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Crypto Nano adopts currency symbol, what does this mean?

Nano adopts currency symbol

Nano($XNO) changed their ticker to XNO and symbol to “Ӿ” two days ago. This change is a move forward for Nano to solidify itself as a future currency by adapting old traditions. As the currency with zero fees when making transactions and lightning-fast transaction speed, it’s one of the best candidates to become the crypto for people to use instead of fiat. 

What does this mean?

To change a ticker is nothing special. Many cryptos have done this previously. What is significant is that Nano claimed a Unicode symbol for itself. This change means that any device can type it and interpret it. The alt code for nano is now alt+04FE. They might be the first crypto in the entire crypto sphere with a currency symbol outside of a logo. Having a currency symbol is a significant step towards legitimizing nano as a legitimate currency. 

X was picked as the country code due to the fact that according to ISO 3166 rule the letter “X” will never be assigned as a country code. Alongside that rule, the other rule ISO 4217, states that a ‘supernational’ currency meaning that they are not assigned to any country, must use the country code “X.” They explored the idea of picking the letter “N” for nano. Still, they decided not to because of the naira (Nigeria’s currency) and the overwhelming population that has used crypto in Nigeria. 

Nano’s video on their adoption of the currency symbol

Just like all other currencies, there is an alternative symbol its the same but with two lines. The X is meant to represent delineates of digital currencies. While the equals sign that crosses through the X represents the equality and opportunity that this coin represents. 

Nano new symbol
Source: https://xno.nano.org/

What is Nano?

RaiBlocks is a cryptocurrency that was released back in 2015 (rebranded to Nano in 2018) to address the shortcomings of other cryptocurrencies at the time. Nano addresses these issues by having a feeless cryptocurrency with a less than one second confirmation time. This technology makes it the perfect crypto for transferring money without fees quickly. 

Nano manages to achieve near-instant transactions by having a different kind of blockchain. Nano uses a “Block Lattice” structure for their crypto. This kind of blockchain means that every wallet is its own blockchain. There is some proof of work that has to happen to make the transaction go through, but it is so minuscule that you will never notice it. Proof of work is used to stop spammers on the network and to process the transaction.

As stated previously, Nano started in 2015 as RaiBlocks. Acquiring their token was done in a rather unorthodox way when compared to other cryptocurrencies. Faucets distributed their tokens. Earning tokens involved no mining or staking. 7 million Nano tokens were kept for a development fund, and faucets distributed over 126 million tokens. The developers burned the rest of the supply. This distribution method means that no more Nano will ever enter the circulation. All of the tokens are already out there, apart from the ones held by the developers.

The near-instant transactions and zero fees allow this crypto to be infinitely scalable. The downfall of Ethereum and Bitcoin when it comes to their scalability. While those projects are trying to evolve where they’re more scalable, they’re still behind what Nano can offer when it comes to scalability. Bitcoins’ downfall is that it takes too long for your transaction to be verified. Meanwhile, Ethereum fails when the transaction fees end up costing absurd amounts. 

Takeaways

Changing ticker to XNO and adopting an unused currency sign might not seem like a significant change. But in the grand scheme of all cryptos, this has considerable implications. A crypto adopting a currency symbol of the old fiat times attempts to establish itself as a legitimate currency. This is a step in the right direction overall. Hopefully, the adoption of the symbol follows through by worlds institutions.

If you want to learn more about crypto, check out our article where we compare stocks vs. crypto as an investment opportunity.