- It has been reported that Nano will reduce their transaction times
- This comes around the time that Binance has announced the addition of a new Nano Trading pair
There are some big new changes going on at Nano. First, it was announced on April 2, 2019, that Binance will be adding some new trading pairs to their platform. The pairs to be added are NANO/USDT, OMG/USDT and OMG/BNB and the change will take effect as at April 3, 2019, at 4:00 AM (UTC).
Another major change that is sure to thrill Nano users is the fact that Nano is reportedly taking some seconds off the transaction time for their tokens.
A Faster Nano
One of the biggest setbacks that consumers have faced when it comes to carrying out financial transactions is the long time they often take, particularly when it comes to cross-border transactions. This partially created an environment for the growth of firms such as R3 and Ripple which have allowed these transactions to take place at a fraction of the usual time, leaving them to be sought after by financial institutions across the world.
There also seems to be a “race to the bottom” among blockchains for who can send the most money in the shortest amount of time for the smallest amount of money in transaction fees. So much so that significantly long transaction times are becoming more of an anomaly and users are quick to demand that these transaction times be shortened.
Even when the news of Nano’s new trading pair on Binance went public, users still made mention of the need to reduce withdrawal times.
“Now they just need to do something about their withdrawal times. It ruins the near-instant aspect of Nano when you need to wait 10-30 minutes for a Binance withdrawal to go through the “Processing” status,” one user commented.
Now, Nano seems to be taking a step in the right direction, even though this reduction in the harsh time is only a few seconds. Should they continue on this route, Nano could be on their way to completely eliminate the prolonged processing time and perfect their “near-instant” aspect as the user pointed out.