What is Nano? Introduction to Bitcoin's fast competitor


What Is Nano?

Nano is a digital currency designed for speed and efficiency. It is widely considered to have solved some of the problems that have plagued Bitcoin's blockchain, because it does not contain the information of the entire chain every time it processes a transaction. Nano cryptocurrency promises instantaneous transactions at no cost, which means that it is considered a strong candidate for micropayment solutions.

Lighter and faster than Bitcoin, Nano has been violated and sued, but the team continues to propose more innovative ways of marketing and crypto in general, such as a recent hunt for the crypt.

Created in 2014 by Colin LeMahieu, Nano solves many of Bitcoin's biggest mistakes, and the team is dedicated to continuing.

Bitcoin was fantastic on paper, but the last decade was turbulent. The flagship crypt is plagued with high energy costs for mining, slow transaction times and heavy computational loads that require a lot of expensive equipment to perform.

Nano is without fever and uses far less energy to make his blockchain network work. Unlike Bitcoin and Ethereum, Nano spreads its blockchain on every account, building a P2P trust chain of account chains that reduces clogging and bottlenecks.

This mesh network can stand comparison with big boys? To find out, let's start by checking the performance of the Nano currency on the market.

Performance of the NANO Coin Market

Nano has a market capitalization of $ 340,783,836 as of September 14, 2018. This is based on a circulating offering of 133,248,289 NANO ( on a maximum supply of 133.248,290) and an exchange rate of $ 2.56. Its price spike was $ 34.43 on January 1, 2018.

Originally called RaiBlocks, Nano did not have an ICO. Instead, the coins were distributed through Captcha Faucets, where people were rewarded with NANO for solving a series of captchas. This occurred between March 2016 and October 2017.

There is a NANO that is not in circulation and nobody knows exactly where it is. My personal hypothesis is that LeMahieu kept it in a USB drive or SD card in a frame somewhere, as companies traditionally do with the first dollar they earned. It's a good idea.

NANO can not be extracted. In June 2018, Binance became a representative of the Nano network. These large-scale representatives vote for 33% of the network, maintaining decentralization.

A variety of portfolios support NANO, including online, mobile and desktop clients.

NANO has strong market support and is trading on Binance, CoinEx, Kucoin, OkEx and many others. Over $ 40 million NANOs are traded on a daily basis and their trading pairs include BTC, ETH, USDT and DOGE, along with legal currencies on some exchanges.

Building a better bitcoin [19659004] When it was created, Bitcoin promised a better currency using a decentralized digital ledger. What was not expected was how quickly this new setup would be inflated. Nano went in a different way.

Nano is all about rationalization, even in its brand. People were confused about how to pronounce RaiBlocks, so in January 2018 it was renamed via a Medium post.

Nano uses a block lattice structure that distributes this ledger on each node. It is made using a DAG (Directed Acyclic Graph) architecture that reduces everything to meat and potatoes.

Individual accounts track their balance and transaction history to create an asynchronous network. Exchanging Nano is a two-step process in which a sender must initiate a sending transaction, while the receiver adds a receiving transaction.

Each of these transactions is entered in a single UDP package and managed independently. Portfolios are also pre-cached to proactively prepare for the next transfer.

Because there are no intermediaries, Nano transactions do not require commissions. The network structure also makes instant transactions, since the verification is reduced to two factors: the account balance and the transaction. This reflects the way in which Visa transactions are processed much more closely.

Visa's transaction-per-second rate is often indicated in the cryptocurrency, but it is not a one-to-one comparison. A bitcoin transaction, for example, includes processing each previous transaction plus the current transaction. And each node must process every transaction to keep the network running.

This means that a Bitcoin transaction is processed potentially millions of times. It does not matter if a cryptocurrency matches the speed of the Visa transaction when it is mired with redundancies. Bitcoin is a Rube Goldberg machine that complicates the process.

Nano transactions are processed only once. Although they can hold twice as many operations, they are exponentially faster because only two nodes need to be involved.

Dangers of fat cutting Blockchain

Just because it's leaner and faster does not mean it's not a blockchain. Nano still has the distinctive traits of a traditional blockchain, as a delegated Proof of Stake consensus algorithm that guarantees the owner of a majority (over 50 percent) of the network to hold over 50 percent of the NANO coins. The price of doing so would incentivize the owner 50 percent to maintain the value of the coins.

With the mining operations removed and reduced, Nano is more energy efficient than Bitcoin. The team is constantly looking for ways to prune the ledger.

Again, Nano could be forced to fork hard due to a cause stemming from the BitGrail hack. The Italian stock market has been hit for $ 150 million by Nano, and everyone is eager to point fingers. BitGrail is trying to repay the victims to avoid being dragged into the fray.

The founder of BitGrail, Francesco Firano, asked the Nano development team to change the ledger of the currency, which was not a popular decision among the community. All of a sudden, the leaner model became a responsibility, and the absence of an immutable and decentralized register showed its weakness.

Both companies blame themselves for hacking and the resynchronization of the Nano network has the appropriate timestamps to uncover missing coins. The fact that the network is compromised or not is the subject of heated debate both online and in court, and the April class action against the Nano Foundation has pushed the crypto into the public spotlight in many of the wrong ways.

Proponents still believe in the vision of the foundation enough to keep the exchange and exchange rates high. The foundation is also actively pursuing partnerships to support the network in the future.

Nano Summary

Nano focuses on speed, but has a cost – the security factors that every cryptographic and blockchain project must balance. However, this currency has the potential to age better than Bitcoin, with a speed gap that will continue to be more evident, regardless of the number of sidechain corrections used. Nano's success depends on these key factors:

  • Instead of processing the entire blockchain on each node for each block, Nano simplifies the process for the balance of the standard Visa account and the order of transactions.
  • Nano's blockchain can continue to be pruned as needed to maintain efficiency. The delegated model of the PoS makes the involvement of 50% of the interested parties prohibitively expensive.
  • NANO is a first-order OG encryption with support in the crypto community. It is easily tradable on or off the encrypted markets.

With these pieces in place, Nano is ready to survive the causes and hack. The network can remain sustainably lean and will continue to be an attractive currency for many years to come.

The author is not currently invested in coins, tokens or assets mentioned in this article.

[ad_2]Source link