Today (Saturday – 11/13) the new ticker and currency symbol of the nano by the Nano Foundation.
Nano is a cryptocurrency created in 2014 by Colin LeMahieu, which differentiates itself mainly by having fast transactions, no fees and a supply already fully distributed.
The ticker for nano
The new nano ticker was chosen to conform to the ISO (International Organization for Standardization) standard of supranational asset (not belonging to any nation). For this, the X and two more letters of identification are used. Like Gold (ticker:XAU) or Silver (ticker:XAG), we now have Nano (ticker:XNO).
With this change, the Nano Foundation intends to pave the way for XNO’s official inclusion in the worldwide Forex market and facilitate adoption and representation by all individuals and businesses around the globe. Lowering implementation barriers and creating something that can be understood and replicated worldwide, without language limitations.
The Foundation also claims that it is already in contact with exchanges and other third party services assisting with the ticker exchange, so we should see a gradual shift as each performs the replacement in their own time.
In the community, developers are already making the necessary changes to their applications.
the currency symbol
In addition to the ticker, Nano also receives the Ӿ which is a Unicode character (U+04FE) as a monetary representation and also as a new identity of the nano like digital money.
The symbol can be represented with one or two horizontal lines, just as with other currencies.
Why the X and not the N?
Nigeria’s naira currency already uses the symbol ₦ for its monetary representation.
Furthermore, as the focus of the nano, according to the Nano Foundation, is to become a reference currency to be used globally in a decentralized way, the Ӿ seems an obvious choice as it represents the category of supranational assets in the financial market.
The old logo (which belongs to the Foundation) now has the word “Foundation” included to avoid confusion. This decision came after a discussion on the community’s main Discord server, when it was decided to separate what is XNO, such as digital money, of which is the Nano Foundation, one of the institutions participating in the development of the code and in the work to increase the adoption of the currency.
To know more:
official release in english
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Nano Cryptocurrency is here Because Digital Money Shouldn’t Cost the Earth
Nano is a scalable and low-latency digital currency that relies on a voting system to achieve consensus. This is what makes it an energy-efficient cryptocurrency, with one of the lowest carbon footprints. The consensus model of Nano is known as Open Representative Voting (ORV).
Latency is the time it takes for data to be transferred between its original source and its destination, measured in milliseconds. Low latency, thus means quick data transfer.
Those who want to get a detailed understanding of the Open Representative Voting (ORV) should read the White Paper on Nano Network.
The Nano White Paper is known as a living White Paper as it is up to date with current information about the network. The documentation is very clear to help developers understand the nature of the Nano Protocol. The details about setting up a node, maintaining, and building on top of the Nano Node are clearly provided.
There are several practical things developers should know about Nano, which is about understanding the concepts, structures, features for creating wallets, payment systems, and several other services on the Nano Network.
Those who want to understand the Protocol Design will be able to dig deeper into the design and behaviors which drive the Protocol ranging from the election process, peering mechanics, and more. There are some nodes, which are managed by the Nano Foundation, associated details are available. There is a list of unique terms one should know being a part of the Nano ecosystem, and those details are made available.
Nano Foundation empowers individuals to be able to connecting them to the global economy using digital money in a sustainable way.
Nano makes it possible for anyone to transfer value instantly without fees and in an eco-friendly way. Alongside other organizations, businesses, and advocates, Nano encourages the growth of the secure and decentralized network through various activities, including Protocol Development, Supporting Services, and Education and Resources.
Some interesting tweets about the use of Nano: Did you know that you can buy, store, exchange, and seamlessly spend Nano at over 54M retailers with the Wirex card?
I just paid my phone bill with Nano using coinsbee.
Can one really compare 1 Bitcoin with 1 Nano transaction? 1 Nano is about 0.00013 worth of Bitcoin. It’s not per coin; it’s per individual transaction.
All these advantages, and some say that we compete with Bitcoin, and this is impossible. I say, Nano is 100 times better than bitcoin. He who does not believe in these facts is blind.
