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Nano (NANO) Updates: $5,750 Treasure Hunt in London and Amazing NANO Community Efforts

On the 7th of August, the London Block Exchange (LBX) teamed up with NANO to offer the first paring of Nano (NANO) with the GBP (British Pound). The LBX exchange allows users to also access their UK bank accounts in an efficient manner. To celebrate the listing of NANO on the exchange, LBX is launching the first ever UK Crypto hunt in London.

The treasure will be a Ledger Nano S that will be pre-loaded with £5,000 (Approximately $5,725) worth of NANO. LBX has issued the following instructions as to how the treasure hunt works:

London Block Exchange will release a series of FIVE cryptic riddles across various media channels over the next few weeks. The clues will hint at a special location in London and to win you’ll need to solve them and work out the winning password – which is written at the secret location. Clues have been deliberately constructed to have hidden/double meanings and every riddle has been carefully designed to become progressively easier to solve… so read them very carefully!

The first clue has already been provided by LBX:

Enter the dragon, ten corners his lair 
where 18th century stories are told
of traders and drinking,
of silver, of gold,
the riches in Nano are what you’ll find there

The second clue has also been released:

Head East from the beast that bears different form to the nine of its siblings in circular track. This journey will take you from cold towards warm, an indelible scripture, a linguistic picture; Go 17 forward and then look 4 back.

Anyone who cracks any of the 5 riddles will need to do the following to claim the prize.

  1. Write down the password onto a piece of paper
  2. Below the password write the phrase “NANO/GBP only at LBX.com”
  3. Take a selfie with the paper
  4. Tweet the photo to @LBXSocial using the hashtag #RealCryptoHunt
  5. More information to be obtained from the tweeter page of LBX

Nano Community creates website (NanoMate.co) to introduce anyone to Nano

Angus Russell, who is a software developer, has created a website that makes it easy for anyone to introduce their friends and family to NANO. All you have to do is send any of your non-crypto savvy friends and family some NANO via the site and they will receive a step-by-step guide as to how to retrieve it.

More information can be found on NanoMate.co.

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Here is How Nano (NANO) is Silently Making Major Strides

Unbeknownst to many outside the Nano (NANO) crypto community, the project is silently making strides as the rest of the world focuses on the performance of Bitcoin (BTC) in the markets as well as the question as to whether institutional investors are getting into cryptocurrency investing.

Earlier on in the year, Ethereum World News had observed that the Nano (NANO) cryptocurrency was a sleeping giant due to its past crypto-market action as well as technical advantages over other cryptocurrency projects.

Firstly, the value of NANO rose by 41% when it was rebranded from Raiblocks (XRB) late in January. NANO was trading at $18.84 at the day of rebranding and had seen better times earlier in the year under Raiblocks when it was trading at $37.34. Secondly, transactions on the NANO are free. Yes. There are zero fees while transacting on the NANO blockchain. This then makes the cryptocurrency ideal for trading pairs, peer-to-peer transactions, micropayments as well as regular purchases of goods and services.

Recent developments indicate that the team at NANO released mobile compatible wallets on the 22nd of June. This means that HODLers of NANO can now transact with the digital asset via their Android or iOS powered mobile device. This adds to the already available desktop wallets for Windows, Linux and MAC.

Prior to the mobile wallet announcement, the team at NANO had announced that the famous hardware wallet of Ledger Nano S, was supporting the digital asset effective June 11. In a tweet on that day, the team at NANO announced the following:

Another major development of the Nano (NANO) project, is that the popular crypto-exchange known as Binance, is now a Nano representative. Evidence of this can be seen on the official block explorer for the Nano currency that is known as NANODE. This means that the team at Binance has seen that the NANO project is a solid one to the point where they want to offer their support as a representative. No wonder NANO was observed as being the fastest cryptocurrency on Binance.

In conclusion, all these project developments with regards to the NANO cryptocurrency might validate the numerous price predictions that have been put forth to estimate the value of the coin in the future. Some HODLers are optimistic that the current value of $2.33 is the opportune time to buy the digital asset for the future looks bright for NANO.

Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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Swiss-Based Company Offers Secure Cryptocurrency Storage In The Alps

In Comes Swiss Crypto Vault, Amidst The Growing Need For Cold Storage

Niklas Nikolajsen, the founder of the cryptocurrency infrastructure firm Bitcoin Suisse, has announced the creation of Swiss Crypto Vault. Nikolajsen, along with Phillip Vonmoos, his business partner, hopes to attract the cryptocurrency holdings of institutional investors and wealthy individuals.

SCV plans on securing crypto assets through the use of encryption, multi-sig authorization, and most importantly, the use of a ‘military-grade’ bunker that can stand the worst of conditions. It is reported that PricewaterhouseCoopers will review the security of the vault, ensuring that the most effective practices are set in place. 

