Nano (NANO) Named ‘Fastest’ Crypto; Added to PayFair Exchange; Climbs 10%;
Nano (NANO) saw a 10.6% boost to its market valuation on Tuesday following its addition to the decentralized peer-to-peer exchange, PayFair. The escrow platform grants Nano exposure to over thirty-five fiat pairings, and over twenty-five other cryptocurrencies.
Meanwhile, in an impartial study conducted by Bitcoin Kit, Nano was revealed to the fastest cryptocurrency when it comes to moving coins around on exchanges – in this case Binance.
In the twenty-four period leading up to Tuesday evening, Nano climbed 10.6% against the dollar as it moved from the daily low of $1.79, up to $1.98. Nano did reach the $1.90 range earlier on Monday, but pulled back shortly afterwards.
Volumes fluctuated up and down today, falling from $5 million to $2 million, before climbing back up to the $5 million range. Nano is still another good 10% boost away from the weekly high, while the monthly high would require a 40% spike from current values if it were to be seen again.
Nano Is Fastest
According to Bitcoin Kit’s data, Nano can be deposited on Binance in three seconds. This can be an important factor in making quick trades, and according to the report, Nano can be moved seven minutes and twenty-seven seconds faster than Ethereum (ETH), and nine minutes and fifty-seven seconds faster than Litecoin (LTC)
The speed of a cryptocurrency deposit to an exchange is dependant the blockchain’s underlying technicals. In Nano’s case, its speed is helped in no small part by the block-lattice structure it employs. According to Nano documentation, it uses:
“…a block-lattice structure. Each account has its own blockchain (account-chain), equivalent to the account’s transaction/balance history. Each account-chain can only be updated by the account’s owner; this allows each account-chain to be updated immediately and asynchronously to the rest of the block-lattice, resulting in quick transactions.”
Furthermore, after every transaction from a Nano wallet, the wallet primes itself for the next transaction. According to the project’s FAQ:
“Wallets pre-cache the anti-spam Proof of Work for the next transaction once a transaction is sent, making transactions instantaneous, as both sides have the proof of work ready to go.”
Stellar (XLM) was named second fastest with a five second deposit speed, while ICON (ICX) took third place with six seconds.
Nano Added to PayFair
Decentralized exchanges have yet to truly take off, and Nano’s addition to PayFair likely won’t yield terrifically high trade volumes. However, the new exposure to a new wealth of fiat pairs will stand the coin in good stead for the future. According to the PayFair tweet from earlier today, later retweeted by the Nano team:
“PayFair.io has just launched NANO nano to over 35 different FIAT currencies! This marks PayFair as the first decentralized escrow to feature more than 25+ crypto to 35+ FIAT Pairings!”
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.