In banking and payments
The technology now offers faster, cheaper, and more secured ways to transfer funds. Gone are the days when banks will tell you to wait for 3 business days to confirm your fund transfer. To add insult to the injury, a large commission is usually charged for the “snail-speed” service. With blockchain developed by app builders, your transfer will be confirmed in minutes after transfer and the charges are almost negligible if not zero. Since a lot of banks worked against the technology and failed, they are now working towards adopting the technology for competitive advantage.
Since all data and transactions are verified and encrypted with sophisticated technology called advanced cryptography, chances of hacking or gaining unauthorized access to the network are almost zero. So, the blockchain technology offers a higher level of cybersecurity. It is also necessary to point out that the decentralized nature of the technology which makes human error, hacking, corruption, and data loss almost impossible.
Improved crowdfunding and donation
While donating generously for a worthy cause is not bad, it is disheartening that sometimes not all the amount donated for a cause is disbursed for the cause. This is why some people are now quite reluctant to donate. It is not that they are stingy. However, blockchain technology can be adopted for this cause to promote transparency and deter dubious practices. In fact the United Nation’s World Food Program has started working on implementing the technology to make it possible for refugees to purchase food by using iris scans as against the traditional credit cards and vouchers. The system will identify refugees by scanning their iris. This is better because non-refugees find a way to get some of the vouchers and claim food to resell elsewhere.
The most valuable asset in the healthcare industry is patients’ records. They are currently being stored centrally and this is susceptible to hacks, manipulation, leaks, and even total loss. Plans are on to adopt blockchain technology for it. Once that is done, patients’ records will be safe and secure and cases of loss of records will be history.
Because of the benefits of blockchain-supported digital currencies, new ones emerge on a daily basis. However, each of them is created for different purposes. Sometimes there may be two different coins with similar purposes but are actually different. This confuses casual observers. A very good example is the pair of NANO and NTY coins. Both of them look very similar. So, here are the similarities and differences between both coins.
The similarities and differences between NTY and NANO coins
Nexty Platform’s NTY is one of the fastest growing coins because of the concept behind its creation. However, NANO is perceived to be a close competitor. Indeed, NANO shares some attractive similarities with NTY but there are differences too. These differences make NTY a better choice.
This article highlights the similarities between both coins and their differences for you to decide which of them you think is better.
Similarities between NTY and NANO
1.High Transaction Speed
The two platforms offer high transaction speed. So they are both very fast. This is why they are among top digital currencies even though they are pretty new. Businesses are looking for fast transaction for which they will get instant confirmation. In fact, it has become obsolete for you to send money and wait for 3 whole days as obtains in the banking sector.
2.Zero Transaction Cost
Zero cost is another feature of both coins that will continue to make them irresistible to users. Before the era of digital currencies, banks charge about 6 to 10 percent of the amount you are transferring. Imagine, despite having to wait for 2 to 3 business days for the transfer to hit the account of the recipient, you will still pay huge fee. Really sucks; doesn’t it?
Thanks to the emergence of blockchain technology and digital currencies. Within a few hours, your money will be delivered at a very low cost. Now, both NANO and NTY have raised the bar even higher. It is not low cost but at ZERO cost! Your transfer will sail through in a matter of seconds and at zero cost. Why is anybody surprised at the high growth rate of the two coins?
Both NANO and NTY coins offer low volatility. This can also be seen as price stabilization. So, they can be used as a store of value since their values don’t fluctuate.
4.Commitment to privacy & confidentiality
Their fourth similarity is that they both offer a high level of privacy and confidentiality. There is really no point laying emphasis on these because virtually all digital currencies offer them.
The fifth and final similarity between NANO and NTY is simplicity. Both coins are quite easy to use. Now, it is time to discuss their few major differences.
Differences between NANO and NTY
1.Number of coins in the system
While NANO maintains just one coin, Nexty offers two –NTY and NTF. This is because Nexty adopts what is known as a duo cryptocurrency confirmation system. NTY is used for daily transactions while NTF is used to maintain honesty and integrity in the system.
While Nexty’s system is based on existing blockchain technology, NANO is not. Rather, NANO’s system depends on the computer networks formed by its users. Most currencies that are based on blockchain have scalability issue because of the huge computer resources required. So on the NANO platform, the required resources for the maintenance of the system is shared across users’ computers. The problem with this is that some users with slow computers will slow down the entire platform.
On the other hand, on Nexty platform, the maintenance of the network isn’t shared across all users’ computers. Rather, it is done by some specially selected computers on the network. This is the main reason NTY offers higher speed and it is more realistic. This is the main advantage NTY has over NANO.