Nano cryptocurrency rises 60% with expectations of being accepted by Tesla

Charlie Taylor

The cryptocurrency Nano, known for its fast transactions and low environmental impact on network maintenance, fired after Tesla announced that it will no longer accept bitcoins as a means of payment due to environmental concerns. and 40% in the dollar pair. The increase is due to a tweet from Tesla CEO Elon Musk, who announced that he will no longer accept bitcoins due to his high energy consumption. “Tesla has suspended the purchase of vehicles using Bitcoin. We are concerned about the rapid growth in the use of fossil fuels in mining and transactions, especially coal, which has one of the worst emissions among fuels. Cryptocurrencies are a great idea in many ways and we believe they have a promising future, but that it cannot come at a great cost to the environment.

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Tesla will not sell any of its Bitcoins and we want to use it for transactions as transaction mining uses more sustainable energy. We’re also looking for cryptocurrencies that use <1% of Bitcoin’s energy per transaction, ” stated a statement shared by Elon Musk.Tesla official announcementMost cryptocurrencies use a proof of work system to maintain network consensus, while ensuring good security for large networks, it is a process that uses a lot of energy and requires specialized computers. However, there are cryptocurrencies that use the proof method amount, in which the “miner” often places his coins as a guarantee that he will correctly confirm the transactions. Currencies such as Ada, Ethereum 2.0, Tron and Nano use a quantity proof system (Proof of Stake in English). Among all candidates to be accepted by Tesla as currency, Nano is one of the favorites.

Is it time for Nano to shine?

With a development that started in 2014, Nano has innovative technology that allows fast, cheap transactions and, above all, a consensus without excessive energy expenditures. For this, Nano uses a ledger technology called the Directed Acyclic Graph (DAG), combined with a Proof-of-Stake (PoS) consensus. To better understand the system read our review on Nano. In Brazil, cryptocurrency has gained a legion of fans and after Bitcoin is one of the strongest and most organized communities. Do you think Tesla will accept Nano?

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Tesla suspends bitcoin acceptance citing environmental issues, BTC falls 11%

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