What is Nano Coin (Previously Raiblocks)

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NANO Coin Price

What is NANO? | A Quick Overview

Nano is a cryptocurrency with a focus on being a currency, similar to Bitcoin, but in an instant, feeless and scalable way.

Mostly it's trying to take out all of the negatives of Bitcoin, without adding any other negative components.

The History of Nano Coin

They launched in April of 2017 staying relatively stagnant, price wise.

Although, around December XRB broke its barrier of the below $.10 range and made it all the way in a month to over $13.

raiblocks-charts

In February of 2018, Raiblocks rebranded to Nano.

Did NANO Have An ICO?

Nope, Nano coin started without an ICO as a feeless and trustless cryptocurrency.

The Creator and The Team:

Colin Lemahieu - Linkedin

Currently, Colin is the core wallet developer for Nano cryptocurrency.

Other developers on Raiblocks:

  • sergsw/byte16
  • Mica Bush - Web Infrastructure and Android Developer - Twitter
  • Chris Mair - Website Design and Branding Lead - Twitter
  • Zack Shapiro - IOS Developer - Twitter
  • James Coxin - Services and Integration Developer

The Purpose of NANO Coin

NANO is meant to outdate Bitcoin.

They have seen a few major errors in the code of Bitcoin.

Namely, higher fees with lower transactions times and the combination making it harder to scale indefinitely.

Instead, they have proposed this trustless, feeless, scalable solution that transfers instantly.

This happens using a block-lattice structure.

What is a Block-Lattice Structure?

Each account has its chain (account chain), these are only updated by the owner of the account. This makes it, so each account chain is updated instantly and asynchronously to the rest of the block-lattice making quicker transactions.

Each transaction then requires two transactions:

  • A transaction that sends and deducts the amount from the sender
  • A receiving transaction is adding the amount to the receivers balance.

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The Features of NANO Cryptocurrency

A Delegated Proof of Stake Model (DPoS)

Instead of Bitcoin’s proof-of-work mechanism, NANO uses DPoS.

NANO delegates hold NANO coins which allow them to vote on the network, and by voting against the better of the currency, these holders would be hurt, incentivizing verification of the network.

Zero Fees

Nodes on the network cost next to nothing because there isn’t an energy cost.

Users hold their stakes with the delegated proof-of-stake model which allows for voting and consensus without fees.

One transaction fits within a single UDP (User Datagram Protocol) packet, handling transactions separately and leaving the block size issue behind.

Scalability

NANO has a built-in scaling model into the code.

Their example comes as follows (1):

“Transaction lookups scale with the logarithm of the data set size logNO with a tree-like structure or O1 if they are based on a hash table. To get an idea of how this scales, if it was a simple binary tree with 1,000 entries it would take 10 lookups. With 1,000,000 entries it takes 20 and 1 billion would take 30. Pruned nodes only need to keep the latest block of each account-chain, even further reducing lookup time and system resources.”

Instant Transaction Speed

Since both sides conduct their proof of work, transactions will improve instantaneously.

For ongoing transactions, it may be slower to prevent transactional spam intentionally.

What Does GCA Think of NANO?

NANO (formerly Raiblocks) is an interesting project.

It has gained a good amount of momentum and seemed to be a way to increase transaction speeds.

We currently don’t hold any NANO but are looking at it to see how the market plays out.

In the future, monetary coins are going to spike based on use. Therefore we will watch this over time.

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February 23rd 2018, 16:40