While NANO continues to witness a decline in its total market capitalization with each passing day, a statistic released by Anything Crypto, a website that compares exchange speeds and costs, showed that Nano is currently the fastest cryptocoin on Binance.
Since many already know NANO for its fast transfer speeds and its zero fee structure, it was quite surprising when a study revealed that the currency had a staggeringly low block time confirmation of just 3 seconds— effectively beating other well-known tokens such as Stellar Lumens XLM (5 seconds) and Ripple XRP (10s) in the process.
It is also worth noting that up until now, Litecoin has almost universally been accepted as the currency for moving crypto between exchanges, since it is much faster and cheaper than Bitcoin. However, given these latest findings, NANO could potentially replace LTC and fulfil this role in a faster and more efficient manner.
Anything Crypto’s study also reveals that Litecoin transfer times average around 10 minutes on Binance, with a fee of 0.01 LTC— which is something that NANO can definitely rival.
However, the main problem that lays ahead for NANO is not only its poor availability but also its reputation for being operationally difficult during real-time implementation scenarios.