purchase. Ensure you input the correct price and quantity in the order, then confirm the order.
Step 6: Wait for the trade to execute
Your order will be submitted to the NANO blockchain and wait for confirmation and execution by miners. Once the order is executed, you will receive the purchased NANO, which you can view in your wallet balance.
Step 7: Withdraw funds
After completing the trade, you can choose to withdraw the purchased NANO to your wallet for safer storage of your digital assets.
4. Official Channels for NANO Project Team or Community
Sometimes, the NANO project team or community may launch official channels for direct NANO purchases. This may include private placements, presales, or other forms of direct sales.