Described as "digital money for the modern world," Nano is a lightweight cryptocurrency engineered to enable secure, virtually instant transactions without fees, addressing significant limitations of both traditional financial systems and many contemporary cryptocurrencies. The development of the project commenced in 2014 under the name RaiBlocks, with the coin (initially referred to as XRB) launching the following year through a public faucet. This enabled users to claim small amounts of XRB by solving a captcha challenge, accessible to anyone with a computer or smartphone. The quantity of XRB awarded per solved captcha varied over time. In January 2018, RaiBlocks (XRB) was rebranded to Nano, a name selected to better reflect the project's speed and simplicity for users. Nano operates as a peer-to-peer platform utilizing a unique block-lattice data structure, allowing users to effortlessly transfer value directly to one another without reliance on centralized intermediaries. Unlike other platforms that typically employ the cumulative proof-of-work of a vast mining network to achieve consensus, Nano implements a system known as Open Representative Voting (ORV). This system allows account holders to vote for their chosen representative, who then works to securely confirm transaction blocks. ORV renders Nano extremely energy-efficient, thus presenting it as a more environmentally friendly option compared to proof-of-work (POW)-based cryptocurrencies. In November 2021, with the aim of integrating Nano into real-world applications and aligning with the internationally recognized standards of the International Organization for Standardization (ISO), Nano adopted a new ticker and standard symbol: XNO and Ӿ.

Nano was established by Colin LeMahieu, a seasoned software developer and engineer with extensive experience at prominent technology companies such as Dell, AMD, and Qualcomm. LeMahieu, who identifies as an inventor, has interests that span space technology, physics, and environmental sustainability. He is a recognized figure in the digital currency sector. His full-time commitment to Nano commenced in 2017, and he continues to serve as the Director of the Nano Foundation, an organization dedicated to the development and promotion of Nano. Colin LeMahieu has been primarily responsible for the majority of commits to Nano’s GitHub repository. In addition to LeMahieu, the Nano Foundation consists of over a dozen employees, including George Coxon, who is an Industrial Fellow and Strategic Advisor to various UK universities, as well as a speaker at the United Nations Summer Academy 2023. In early 2023, the Nano Foundation transitioned to a completely volunteer-led operational model. For more information, visit the following [link](https://nano.org/en/blog/the-nano-foundation-takes-a-step-forward-on-its-open-source-journey--420eae42).

As previously mentioned, Nano is designed for speed. It is so fast that most Nano transactions achieve absolute finality in less than a second, compared to several minutes or even longer for many other major cryptocurrencies. This speed makes Nano ideal for commercial payments, as merchants and retailers no longer need to be concerned about transaction delays when accepting payments. Additionally, Nano transactions are completely fee-less. Since representatives do not receive financial compensation for their role in securing the network, there is no need for a transaction fee. This makes Nano an excellent solution for processing micro-transactions, as users no longer need to be concerned about incurring potentially high transaction fees for small payments. These capabilities are enabled by its unique architecture. Unlike many cryptocurrencies that are built on a distributed ledger known as a blockchain, Nano is built on a similar ledger technology called a directed acyclic graph (DAG). This structure is highly reliable and can scale to support 1,000 transactions per second (tps) with the appropriate hardware, all without the need for an energy-intensive mining network to maintain its integrity. This positions Nano as an environmentally friendly digital payment option.

Like the vast majority of cryptocurrencies, Nano has a fixed maximum number of tokens that will ever exist, set at 133,248,297.92 Nano. Initially, the maximum supply was higher, but any Nano tokens above the current 133 million limit were permanently burned. In total, approximately 39% of the original genesis supply was distributed. Nano is unique in that its entire supply is already in circulation, meaning it is fully diluted. Due to being fully diluted, Nano is also highly decentralized and well-distributed, with the vast majority of Nano accounts holding less than Ӿ100. As of December 2020, approximately 20% of all Nano in circulation (~26 million) is held in one of the cold wallets associated with the Binance cryptocurrency exchange. A total of 5% of the circulating supply was reserved for the continued development of the project, allocated to a "developer fund."

Nano's security is maintained through a network of representatives, elected by XNO holders. These representatives play a crucial role in establishing consensus within the network by casting votes. Their voting power is determined by the total voting weight delegated to them by XNO holders. They vote on the validity of transactions within the Nano network to ensure that only legitimate transactions are confirmed. This voting mechanism safeguards the network from a type of threat known as a double spend, where an attacker could potentially exploit the system to spend the same funds more than once. Moreover, the Nano network incorporates a comprehensive array of additional protective measures against various potential attack vectors. A detailed overview of these defenses is available on Eulerpool.

Since Nano cannot be mined, the most common method to acquire it is by purchasing through one of the more than 50 exchange platforms that support it. Binance, OKEx, and Huobi Global are currently among the most popular exchanges for trading Nano with other cryptocurrencies, whereas it can also be purchased with fiat currency on Kraken and Binance.US. For more information about buying cryptocurrencies with fiat, see our comprehensive guide on Eulerpool.