News

Accepting payments in nano as a business can be as simple as setting up a self-custody wallet and properly communicating it. However, doubts can arise about how to liquidate or make this XNO circulate.

Community contributor Vini Barbosa addresses this topic in this article: "How to Accept Payments in Nano as a Business and Avoid Fiat Ramps."

I have been accepting payments in nano (ticker: XNO, symbol: Ӿ) since 2020, and while onboarding others to do the same, one of the most recurring concerns he identified is "How to properly off-ramp to fiat currencies to save, spend, or pay for business costs?" This is a fair concern, which I want to address in this article.

TL;DR: You won't need to off-ramp most of the time. Or, at least, that's the general idea: Avoiding on-ramps and off-ramps as much as possible.

An academic research team from India published a paper sharing a Methodology for Developing an IoT Parking Space Counter System using Nano (XNO). Here they give us an overview of this methodology with full paper linked at the end, with thanks to the Department of Computer Science and Engineering at Osmania University.

Nano has a fairly unique decentralization and consensus mechanism with the Open Representative Voting (ORV). Each owner, according to their liquid share of XNO's total supply, can actively determine whether the network has a more or less decentralized consensus.

This creates very interesting dynamics with an innovative game theory and decentralization incentives, which Vini Barbosa addresses in this article.