Nano defines itself as an open-source, decentralized and stable digital currency of the next generation based on removing perceived inefficiencies in existing cryptocurrencies. Designed to solve peer-to-peer value transfer, Nano seeks to revolutionize the global economy through a network that is open and accessible to all.
Because of the Block Lattice, Nano is allegedly able to offer fast and emotional transactions-a data system in which each account has its own blockchain, rather than competing with others on a central chain. The consensus is created by representative voting, where accounts can freely choose their representative with an update of their chain of accounts at any time, thus giving users more power over who validates transactions.
With the long-term goals of decentralization and accessibility in mind, each part of the protocol was developed. The motivation to participate in the network is transferred to indirect, operational cost savings by creating a system where members are not charged to function.
The team claims that this incentive model reform is more effective and eliminates one of the reasons driving centralization in other structures as participants are not expected to engage outside their immediate needs and benefit the network, thereby minimizing economies of scale.
Founder of Nano
Colin LeMahieu, a software engineer with years of experience in companies such as Dell, AMD, Qualcomm, developed Nano initially called Raiblocks. It was launched as RaiBlocks in 2015 and rebranded as Nano at the beginning of 2018. NANO’s value (XRB) rose by 40% in the 24 hours after its rebranding. Nano uses a Direct Acrylic Graph (DAG) algorithm but employs its own novel technology called block-lattice architecture which essentially meaning that every individual is assigned their own blockchain, called account-chain.
What are the Benefits of Nano?
Each individual is assigned their own blockchain
Nano is the only cryptocurrency that uses its own technology called the architecture of the block-lattice. Every person is allocated a blockchain of their own, which is called the account chain.
Amount of data required to be stored is much lesser than its contemporaries
The architecture records account balances, unlike other blockchain technologies that track all transaction amounts. Every Nano transaction creates its own new block which replaces the older one before it on the user’s account-chain. The end result, therefore, is a new block that records the updated balance of each user.
Instant and real-time
A common problem is the duration of the transaction time, which in the case of Bitcoin is at an average of 164 minutes. In the case of Nano, the network ledger is not waiting to be changed. The information reflected is updated by the owner and then is updated asynchronously to the bigger block-lattice resulting in lower transaction times.
Another point for concern with crypto users is the increase in transaction fees on the Bitcoin network and scalability concerns. Nano eliminates those concerns as it is a zero-transaction fee currency as no fees to be paid to the miners and hence, the exchange is free.
Lower energy consumption
Energy consumption in the crypto world has become a big talk point since Bitcoin mining uses more energy than 159 countries. Bitcoins Proof-of-Work (PoW) consensus uses an average of 27.28TWh per transaction per year and 26 KWh.
How to buy Nano
The user must initiate an open transaction to create an account. This transaction is the first in any chain of accounts. It is created when the first transaction block is received. The receiving address must have a block that has already been opened and therefore an account balance.
The receiver of funds has to create a block on his own account to accept and confirm a transaction. Once this block is created and broadcasted to the network, the account balance is updated.
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