What is Nano (XNO)?
Irene avatar
Written by Irene
Updated over a week ago

Nano (XNO) is a lightweight cryptocurrency that provides secure near-instant payments without fees. It is secured by an Open Representative Voting system, which is a much more environmentally-friendly option than proof-of-work. Representatives don’t receive rewards for confirming transactions, therefore, there’s no transaction fee, which makes Nano ideal for micropayments. With a usual confirmation time of less than a second and its ability to process as many as 1,000 transactions per second, Nano is well-suited for commercial payments as well.

Nano is not built on a blockchain, but on a similar ledger technology called a Directed acyclic graph. It uses a unique block-lattice data structure, where every user (address) gets their own chain that only they can write to, and everyone holds a copy of all the chains. This helps speed up transactions time significantly. Nano has a fixed maximum amount of tokens – 133,248,290 NANO – all of which are already in circulation, which makes the cryptocurrency both quite unique in that sense and highly decentralized (the vast majority of Nano accounts holds less than 100 NANO).

Check out this article to choose the most convenient way to buy cryptocurrencies, including XNO.

Important: please note that XNO deposits and withdrawals are currently not supported. You can buy, exchange and store XNO. If you'd like to receive or send it, you'll have to first exchange it for a currency which supports crypto deposits and withdrawals – you can always check with the list in this article.

In compliance with the Financial Promotion Act which came into force on 8 October, 2023, at 8 AM UTC, some account functionality is temporarily limited for the Cryptopay customers with verified UK residency.
Check what services are available: Service availability in the UK

The world of crypto is vast and intricate - if you feel overwhelmed, check out Cryptopay Learn. It is a perfect place to start for beginners trying to understand the basics of crypto. For more experienced crypto enthusiasts, this is also an excellent opportunity to brush up on their knowledge. The more you learn, the more you earn!

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