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In this letter, a new molecular modulation scheme for nanonetworks is proposed. To evaluate the scheme, a system model based on the Poisson distribution is introduced. The error probability of the proposed scheme as well as that of two previously known schemes, the concentration and molecular shift keying modulations, are derived for the Poisson model by taking into account the error propagation effect of previously decoded symbols. The proposed scheme is shown to outperform the previously introduced schemes. This is due to the fact that the decoding of the current symbol in the proposed scheme does not encounter propagation of error, as the decoding of the current symbol does not depend on the previously transmitted and decoded symbols. Finally, fundamental limits on the probability of error of a practical set of encoders and decoders are derived using information theoretical tools.