What Is Nano?

Nano hopes to become what Bitcoin, at times, struggles to be: an efficient, viable alternative to fiat currencies.

In Nano’s white paper, the cryptocurrency’s development team raises concerns over the practicality of Bitcoin as a common currency. The concerns are as follows:

  • Scalability issues have users facing high transaction fees, with a median fee of $10.38.
  • Bitcoin’s high computational latency makes for an average transaction time of 164 minutes.
  • Bitcoin’s proof of work consensus uses an estimated 27.28TWh annually, an average of 260KWh per transaction.

 

Using its own block-lattice structure, Nano wants to succeed where Bitcoin has fallen short. The cryptocurrency promises to deliver zero-fee transactions in real time without the same work-intensive overhead and energy consumption as Bitcoin.

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Source: https://thebitcoinnews.com/what-is-nano-a-guide-to-the-instant-zero-fee-cryptocurrency/