Heyo, it’s your pal Pepe here, ready to hop into the fascinating world of Nano (NANO)! Buckle up, because this crypto’s got some ribbiting features!
What’s Nano?
Nano is all about making super-fast, fee-free cryptocurrency transactions. Yup, you heard that right—no transaction fees! Instead of a single shared blockchain, each Nano account has its own blockchain, which only the account owner can update. This means quick, efficient, and cost-free transactions.
How Does It Work?
Nano’s structure is unique. Each account has its own mini-blockchain, and when you make a transaction, you’re just updating your own ledger. You sign the transaction, broadcast it to the Nano network, and once enough confirmations roll in, it’s locked and loaded on everyone’s ledgers. No need to batch transactions into blocks like Bitcoin or Ethereum; Nano tracks account balances and transaction amounts directly. Easy peasy!
Who’s Behind Nano?
Nano was the brainchild of Colin LeMahieu, a software wizard and the CEO of The Nano Foundation based in the UK. Originally launched in 2014 as RaiBlocks, it rebranded to Nano in January 2018. Talk about a glow-up!
How Nano’s Magic Happens
Nano uses a consensus algorithm called Open Representative Voting (ORV), which is a twist on the classic delegated proof-of-stake (DPoS). Nodes have a “voting weight” based on their account balances. They can use their votes directly or delegate them to another node. Once a node has enough votes, it becomes a Principal Representative and can vote on transactions. Oh, and guess what? These reps aren’t paid to vote—keeping things honest!
The Block Lattice Innovation
Nano’s secret sauce is its Block Lattice structure. Each account has its own blockchain, allowing users to update their accounts immediately without waiting for the network. Each transaction is a new block, and each block contains the latest account balance. Transactions are split into two parts: the sender debits their account and the receiver credits theirs. There’s even a small proof-of-work component to keep spam at bay.
Why Nano Has Value
Nano checks all the boxes for what makes cryptocurrencies valuable: it’s durable, portable, and scarce. The max supply is 133,248,297 NANO. From 2015 to 2017, NANO was distributed via faucets—complete a captcha, and you get some NANO! In 2017, 207 million NANO were removed from circulation to a “burn address,” making it a truly finite resource. No more NANO can be minted, making it a precious commodity.
Why Use Nano?
Nano is perfect for those who want to make quick, cheap, and eco-friendly transactions. Its minimal resource requirements and high transaction throughput make it an attractive option. Investors might also dig Nano if they believe in a future where low-cost transactions reign supreme.
So there you have it, folks! Nano is revolutionizing the crypto game with its fee-free, speedy transactions and innovative Block Lattice structure. Ready to leap into the future of finance with Nano? Let’s go!
Links:
https://nano.org/en
https://x.com/nano
https://chat.nano.org/
https://reddit.com/r/nanocurrency
https://github.com/nanocurrency