Nano (NANO), the 32nd largest cryptocurrency, was dropping in prices. However, many coin holders still believed that it could be a top mode of payment.
Recently, Nano (NANO) has been performing poorly on the cryptocurrency market.
On October 19, the 31nd largest crypto with over US$269 million in market capitalization was trading at US$2.02 against the US dollar.
While that price is higher by 7.57 percent compared with last week’s value, Nano is still on the red with a 8.53 percentage loss for the past 24 hours, 12.20 percent lost within a month, and a minus 94.47 percent away from the coin’s record price of US$36.61 set in January.
— Coin Watcher Bot (@CoinWatcherBot) October 19, 2018
However, many holders believed that Nano would survive in the long run. Most of them argued that Nano is one of the best—if not the best—cryptos used as a mode of payment.
What could possibly be the reasons that convinced these holders to remain optimistic about Nano?
One possible reason why owners love Nano could be that it charges virtually nothing for transactions.
The crypto’s development team explained that fee-less transactions are possible, thanks to the low cost incurred in running a single node and the absence of miners on the network, as well as the lightweight protocol needed to run one. Even low-powered computers like certain Raspberry Pi models are capable of running one Nano node. However, users need to pay a small amount in terms of electricity for computers processing their transactions.
Alternatively, could one of the reasons be because of the crypto’s fast transaction speed? According to one online crypto guide, Nano could even be the fastest.
Bitcoin Kit recently tested the time it took to deposit cryptos on exchange platform Binance. Nano topped the chart with only three seconds and a single confirmation required, beating second-placed Stellar Lumens (XLM) by two seconds and fifth-fastest Ripple (XRP) by seven seconds.
— Nano (@nano) October 16, 2018
In comparison, privacy coin Monero posted a six-minute deposit time, while both Bitcoin (BTC) and Bitcoin Cash (BCH) logged 20 minutes each. Meanwhile, Dash (DASH) and Zcash (ZEC) took 25 and 30 minutes, respectively.
These feats are possible because Nano utilized a block-lattice architecture, different from the usual linear blockchains, where each user account has its own blockchain called an account-chain. Specific details about how Nano uses this unconventional technology are described in the crypto’s whitepaper.
People interested in using Nano can purchase the digital currency at Binance, Mercatox, Kucoin, CoinEx, and other exchange platforms.