With a week skyrocketing Nano digital coin has managed to gain grounds in the top list this week. The cryptocurrency showed an impressive increase of 110%, so its market value went up to $2.09 billion and the coin ranked 19th among the major cryptocurrencies in the market.
Moreover, it is also worth mentioning that Nano's daily trading posted new high in terms of the transaction volumes, with a similar development seen among top-10 coins.
According to the available data, just a month ago this currency was known as RaiBlocks, but then its founders decided to change the name in order to lure more investors. As a result, this coin is known in the market as Nano now. At the same time, the token has not changed and transactions are done under XRB title. Along with numerous virtual currencies, Nano was designed as upgraded bitcoin. The main aim is to provide free transactions without power expenses coming from bitcoin mining.
At the same time, Nano has its own features – the network is based on distributed scheme instead of the single blockchain. This means that each user runs and control own blockchain. As a result, the user does not need to wait for approval of all other nodes to make changes. With such technology, mining is no longer needed as well as transaction expenses and waiting time for transaction confirmation is eliminated.