Nano makes micro and macro transactions inexpensive.
NANO Devs Seek $701k Sanctions; Calls Suit “Baseless”
NANO developers are seeking $701,000 in attorney fees and costs. They asked for this sanction after a buyer dropped his class-action suit.
In simple terms, the developers were busy in a legal suit, but the proposer dropped the case. Now they want payment for the costs and fees they paid for lawyers, court, and etc. besides, NANO developers again pointed that the dropped case was originally “baseless.”
Preventing Similar Challenges
Suits against blockchain and crypto developers aren’t new things. Many asset holders or traders think that the developers of a cryptocurrency are responsible for their holdings. Although some projects rely on companies and may be responsible for some transactions or etc., the main purpose of the crypto world is to give control to the people themselves. Some of those who become victims of scams, hacks, and etc., may sometimes seek compensation or similar from the teams, but many of the cases aren’t based on legal guidelines.
Alec Otto is the token holder who accused NANO developers in various cases. After millions of tokens were stolen in an exchange hack (BitGrail), Mr. Otto accused NANO developers of violating securities laws and other offenses. Now he has dropped his case, but the developers are leaving it behind. They now seek about $701K sanction to compensate for their costs in courts. They insist that the proposed action suit from Mr. Otto wasn’t accurate in the first step, and now he has to pay sanctions for their costs.
The latest sanction seek is signed by a group of NANO developers. They say in part of the suit:
“It became clear from Mr. Otto’s deposition testimony that his counsel made up the dates and amounts of XRB Mr. Otto was alleged to have purchased on BitGrail and the amount he was alleged to have lost as a result of the exchange’s closure. Mr. Otto’s deposition testimony revealed that he has no idea how many XRB he purchased when he purchased them or how many were left on BitGrail when it closed.”
Alec Otto hasn’t responded to the recent case, but he has said that developers wanted to make the litigation long before. He stated in an interview in early July that NANO defendants “filed baseless motions, superfluous sandbag submissions, and briefs … serving no real purpose other than to vent their counsel’s spleen and smear the reputations of plaintiff and his counsel.”
The recent request for sanctions is from a group of NANO developers. The Counsel for NANO hasn’t responded to a comment about the latest suit.
Nano Price Analysis: NANO Token Needs To Sustain Above $4.0 Mark
- The Nano token price fighting hard to rest above $3.90 support during the intraday
- NANO/BTC pair is trading negative by 2.1% at 0.00010655 BTC
- The 24-hour trading volume in Nano is $20 Million
The daily technical chart of NANO token displays the price showing stability above the support regions. According to pivot levels (FIB), NANO’s crucial support levels are $3.90 & $2.60. On the opposite side, if it goes upside, the required resistance level to observe is at $6.10. Thus, while the intraday chart forms a shooting star candlestick pattern, divining prices may soon shift downwards with low dependability.
The exponential moving average (EMA) included 20,50,200-EMA can be substantial support for coin price changes. However, investors can perceive that the price moves below the orange line, ensuring a downward trend until the price stays below the EMA-200. Also, the chart marks a death cross.
Volume of (33.719K) is below the MA of 20-days (195.123K). Buying pressure is too low in Nano, making its price remain around the support zones. Investors may also recognize declining volume bars in the chart, which intimates a big move is expected in upcoming trading sessions.
The Stochastic RSI (overbought) with a value of K-100 D-95 presents a buy signal in the coin. As a result, investors may witness an inclined slope and a positive intersection in the index. Which may remain in positive territory for future trading sessions.
NANO Token Oscillator Headed Towards Overbought Region
The Nano token price is $3.97, a loss of 4.1% in 24-hours, and positive by 12.3% in a week. In addition, with the low buying volume, price movement is struggling. However, the Stochastic RSI indicator marks an overbought scenario. Therefore price levels are below 200-EMA. Technically, the price losses momentum and tests the $3.90 support level. Therefore, as with the overall market view, the trend is bearish.
Resistance Level: $6.10
Support Levels: $3.90 & $2.60