Nano is a new currency that just happens to be digital. Like the money in your pocket, choosing to pay with nano ensures that 100% of the value is transferred directly to the recipient.
Digital money should be fast and easy to use. Whether buying goods in a store, transferring money across borders or making payments online, Nano transactions complete in less than a second, so you don’t have to wait any longer. These are fully settled payments on the network, businesses no longer have to wait for credit card approval or bank approval.
As the world continues to strive to reduce pollution and energy consumption, many digital money networks have resorted to “wasteful” designs to secure their networks. Nano was cleverly designed to address this problem by not relying on energy-hungry mining for security, but instead using a lightweight and efficient consensus protocol that
The history of Nano
Nano (ex-RaiBlocks) was launched in 2015 by a man named Colin LaMahieu (a software engineer with years of prior experience in computer software). It was launched under the name RaiBlocks, but after a few years, the team decided to rebrand. Why is that? The reason is quite simple. The first name simply didn’t resonate with the mainstream audience the company was trying to appeal to. It’s worth noting that they weren’t wrong – after the name change announcement, their transactions skyrocketed. This is also the reason why you can often call the Nano coin the “XRB coin”. It’s a tag left behind since the days of RaiBlocks, and both Nano and XRB make sense when referring to the coin itself.
Nano . Foundation
Changing the world is no small feat, but that is their goal, and Nano strives to do it transaction by transaction. Nano believes in empowering people and businesses with education, advice, opportunity and most importantly a digital currency that can withstand the manipulation, fees and complexities of traditional currencies traded around the world. The Nano Foundation is committed to equal economic opportunity and believes that Nano, a currency to be issued, sent and accepted as real money in the real world, will be the first step in this process.
How does Nano work?
Rather than relying on mining like most cryptocurrencies, Nano uses Open Representative Voting (ORV) to achieve consensus. Network transactions are confirmed by votes of representatives (nodes) on the network. Account owners assign each representative a “vote weight” in direct proportion to how much Nano each account contains. Consensus is reached by representatives as they vote on the validity of each block. In other words, Nano holders give Representatives the power to vote, and the more Nano a user has, the more power they give to the Representatives.
This method is intended to allow users who hold Nano to choose the representative they wish to vote on their behalf without relinquishing control over their coins or betting them on the network (such as a proof-of-stake blockchain, as Ethereum would require). The people who own Nano have the power to decide who creates consensus. The team behind Nano believes this is a better option than giving power to mining companies. This voting process is also energy efficient and allows Nano to operate without transaction costs.
What is Block Lattice?
Nano’s main innovation is a new data architecture it calls Block Lattice. Under this design, each account has its own blockchain, which allows users to update their account immediately, without waiting for the rest of the network. These individual blockchains are called ‘account chains’.
Similar to your bank account, each block in the grid registers and updates the status of an account. Therefore, transaction amounts are interpreted as the difference in the account balance between successive blocks. Each transaction is its own block and each block replaces the previous block on the account. Users can send and update blocks without using the whole network. In addition, only account holders can modify their blockchain.
Nano applications
Mobile & Desktop wallets
Enables a bootstrap process of less than 30 minutes on the desktop (immediately on mobile light wallets). A secure experience for sharing accounts across multiple devices.
Hardware Wallets
Ledger Nano S wallet provides secure offline storage. Nano team works with industry leaders to provide multiple hardware solutions for the community.
Point of Sale
Nano “Plug & Pay” Point-of-Sale Platform for Suppliers and Mobile Terminals Implements Alpha Testing. Developing turnkey merchant point-of-sale solutions. A multi-focused approach targeting suppliers of every level, from mobile to physical, will be uniquely served.
To learn more about Nano’s exciting project, visit: https://nano.org/