- CoinGate just announced their integration with Nano Payments
- The payment gateway sees this move as a way to help both customers and merchants looking for reliable crypto payments infrastructure
- Nano offers a lot of benefits, making it an ideal option for CoinGate
CoinGate has just announced the integration with Nano Payments as their newest native cryptocurrency.
Old player in crypto
CoinGate is a payment gateway for blockchain payments. Since 2014, they have been providing reliable payments infrastructure to help with the needs of both customers and merchants. Cryptocurrency owners can use the payment gateway and utilize their coins for purchasing goods or services. Merchants can also utilize the benefits of blockchain if they aim to grow their businesses.
As for Nano, it is a low-latency payment platform that only needs minimal resources to work. They are known for delivering instant transactions and for offering users a currency they can use every day for large or small purchases.
In a statement they said that anyone who has Nano can now shop at over 4,000 merchants that are using their payment gateway. They said:
“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.”
CoinGate has featured merchants to help users easily get started with spending Nano. Their merchants include MMOGA, ThunderPick, CoolWallet, BitLaunch, Patchion, or donate to LibreOffice.
Why CoinGate chose Nano
While some crypto-accepting merchants are not yet aware of Nano, CoinGate still chose the payment platform due to its undeniable strenghts:
Highly Scalable – Nano’s initial design allows it to be infinitely scalable. It uses a block-lattice architecture, making it a better choice for transaction throughput. Nano also distributes the ledger across each node, therefore every account comes with its own blockchain. These individual accounts independently track their own transactions as well as account balances from the public ledger. This solves the block size problem that Bitcoin is currently struggling with. Despite infinite scalability, it will not increase the time or the cost of transactions.
Miners made obsolete – Unlike Bitcoin, Nano eschews miners. Since every user can verify their own transactions with the use of their own computational power, there’s no need to use mining. Instead, Nano was first distributed through faucets with the use of CAPTCHA tests, making the distribution fair. Now, there’s a fixed amount of 133,248,289 NANO in circulation, and it is actively traded across different exchanges.
Instant transactions – Transactions happen immediately, due to the asynchronous nature of the block lattice data structure. This allows users to utilize it every day whether they want to make big or small purchases. Although the Nano network has already processed millions of transactions it remains lightweight. In fact, its ledger size is just around 8GB.
These are just some of the reasons why CoinGate has integrated Nano payments. They see Nano as a payment platform that has a potential to solve the inefficiencies users experience with other cryptocurrencies.