In a recent post on Twitter, founder of LTC Charlie Lee says,
“I took a look at NANO currency recently. Pretty neat. Every account has it’s own blockchain. It focuses on fast and free transactions for payments. Uses PoS for double spend protection and PoW to fight spam. The challenge is to keep it decentralized.
Disclaimer: I own some NANO”
Charlie Lee, the creator of the 5th most valuable cryptocurrency LTC is intrigued and has invested in the 18th most valuable cryptocurrency, NANO.
There was a hike in the exchange rate of 14.87% after Charlie Lee tweeted about NANO.
It’s controversial as they are competitors in the fast-growing currency market, or maybe this is a pseudo-endorsement for NANO to bring in investor interest.
Previously known as RaiBlocks, NANO has been in the headlines ever since they re-branded in early February this year. But sadly, few days after the re-branding from RaiBlocks to NANO, $150 million worth of NANO was stolen from BitGrail, an Italian cryptocurrency exchange.
In reality, Charlie is trying to build an effective peer-to-peer electronic cash system that is efficient, fast and secure and can streamline all major transaction in one singular platform.
So far he has publicly shown his support in project Decred, an autonomous digital currency. It is a positive thing for knowledgeable and influential members of the community to shed light on quality projects like these.
LTC is one of the big percentage holders in the cryptocurrency market, but Charlie Lee publicly endorsing NANO for the first time has quickly grabbed the attention of many and is turning it to be a big buzz in the cryptocurrency market.
Charlie’s interest is probably not in the exchange rate or price of LTC in USD, he cares about the volume, adoption and the potential impact it might have in the near future.
NANO accounts have their own blockchain technology but in reality, it serves no purpose. It is also centralized as it lacks diversity in its representation, but Nano’s block lattice structure is pretty amazing, probably being the reason Charlie’s interest.
Every NANO account has its own blockchain, controlled by the accounts’ private key. This key can be used to replicate each block to all its peers. Having individual blockchain for each NANO wallet allows the chances of network clogging or minimized slowing down rates.
Peter Thiel, an American entrepreneur stated that
“it was immoral to invest in a new company and treat it as a lottery ticket.”
NANO is getting really popular on social media, but the crypto community is also focusing on real-world adoption with merchants to verify the potential for the streamlined and zero-fee solution to serve as digital cash.
Prashant Patil an Indian cryptocurrency fanatic from Aurangabad says,
“NANO reminds me of the cheapest Indian car, Nano. Nothing cheap about the crypto Nano though, waiting for it go to the mooooon!! Could easily be in the top 5 soon”
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