How To Buy Nano (XNO)?

A common question you often see on social media from crypto beginners is “Where can I buy Nano?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Nano (XNO)

First, you will need to open an account on a cryptocurrency exchange that supports Nano (XNO).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Nano (XNO) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Nano (XNO)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Nano (XNO) or Nano (XNO) trading pairs. Look for the section that will allow you to buy Nano (XNO), and enter the amount of the cryptocurrency that you want to spend for Nano (XNO) or the amount of fiat currency that you want to spend towards buying Nano (XNO). The exchange will then calculate the equivalent amount of Nano (XNO) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Nano (XNO) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

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What Is Nano (XNO)?

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, a graduate in Evolutionary Anthropology and experienced account executive, and the current Director of the foundation.

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.

How Many Nano (XNO) Coins Are There in Circulation?

Like the vast majority of cryptocurrencies, nano has a fixed maximum number of tokens that will ever enter existence, this number is set at 133248297.92 nano.

The original maximum supply was set much higher than this, but any remaining nano above the current 133 million limit were permanently burned. In total, around 39% of the original genesis supply was distributed.

Nano is unusual in the fact that its entire supply is already in circulation, this means it is fully diluted.

Because it is fully diluted, nano is also highly decentralized, and well distributed, with the vast majority of nano accounts holding less than Ӿ100.

A total of 5% of the circulating supply was held back for the continued development of the project, this was allocated to a so-called “developer fund.”

How Is the Nano Network Secured?

Nano is secured by a network of representatives, each of which is voted into position by XNO holders.

These representatives are responsible for casting their votes when the network needs to achieve consensus, and their voting power is the sum total of the voting weight delegated to them by XNO holders. These vote on the validity of transactions on the nano network, ensuring only valid transactions are confirmed.

This process protects the network against a type of attack known as a double spend—which occurs when an attacker is able to manipulate the network to effectively spend the same funds twice.

In addition, the nano network features a wide variety of additional defenses against various possible attack vectors—a full overview of which can be found here.

Nano development updates in 2023

Nano, known for its digital currency applications, has undergone several developments in 2023. Here are the key updates:

• Instant and Feeless Transactions: Nano continues to provide instant transactions, a core feature enabled by its lightweight and efficient design. The feeless nature of its transactions remains a significant aspect, making Nano an attractive option for microtransactions and everyday transactions.

• Energy Efficiency: The delegated Proof of Stake (dPoS) consensus mechanism used by Nano ensures a lower energy consumption compared to traditional Proof of Work (PoW) systems. This makes Nano an eco-friendly digital currency, suitable for environmentally conscious users.

• Cross-Border Transactions: Nano’s instant and feeless transactions have made it a preferable choice for cross-border transfers, offering a quick and cost-effective solution for international remittances.

• Scalability and Microtransactions: Nano’s scalability is enhanced by its unique block-lattice structure and Directed Acyclic Graph (DAG) technology. This allows parallel processing of transactions, facilitating scalability and making it suitable for microtransactions.

• Merchant Adoption: Nano’s efficient payment solution, devoid of transaction fees and immediate finality, has been appealing for merchant adoption. This is particularly beneficial for small businesses and those with thin profit margins.

• Eco-Friendly Nature: Nano’s reduced energy footprint, due to its dPoS consensus mechanism, positions it as an environmentally sustainable option in the cryptocurrency market.

• Nano Hub Ecosystem: Nano Hub offers various features and services to enhance the usability and adoption of Nano. This includes merchant solutions, secure wallets, trading support on exchanges, integration in gaming, and charitable use cases.

• Market Performance: As of the latest data, the price of Nano is around $0.7938. The market cap stands at approximately $24,928,237, ranking it at #688 in the market.

• Full Circulation and Decentralization: Nano’s total supply is fully in circulation, amounting to 133,248,297 XNO. This full dilution contributes to its decentralized nature, with a significant portion of Nano accounts holding less than Ӿ100.

These updates indicate Nano’s ongoing commitment to providing a fast, feeless, and eco-friendly digital currency, suitable for a variety of transactions and applications, from microtransactions to cross-border transfers​​​​.

Official website: https://nano.org/en

Best cryptocurrency wallet for Nano (XNO)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Nano (XNO)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).