It is no news that one of the major impediments of the acceptance of the crypto world into the mainstream financial world is the scalability issue faced by major cryptocurrencies. As such, in a world veering towards digitalism, digital currencies are struggling to find their place in it.
With scalability issues defeating perhaps the most important reason for crypto development, payment system, the crypto space is constantly welcoming new additions to the market. While the market appears to be playing an open field for all, some of the coins are taking it by the storm with some barely struggling to make a mark.
However, of the variety of payment coins appearing to take their place in the market, Nano coin appears to be one of the coins that could take up a large chunk. Though not yet in the top ten based on market cap, its impressive network could just be the next big thing in the crypto world. Here’s why.
Fundamentally Sound Background
The fact that Nano was created majorly as a payment coin is one of its major positive points. Majorly built as a Proof-of-Work (PoW) coin, it mainly uses the Blake2b hashing algorithm and is the first crypto to adopt the Directed Acyclic Graph (DAG) architecture as its background.
Hence, its primary focus on providing an effective and instant payment system virtually makes it a threat to most blockchain-based coins. This is because Nano majorly solves scalability issues without entirely ditching the decentralised nature relied upon in the crypto world.
Transaction Cost and Speed
Transaction cost and speed is one of the major entities considered in the choice of a payment system. And with most altcoins in the market literally failing to meet up with the demands of these entities, Nano’s focus on this aspect makes it stand-out.
Be it cross-border payments or on a day-to-day payment basis, the Nano network provides a payment method that offers its users services at virtually no cost at all. Nano’s basis on the DAG architecture allows it run transactions at a faster speed without losing the integrity of the transaction.
Adoption and Admittance
Though the coin still appears to be in its early development stages, it is fast gaining traction in larger circle and exchanges such as Coinbase and Bittrex. There is a chance that upon application in day-to-day transactions, its adoption will be widespread.
Micro payments are fast becoming a household name in the financial world. Nano’s integration as a zero-fee, instant payment mode makes it relatively suitable for micro payments as well as “Nano” payments. This makes it primed for adoption in the near future.