Has not been keenly vetted or studied, Still unknown to some researchers
Dec 31, 2014
Launched in 2015 by Colin LeMahieu as RaiBlocks, Nano is a low-latency payment platform that requires minimal resources; making Nano ideal for peer-to-peer transactions.
1390 Market Street, Suite 200 San Francisco, CA 94102
Transactions are processed without fees, Instantaneous transaction speed, Scalability, Consensus without mining, Small ledger
Nano was formerly known as RaiBlocks, In January this year it was rebranded, it chooses the name because it represents the speed and simplicity of the currency. Nano wants to achieve what Bitcoin has failed to do. It aims to address issues of scalability leading to high transaction fees, high energy consumption due to mining and computation issues due to latency transaction times. The rebrand was due to confusion on how the name was pronounced. Nano creator is Collin LeMahieu and its managed and operated by Webcoin solution. Nano block Lattice concept is well outlined in its whitepaper. Two transactions are required for you to send Nano to another person, a send transaction and a receive transaction. Receiving and sending are asynchronous meaning accounts do not have to function simultaneously. If the wallet of the recipient is offline and cannot urgently sign or create the receive block dispatched to them will generate a transaction that will remain pending until the recipient is online and he/she will be required to set up a corresponding receive block which will settle the transaction. The User Datagram Protocol (UDP) enable offline transfers if the receiver is not online at the moment.
Nano has various advantages over existing Blockchain technologies, it focuses on zero fees and scaling. Block lattice allow each account holder to maintain their own private Blockchain and each block holds a single transaction. The collection of individual Blockchains and accounts is known as a ledger. Nano has no transaction fees and has instant transactions. The Block lattice aims to make progress on BTC flaws. The block lattice features include a ledger element in storing and processing transactions. Each transaction has a separate block and every new block is exchanged with the last one on the user's account chain. The new block can as well record account balance and history of transactions. The comparison of the transaction is compared by sending block and your current account balance on their previous block and on the receiver side, the amount is added to account's previous block in a chain. Hence a new block is created with all crucial details about users and their accounts balance. The ledger only stores information about account balance, it does not need to deal with additional history information like a traditional ledger.
Block lattice infrastructure has many advantages like:
- Scalability solution: Nano transactions are governed separately from the main chain on the network. UDP helps in storing individuals account balance and not the integral ledger.
- Decentralized and energy efficient: It has a delegated proof of stake (DPoS) model. Nano cannot be mined hence delegates power centralization is avoided, users can only verify their transaction when trouble occurs.
- Improved latency: The unsynchronized model can upload accounts and accounts chains anytime. The model gives users immediate and fast transaction that is free.
Nano applies a Direct Acyclic Graph (DAG) based Blockchain lattice architecture. This method narrow down the data stored through the use of database reduction. DAG transactions are directly linked to each other rather than being processed in blocks through grouping. It makes DAG more scalable than average Blockchains. Each Blockchain displays information related to the user's account and only can be updated by owners and then each update for Blockchain is done asynchronously for the rest of block lattice.
Nano has not only a hybrid Blockchain and DAG but also a hybrid PoS and PoW. Accounts have a PoW protocol to send transactions, this helps to prevent accounting spamming the network. Account chains and Blockchains have a common feature which is the use of the digital signature. Blocks sent to ledger Nano for confirmation, the owners of the account validate them through signing. Also keeping your private key secure will ensure no attackers can change your account chain. The Proof of Stake (PoS) is applied in the DAG. To validate the Nano transaction, it applies a representative system as the decentralized means. To be able to vote in the consensus system, each account must appoint a representative. Each representative has one vote which is weighted based on the cumulative balance of every account. An account can nominate itself as the representative.
How to buy
There is no direct purchase of XRB using fiat currency. You will have to buy BTC/ETH in Coinbase then exchange. Then find an exchange that supports XRB like BitFlip. Buy your XRB with your ETH/BTC.
Nano supports both the online and desktop wallet. They also have mobile wallets for IoS and Android. You can download the wallets on their Nano platform. Their Raiwallet Bot, a telegram bot that manages your private key.
Pros & Cons
- Transactions are processed without fees
- Instantaneous transaction speed
- Consensus without mining
- Small ledger
- Has not been keenly vetted or studied
- Still unknown to some researchers