August brought a glimmer of hope to the cryptocurrency industry’s prolonged bear market. While many coins have since regressed, there are several stand-out winners. Chief among these rallying coins is Nano (NANO), formerly RaiBlocks, which seized the advantage and catapulted to triple its value from their lowest August price. Leveraging good public relations and a sound product, Nano is poised to make steady growth if the market recovery continues.
This is partly due to the opening of their new Instagram account and the associated press blitz – alongside a minor listing on Coinbene. Trading volume heightened as investors looked to move their assets to the new offering, and Nano ended the week at over $2 USD compared with $0.90 earlier in the month.
What is Nano?
Founded in 2015 under the title RaiBlocks, Nano is built from the ground up to avoid the scalability issues inherent in large blockchains. Rather than depending on a single chain and a sequence of third party validators, every Nano user has their own blockchain within a ‘Directed Acyclic Graph’. Users provide their own computational power to validate transactions, which leaves the entire system lightweight and truly decentralized.
In turn, this also allows Nano to avoid the traffic jam issues that cropped up at the end of 2017 with Bitcoin and Ethereum. As each user provides more than enough power to validate their own transactions, there is no need for massive Proof of Work mining banks. Further, the lack of third party validators removes the need for transaction fees – Nano is a completely frictionless system in this regard.
Nano’s History and Future
Easily the most glaring event in Nano’s past is the BitGrail incident that occurred in February of 2018. Mid-level cryptocurrency exchange BitGrail found itself hacked, losing $150 million USD worth of Nano’s cryptocurrency. To make matters worse, the operating team of BitGrail did not admit that they’d been hacked – and their damage mitigation attempts made matters significant worse. The situation is ongoing, with the developers offering to pay the legal fees of anyone trying to recover their funds from BitGrail.
In lighter news, the crypto-team kicked off August with a scavenger hunt in London. The Nano team hid a cache of £5,000 worth of cryptocurrency in the city while posting cryptic riddles that would lead intrepid users to the treasure. Nano partnered with London Block Exchange for the event – alongside their listing on the LBX exchange. As of today, the hunt continues – but someone is sure to find it soon.
Article By: Adam Stone