Complete Guide on NANO

Written by Elizabeth Saul

13 Jul 2020

Guide on NANO

Nano (formerly known as Raiblocks) is a low-latency, high-performance, open-source, peer-to-peer cryptocurrency that offers instant, commission-free transactions.

Nano uses a novel data-structure called the“Block-lattice”, in which all accounts have their own blockchain. This allows almost instantaneous transactions, as the network is asynchronous . Since no miners are used to confirm purchases, there are also no transaction fees.

How does it work?

The operating principle behind the Nano is quite simple, to be the best solution to decentralized digital money. The protocol stores the data of incoming and outgoing transactions in designated, individual blocks in your blockchain. This way, your wallet balance is kept up to date and secure, while the blockchain keeps working correctly.
NANO Token
The Nano Foundation as a non-profit software development company focused on the ongoing development of the Nano protocol, supporting the growing ecosystem of services and providing educational resources to make accessing and understanding Nano easier.

What does the consensus mechanism look like?

The main consensus algorithms used by the leading cryptocurrencies are Proof-of-Work (PoW) like Bitcoin and Proof-of-Stake (PoS) as Ethereum. It didn’t want to adopt the limitations of these either, so it has opted for the Open Representative Voting model.

With Open Representative Voting (ORV) each account is free to choose a Representative at any time to vote on their behalf, even when the delegate account itself is offline. These delegate accounts are set up on nodes that remain online and vote for the validity of the transactions they see on the network. Their voting weight is the sum of the balances for the accounts delegating them to vote, and if they have sufficient voting weight, they become a Principal Representative.

How can Nano be instant and feeless?

It is based on Directed Acyclic Graph(DAG), similar to IOTA, although NANO works quite differently. Where IOTA uses the ‘Tangle’, NANO instead uses the ‘Block Lattice’. Through a combination of the asynchronous Block Lattice, and an incredibly efficient consensus mechanism in ORV, Nano is able to offer incredible speed and utility.

There is no competition for accounts to have their transactions included in the head block of a single ledger, so they are free to transact across their own account chains without delay. That is only half of the story, as blocks of course need to be confirmed. The Nano network is able to confirm these transactions very quickly as the Principal representatives efficiently cast and broadcast their vote immediately on the validity of a transaction, providing consensus on confirmation in under 0.5 seconds.

Store NANO Token

Guarda Wallet is the easiest way to store and manage it without worrying about safety or privacy. You can even manage NANO coin through a browser interface or download a desktop app available for macOS, Windows, and Linux. Guarda wallet supports well over 45 coins and is compatible with all ERC-20 tokens, BEP-2, ERC-721, TRON tokens (TRC10 and TRC20), WAVES, OMNI, EOS, etc.

Add NANO Wallet

Stay tuned

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