NANO - a cryptocurrency that wants to be ecological Bitcoin

More and more it is said that cryptocurrencies are a big threat to the environment, because mining and servicing them consumes more electricity than, for example, Argentina. NANO cryptocurrency shows that it does not have to be this way, because the energy cost needed to operate it is 8 million times less than w Bitcoinie. However, these are not the only advantages of this digital means of payment, the value of which has already reached over USD 1 billion. 

We continue the cycle of the Forex Club portal, in which we analyze and describe the largest, highest-valued, most interesting, most developmental, advanced and also the most controversial cryptocurrency projects around the world. Today, it's time for Nano - a cryptocurrency that offers completely free transfers and throws the gauntlet, the largest on the market, not only by reducing costs to zero, but also by high scalability, reaching 7 thousand transactions per second.

Ecology and cryptocurrencies

Ecology is not only a problem of smoking chimneys in houses heated with coal stoves, also used to burn garbage, old diesel cars entering city centers without trees or factories, working 24 hours a day, 7 days a week. Contrary to what some people think, modern solutions also cause the environment to be polluted to a large extent, and more and more carbon dioxide is released into the atmosphere.

Cryptocurrencies are the best example of this. According to the last one report Cambridge University Center for Alternative Finance, global power grid power taken to mine Bitcoin currently amounts to 143 terawatt hours per year. To visualize the scale, it is enough to note that this about 4% more than the total electricity production in Argentinainhabited by 5 million people more than Poland!

No wonder then that less energy-consuming solutions are being sought. One of them is NANO, a cryptocurrency that is 8 million times less energy-consuming than Bitcoin. 

How NANO works

One of the main advantages of NANO are completely free transfers. And there are no stars or tricks here - when we transfer 1 NANO, the recipient gets exactly that much, and our account is not depleted. This is why the network is less energy-intensive.

The network is maintained by nodes. Initially, they were private individuals, now more and more often cryptocurrency exchanges and payment processors, who care about the development of the project. 

The less computing power needed also affects the transfer speed. In the ranking created by Binance, NANO regularly takes the highest positions.

NANO was free

Colin Lemahieu, the originator of NANO

The cryptocurrency was first introduced in February 2016 by Colin Lemahieu on the Bitcointalk forum. You could then… click it, and get it completely for free. For the next year, it cost about $ 0,01.

The biggest controversy happened in February 2018 by oversight Cryptocurrency exchanges Bitgrail. It was hacked and as a result, a NANO worth around USD 195 million was stolen. The error in the code of the exchange was to blame, but confidence in the cryptocurrency dropped significantly. Years later, it turned out that its creators had nothing to do with it, time erased painful memories and the tokens regained popularity again. 

NANO cryptocurrency quotes

Currently, the NANO cryptocurrency can be traded on 46 cryptocurrency exchanges from around the world. As of April 29, 2021, all 133 units are traded. Each unit costs $ 248, which translates to a market cap of more than $ 297 billion. The peak of trading was on January 7,86, 1, when $ 2 was paid for each NANO unit.