The fact that Bitcoin Suisse has access to such a secure site is its biggest claim to fame, sporting the extreme levels of security a Swiss Alps bunker, established in the Cold War, accommodates.

This startup fills a growing gap in the industry, with institutional investors piling into the space looking for secure ways to store millions of dollars worth of cryptocurrencies.

Nikolajsen’s business partner, Vonmoos acknowledged the need for such a service, stating:

The next level for the crypto community is for additional institutions to enter the space. They will only do so if there is a super secure way of storing the assets or the private key.

The founder of Bitcoin Suisse, Niklas Nikolajsen also said:

It’s not millions anymore we’ve been moving to the bunker — it’s the next level.

Institutional investors, like banks or high net worth individuals, often lack the capability and knowledge to secure cryptocurrencies. However, SCV offers the expertise to institutional investors, charging fees for its indispensable service.

Nikolajsen has so much faith in the startup, that he moved all assets from Bitcoin Suisse to the bunker, attesting to his belief in the security of the service. SCV opens to the public today, offering a variety of secure storage services for a multitude of cryptocurrencies, like Ethereum and Bitcoin.

It is likely that SCV, along with Swiss-based Xapo, will become mainstays in this growing sub-industry, as cryptocurrency fortunes look to settle down for decades to come.

Cold Wallets V.S. Hot Wallets, The Debate Continues

Last week saw BitHumb, popular Asian-based exchange, get hacked for over $30 million worth of cryptocurrencies. It became clear the hack occurred on some of the hot wallets Bithumb has held. Although it is a common practice for exchanges to keep cryptocurrencies on hand, in hot wallets, it still doesn’t take away from the extreme levels of security cold storage offers.

Cold storage, A.K.A cold wallets, is a method of keeping cryptocurrencies away from an online environment, often generating and assessing your funds through offline services. The use of cold wallet storage mitigates most of the risk associated with online wallets, removing the fears of hackers remotely accessing your wallet.

Many cryptocurrency experts, along with cryptocurrency companies, advise users to keep all personal funds in cold wallets. Pieces of hardware, like the Ledger Nano S, offer affordable and easy-to-use cold storage options for normal consumers.

As the cryptocurrency space expands, it will make sense for consumers, along with established firms coming from outside the industry, to keep their cryptocurrency funds secure in cold storage.  

Title Image Courtesy of Artur Staszewski

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Class Action Lawsuit Filed Against Nano And Core Team Members

Silver Miller, a leading cryptocurrency investor law firm in America and the ALM/Daily Business Review’s 2018 Most Innovative Law Practice honoree, revealed it has filed a new class action lawsuit on behalf of investors in Nano f/k/a RaiBlocks (XRB), asserting that Nano and important members of its development team violated federal securities laws.

The statement alleged further that, Nano and team, in their action to introduce XRB to a wide market of investors, thoughtlessly made investors to open accounts and place their assets with an unknown and severely distressed, Italian cryptocurrency exchange, BitGrail, where $170 million of the investors’ XRB allegedly “disappeared” in February 2018.

Whalepool in a tweet, first broke the news of the NANO tokens hack. The hack, according to available information, occurred on the exchange platform, BitGrail, causing a massive loss in fund by unsuspecting users.

In a message to the community on the obscene occurrence, NANO team which attempts to clear its name off the issue, stated that it was informed by Francesco “The Bomber” Firano – owner and operator of the BitGrail exchange, stating further that the team has contacted law enforcement.

“From our own preliminary investigation, no double spending was detected on the ledger and we have no reason to believe the loss was due to an issue in the Nano protocol. The problems appear to be related to BitGrail’s software,” the team stated.

“BitGrail is an independent business and Nano is not responsible for the way Firano or BitGrail conduct their business. We have no visibility into the BitGrail organization, nor do we have control over how they operate. We now have sufficient reason to believe that Firano has been misleading the Nano Core Team and the community regarding the solvency of the BitGrail exchange for a significant period of time.”

In the information provided by NANO team, Firano demanded that NANO modify its ledger in order to cover his losses, but the team said that was impossible.

For now, there is no official statement from NANO team on the charges brought against it.

Meanwhile, going by the lawsuit, the plaintiff, Alex Brola, complains that Nano and its core team “engaged in an unregistered offering and sale of securities that violated federal securities laws, including Sections 5, 12(a), and 15 of the Securities Act of 1933, and wrongly ushered investors to BitGrail.  The Lawsuit pleads that the Court rescind the plaintiff class’ investments in XRB and require Nano to “rescue fork” the allegedly missing XRB into a new cryptocurrency in a manner that would fairly compensate the class of victims”.