What is Nano (XNO)?
, formerly known as Raiblocks, is a cryptocurrency and an open-source digital payment system designed to enable fast and scalable transactions. Nano utilizes its proprietary technology called the Block Lattice protocol. Unlike traditional blockchain structures that record all transactions in a single chain, Nano uses individual blockchains for each user, referred to as accounts. Each account has its own blockchain, contributing to the scalability and speed of the network.
One of the key features of Nano is the ability to perform transactions without any fees. This is achieved through an asynchronous architecture and the use of an innovative variant of the Delegated Proof of Stake (PoS) mechanism called Open Representative Voting. This allows transactions to be processed nearly instantaneously without incurring any charges.
In general, Nano aims to provide a fast, scalable, and feeless solution for transactions, making it suitable for various applications such as peer-to-peer payments and microtransactions.
How can I use Nano?
You can use Nano to make payments with XNO without paying additional transaction fees or relying on a central authority. The system is particularly well-suited for microtransactions because they can be processed quickly and without any additional costs. In contrast, systems like Bitcoin often require significant fees and take longer to process transactions. If you want to perform and receive peer-to-peer payments, Nano offers an excellent solution. It can also be used for global payments and donations, and its speed makes it suitable for in-store purchases.
What are the advantages of Nano?
Nano has a strong advantage in scalability as it does not require mining or staking, allowing transactions on the network to be more efficient without the energy-intensive processes associated with traditional blockchain networks. This also makes the network very fast, with transactions being fully executed within a second. This is partly why the project changed its name, to indicate that processes can be completed within a "nanosecond." In other projects, it may take several seconds to minutes for a transaction to be executed.
operates on an ORV system, which stands for Open Representative Voting. This means that users can vote for a representative for their account, who acts as a validator to approve transactions. This system makes Nano highly energy-efficient, and there are no transaction fees as validators do not receive compensation for their work, making it a perfect solution for microtransactions.
Who founded Nano?
Nano was founded by Colin LeMahieu, a software developer and engineer with extensive experience, having worked in prominent companies such as Dell, AMD, and Qualcomm. LeMahieu has diverse interests, ranging from space technology to physics and sustainability, and is a well-known name in the world of digital cryptocurrencies. He started working on Nano in 2014 and is still the Director of the Nano Foundation. Meanwhile, he has assembled a team and continues to work enthusiastically on the project.
Nano vs. other cryptocurrencies
Nano is built on a DAG (Directed Acyclic Graph), which is a data structure that consists of a collection of nodes and directed edges between those nodes. The main feature of a DAG is that it does not contain cycles, meaning there is no sequence of directed edges that lead back to the same node. In a DAG, these nodes can contain different types of information, such as transactions or events. It is seen as an alternative to blockchain due to its lack of block or chain structure. Instead, transactions form an acyclic graph, with each new transaction requiring validation of previous transactions. This structure provides high scalability and transaction speed.
Can I make money with Nano?
It is possible to make money with Nano by selling it for a higher price than you purchased it for. However, it's essential to keep in mind that cryptocurrencies are volatile, and you may also incur losses. Always trade responsibly.