Nano coin (NANO), although currently ranked as 32nd currency by its market cap of over 297 million dollars, might be one of the most successfully conducted rebrands in the crypto scene.
Starting out as RaiBlocks (XBR), now known as Nano coin took over the rebranding phase at the end of 2017, entering the new year with a new name and a new face, just like NEO (NEO) did when it skyrocketed in the market by rebranding from previously representing AntShares.
Moreover, NANO coin advocates for a unique blockchain-based infrastructure called block-lattice, which in a way makes it stand out in the blockchain space.
How far has NANO come since it was launched and has it managed to achieve its goal of becoming a legitimate “substitute” for the first crypto ever to be launched, Bitcoin?
Nano Coin (NANO) in 2017: From RaiBlocks (XBR) to the Beginning of NANO
Nano was first issued under the name of RaiBlocks (XBR), which basically had the same purpose as its new brand, Nano – to disrupt the traditional way of making global payments that way becoming a legitimate alternative payment method in form of crypto asset.
Basically, what RaiBlocks, now NANO, has as a goal is not exactly to replace Bitcoin (BTC) as these two assets are still far apart when it comes to the differences in market capitalization, but instead to offer solutions for Bitcoin’s scalability, alongside offering lower transactions fees, more scalable ecosystem, as well as faster processing time.
RaiBlocks as a currency was slowly getting well-established in the market as it went from trading at the price of 0.25$ as recorded back in December of 2017, to promptly skyrocketing to its all-time high of 35$ in January.
Regardless of the success, the team behind RaiBlocks decided to rebrand to Nano as they have previously discussed in November 2017, strictly rebranding in order to come up with a more memorable brand, that way giving birth to NANO coin.
Despite the rebranding, RaiBlocks kept their faithful investors, so the coin rebranded to Nano kept on with gaining momentum in the market, along the way scoring 42% within the period of only 24 hours, back on January 31st of the current year.
With the newly rebranded currency, the team entered the new year certain in the fact that they would be able to bring Nano to mainstream waters and an improved public recognition.
Nano (NANO) in 2018: Unlimited scalability, and Feeless and Prompt Transactions
Nano entered 2018 in a flattering fashion as the majority of currencies managed to reach their record prices.
Moreover, Nano is said to offer unlimited scalability with completely feeless transactions and fats processing times, that way posing as a currency that managed to solve the problems that have become obvious in Bitcoin since cryptocurrencies started to gain more on the overall popularity.
However, as well as 2018 brought 41% of gains in less than 24 hours, alongside with the consequently increased momentum, NANO entered a “minor” fiasco with Bit Grail exchange soon afterward as NANO lost over 170 million dollars operating on the mentioned exchange.
Although the team had at the time set up a convenient fund for the victims of this fiasco, NANO kept on declining until it reached the price of 4$ back in June, weeks after the Bit Grail drama. So, it seemed that the loss of 170 million dollars in NANO currency did cost NANO an additional fare.
Although Nano is currently touching the price of around 2$ on September 27th, the coin is still working on their main goal – getting to mass adoption and being listed on as many exchange markets as possible in order to increase the overall exposure.
As Nano is a pretty straightforward currency with a single goal of providing a highly scalable, feeless and prompt way of transacting monetary value, they are keeping their influence focused on holders and crypto enthusiasts that are willing to give it a go with an alternative payment method in form of crypto.
Moreover, as of the recent case of events, Nano launched a new system version, known as Nano version 16.0, showcasing that despite the market crisis Nano is still alive and well as far as the updates and new developments concerned.
While Nano Coin (NANO) is offering a simple and straightforward solution for monetary exchanges, Nano is also driving cryptocurrency adoption with developing “plug & play”, which should become a cloud platform with an increased rate of scalability, also launching Twitter tipping bot for adding another NANO use case back in April of the current year.