2024

Bitcoin

Nano

April

<div class="finbold">
 <p class="paragraph">Bitcoin (BTC) fees skyrocketed to their highest level, above $100, as the halving occurred, racking up over $2.4 million in mining fees. As a result, users, enthusiasts, and investors may turn to low-fee cryptocurrencies for efficient alternatives, potentially increasing their market demand.</p>
 <p class="paragraph">The 12,000-followers cypherpunk influencer, who goes by the alias <em>Untraceable</em> on X (formerly Twitter), believes an extended high-fee period for BTC can drive the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency market focus to altcoins, possibly igniting an altseason.</p>
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">The longer Bitcoin transaction fees remain absudly high, the more likely an altseason will come as people start using other coins instead of Bitcoin.</p>— ᴜɴᴛʀᴀᴄᴇᴀʙʟᴇ (@DontTraceMeBruh) April 20, 2024
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 <p class="paragraph">In this context, one particular cryptocurrency shines with a unique approach to transaction fees in permissionless payment networks. The currently $1 Nano (XNO) has developed a feeless protocol using alternative data prioritization methods.</p>
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   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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 <h2 class="wp-block-heading" id="h-why-nano-has-no-fees">Why Nano has no fees?</h2>
 <p class="paragraph">Simply put, nano’s lack of fees is due to an open-source software design decision. Nano has no fees because it was designed that way.</p>
 <p class="paragraph">However, the decentralized servers (or nodes) still have the usual infrastructure costs to run the network. Furthermore, they need to generate a small proof-of-work – similar to Adam Back’s hashcash, for emails – for sending and receiving transactions. The network has been running with this incentive model for over eight years at the time of writing.</p>
 <p class="paragraph">Colin LeMahieu created and introduced Nano (formerly Raiblocks) in 2015 on the prominent <em>BitcoinTalk</em> forum. It uses a new technology called block-lattice, which creates a more efficient and scalable process for confirming transactions asynchronously (DAG).</p>
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  <p class="paragraph">“Hey everyone, I designed a system which, for lack of a better term, is called a block lattice.</p>
  <p class="paragraph">The idea is each account in the system has a block chain that is controlled only by them, all chains are replicated to all peers in the network.</p>
  <p class="paragraph">The advantage of doing this is each account can order their own transactions meaning no proof besides a digital signature is needed.</p>
  <p class="paragraph">I think this goes a long way toward scalability by removing block intervals, mining, transaction fees etc and wondered what everyone thought.”</p> <cite>– Colin LeMahieu</cite>
 </blockquote>
 <p class="paragraph">Besides the lack of fees, the block-lattice technology also allows blocks to confirm with deterministic finality in less than one second, as reported by <em>Nanospeed.info</em>. Meanwhile, Bitcoin’s average confirmation time is 111 seconds, according to <em>yCharts</em> data.</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="754" height="608" src="https://cdn.thebittimes.com/images/2024/04/20/301fe158f47f45de72fc1cc32f8b925c.webp" alt class="wp-image-170497" srcset="https://cdn.thebittimes.com/images/2024/04/20/301fe158f47f45de72fc1cc32f8b925c.webp 754w, https://cdn.thebittimes.com/images/2024/04/20/301fe158f47f45de72fc1cc32f8b925c.webp 300w" sizes="(max-width: 754px) 100vw, 754px">
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   Nano and Bitcoin average confirmation time. Source: <em>Nanospeed.info</em> and <em>yCharts</em>
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 <h2 class="wp-block-heading" id="is-the-nano-feeless-network-vulnerable-to-spam">Is the Nano feeless network vulnerable to spam?</h2>
 <p class="paragraph">Interestingly, the feeless design decision has received much criticism over the years from competing cryptocurrency supporters and services. Some believe fees are crucial to prevent spam attacks and prioritize “legit transactions.” On that note, LeMahieu explained that this makes Bitcoin fees volatile while mentioning XNO’s unique methods of handling prioritization.</p>
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">They’re going to be volatile as long as people are using them for prioritization and flow control.<br><br>I’m not aware of anyone other than nano doing prioritization without using a fee.</p>— Colin LeMahieu (@ColinLeMahieu) April 13, 2024
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 <p class="paragraph">Over the years, open-source developers have implemented alternative prioritization mechanisms to the nano-node. Mira Hurley partially explained these solutions in a thread on X, published in December 2022.</p>
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">1/ How does Nano's transaction prioritization work? Read the tweets below to learn how Nano prioritises transactions without resorting to fees.<br><br>The Bucketing System: Prioritizing Transactions through Time and Balance pic.twitter.com/JLwrgojHfA</p>— Mira Hurley (@mira_hurley) December 12, 2022
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 <h2 class="wp-block-heading" id="1-cryptocurrency-opportunity-nano-xno-price-analysis">$1 cryptocurrency opportunity? Nano (XNO) price analysis</h2>
 <p class="paragraph">As of writing, XNO trades slightly above the $1 psychological level, at $1.11, up 37.49% year-over-year. The zero-fee <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency reached a yearly high of $1.85 in March, according to the Finbold index.</p>
 <p class="paragraph">With a fully circulating supply of 133.24 million XNO, nano has a small market cap of nearly $150 million. This positions the digital commodity outside of the 300 most valuable <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies.</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="947" height="772" src="https://cdn.thebittimes.com/images/2024/04/20/75382dc5e5167fedd639302dd309f459.webp" alt class="wp-image-170498" srcset="https://cdn.thebittimes.com/images/2024/04/20/75382dc5e5167fedd639302dd309f459.webp 947w, https://cdn.thebittimes.com/images/2024/04/20/75382dc5e5167fedd639302dd309f459.webp 300w, https://cdn.thebittimes.com/images/2024/04/20/75382dc5e5167fedd639302dd309f459.webp 768w" sizes="(max-width: 947px) 100vw, 947px">
  <figcaption class="wp-element-caption">
   Nano (XNO) 1-year price chart. Source: Finbold
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 <p class="paragraph">The currently low capitalization means XNO holds high risks from an investment perspective. Thus, investors must do their due diligence and properly measure the risk-reward ratio before making significant financial decisions.</p>
 <p class="paragraph">Low-cap <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies are prone to higher volatility than the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> market’s usual price fluctuations and require extra caution when trading.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/opportunity-this-1-cryptocurrency-could-surge-as-bitcoin-fees-skyrocket-tbt85872.html">https://thebittimes.com/opportunity-this-1-cryptocurrency-could-surge-as-bitcoin-fees-skyrocket-tbt85872.html</a></p>

Opportunity? This $1 cryptocurrency could surge as Bitcoin fees skyrocket

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