Payment gateway CoinGate integrates Nano as the new native cryptocurrency
In an interesting development, CoinGate, the leading payment gateway for blockchain payments announced on Thursday that Nano has been integrated as the newest native cryptocurrency. According to the blog, anyone who owns Nano can now shop at more than 4,000 merchants that use our payment gateway.
“Nano is a global cryptocurrency developed purely for the purpose of making peer-to-peer payments. As much as we like Bitcoin and Litecoin, this cryptocurrency tackles many of the issues that major cryptocurrencies face,” the blog reads.
The differentiating factors that make Nano unique are:
- High Scalability: Nano is highly scalable and it uses a block lattice architecture that gives it an edge over others. It distributes the ledger across each node, so every account has its own blockchain.
- No Mining: Unlike the Bitcoin blockchain, mining is obsolete when it comes to Nano. Instead of being mined, Nano was initially distributed using CAPTCHA tests in order to make the distribution as fair as possible.
- No Fee and Extremely Quick: During the last three years, the network has processed a large number of transactions and yet the size of the ledger remains around 8 GB. The average power cost of transaction on Nano blockchain is around 0.005$.
- Delegated Proof-of-Stake: Nano uses delegated Proof of Stake (dPoS) form of consensus to solve malicious occurrences on the network. Safety is ensured by active nodes who automatically cast their votes for the first transaction that appears on the network in case a conflict arises.
All these features make all the more efficient and add to the potential of it becoming a preferred mode for micropayments and it also provides a way to solve the current inefficiencies found in other cryptocurrencies.
Cryptocurrency is still in its nascent stage and many merchants are still skeptical to accept it as a mode of payment. But Nano provides them with a viable alternative that is easy, efficient, and secure.
Earlier this month, the Lithuania-based company announced that it has entered into a partnership with Changelly and will offer an exclusive opportunity of in-service exchange at the fixed rate, which, in fact, counteracts the risk of the market’s volatility.
Image via Shutterstock
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