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Nano: Fee-Free Cryptocurrency Gains 60% Intraday

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Nano: Fee-Free Cryptocurrency Gains 60% Intraday
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Nano cryptocurrency is one of the ambiguous crypto assets that managed to be in the spotlight yesterday. That comes after the crypto made a transactional proposal. But what triggered the skyrocketing of token prices by more than 60% in several hours?
The Nano cryptocurrency is not popular with most traders who are not much into the crypto ecosystem. It is unique in having a fee-free transaction method that made highlights on the 11th of May 2021. Its price surge that saw more than a 60% rise in a few hours was unexpected from traders who just took it for a ride.
So, what is Nano (NANO)? It is a crypto-asset created by Colin Lamahieu back in 2015. The cryptocurrency operates under its blockchain technology known as ‘block-lattice. Each of its wallets has a blockchain that constitutes ledgers of transactions.
Meanwhile, Nano uses proof-of-stake (PoS) as a consensus of algorithms. That outdoes block mining while its transactions are resolved through delegate voting. Nano is also unique for its distribution, is carried out online.
Traders only need to solve a captcha online, and that accelerated its popularity back in 2017. There are no obligations of paying transaction fees since the nature of Nano coin has no mining fees. Additionally, this system is optimized for any computer system. But why is nano coin pumping?

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Traders of nano coin have characterized the ecological and light environment as key proponents to boost about always. Its whole networking process quickly covers every bit of energy to work compared to the PoW-based operations.
However, that came alive to its counterparts on 13 May when Tesla (one of the big technology companies owned by Elon Musk) announced its withdrawal in the Bitcoin (BTC) mode of payment, citing environmental problems as the key reason.

Energy usage trend over past few months is insane

— Elon Musk (@elonmusk) May 13, 2021

In his statement, “ Tesla has suspended vehicles purchased using bitcoin. We are concerned about the rapid increase in the use of fossil fuels for bitcoin mining and transactions, especially coal, which has significant and worse emissions of any fuel.
“Cryptocurrency is a good idea on many levels and we all believe it has a promising future. However, that can never come at a great cost to our environment. Therefore, Tesla won’t be selling any bitcoin, and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We have underway plans to look for other cryptocurrencies that use less than 1% of bitcoin’s energy per transaction.”
Elon musk went ahead, explaining via a piece of graphic information, looking at how enormously energy consumption has been on the rise since the creation of bitcoin. Tesla also declared its underway plan of engaging with other cryptocurrencies that have lower than 1% of what each bitcoin transaction consumes.
The acceptance of bitcoin to Tesla car purchase began in march where the company revealed its bitcoin holdings when it engaged in a filing with the Securities and Exchange Commission (SEC) in U.S. earlier 2021.
At the same time, Elon Musk changed his title from being a CEO to the company to “Techoking Of Tesla” and “Master of Coins.”

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While the announcement got the majority of the traders by surprise, not knowing what it meant in the crypto environment, the market took advantage of that to signify the possibility behind less popular cryptocurrencies like Nano. It has always shown its possibility and green ecology that has always been taken for granted. Now it could be one of what the Tesla company is looking to engage.
There are also speculations that bitcoin could be replaced by Nano coin as an alternative cryptocurrency in making payments for Tesla vehicles. For that reason, Nano prices saw an intense rise to its roof, from as low as $8 to over $17 after the company's announcements.
But that did not last for long since it dropped with minor percentages. However, if the ecologic PoV makes it to the center, then the proof of Stake (PoS) based cryptos, including Nano, will continue the uptrend in prices beyond speculations.

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