Project Review: NANO, the newly listed project on Huobi Global
On the 1st of November, Huobi Global announced it will be launching NANO to its digital asset exchange. Huobi opened trading for the following two trading pairs: BTC/NANO and ETH/NANO. NANO has positioned itself as number 31 on coinmarketcap with a token price of $ 1.91 (at the time of writing). Its total token supply is 133,248,290 of which 133,248,289 NANO is currently in circulation (according to data provided by coinmarketcap).
Huobi Global listing process
Huobi Global has implemented a proprietary system to rate blockchain projects. Only the projects that graduate with flying colors are shortlisted to launch on Huobi Global. Huobi’s SMARTChain asset assessment evolution method is specifically created to fade out scam-projects and projects of low quality. The SMARTChain asset assessment model researches a project’s potentials and risks by checking it on different variables.
Introduction into NANO
NANO, which was first introduced as RaiBlocks (XRB) and has since rebranded into NANO (NANO), offers a proprietary blockchain solution called block lattice that is based on the Directed Acyclic Graph (DAG) consensus algorithm.
NANO positions itself as a free and fast digital currency that aims to become a fully compliant digital payment solution.
With NANO each user has its own blockchain which updates asynchronously, allowing for transactions to be confirmed instantly and at near zero costs. Because the block lattice keeps track of the account balances instead of the transaction amounts, the database will be a lot smaller in comparison to other cryptocurrency databases that use regular blockchain technology.
Benefits of NANO include its instant transactions, zero-fee structure and infinite scalability. On the downside, the security features have seen some threats in the past, with the BitGrail hack back in February 2018, which was probably the number 1 setback in terms of project development. The hack gave a lot of criticism to the NANO team as accusations about who was at fault went back and forth for a long time. Eventually after the dust settled, BitGrail promised to pay back users that suffered from the hack and the NANO team went back to business.
My personal opinion on NANO
As I see it, NANO offers some great features like the instant and free payments that can have a massive impact if implemented correctly into payment systems. Recently another DAG project called VITE emerged that aims to create a next-generation high-performance decentralized application platform, build on NANO’s block lattice consensus algorithm. This only confirms the large potential of NANO’s proprietary technology. On the downside, the security flaws concern me. This issue needs to be addressed and solved in order to move forward. Security is a big issue in blockchain technology and if a cryptocurrency is vulnerable to threats you cannot base a compliant financial system on it.
If you would like to know more on NANO, visit their website at www.nano.org, follow them on Twitter: https://twitter.com/nano or subscribe to their official blog page on Medium: https://medium.com/nanocurrency
If you do not have a trading account on Huobi Global yet, you can sign up using this link.
Disclaimer: This article is not intended as investment advice. It is just my personal opinion about Huobi’s new app. You should always do your own research #DYOR. Huobi Global incentivizes me for writing this article and encourages me to express my own opinions.
Subscribe to my channels: Medium, Twitter and Steemit if you enjoy my articles and would like to be informed about blockchain, cryptocurrency projects, and news. You can also read my articles on LinkedIn.
If you have any questions about this article, please comment in the comment section below.
CryptoShowdown
#Huobi #Launches #Nano – My review #HuobiList #Huobi #adds #Nano a different type of #blockchain #project