Nano: The Zero-Fees Crypto
“Do one thing and do it well” – that’s the slogan describing Nano cryptocurrency. The currency was developed in 2015 as Raiblocks (XRB). Earlier this year, it was rebranded as the Nano (NANO).
First, there were Raiblocks
To understand this story, you need to know the main flaws of Bitcoin: poor scalability, high latency, power inefficiency. These three issues were on the mind of Colin LeMahieu in 2014. The software engineer came up with the idea of something new, something different. Raiblocks. In 2014, the creator said:
“I noticed Bitcoin applies too heavy of a constraint on their protocol which slows the transaction times and created the heavy computing requirement. I liked Bitcoin from a philosophy standpoint and since I came up with a solution to the two big concerns I decided to write the protocol.”
LeMahieu worked on his project for a year and a half. On October 24, 2015, he introduced a new currency through a post on bitcointalk.org titled “Block lattice.”
In the cryptocurrency industry, everybody competes to deliver the fastest transactions or the lowest fees. However, Rainblocks won at the very beginning. This currency doesn’t have any payments and transactions are instant (or as close, as technology allows). The critical component is a block lattice technology.
The block lattice is a type of DAG (Directed Acyclic Graph). Not to get too much into the technical staff, in the technology, each individual transaction on the network possesses its own blockchain. The chain is controlled by individual’s private keys. It allows the operations to be completed in a shorter time.
Another advantage of this technology is that user’s blockchain can be updated asynchronously to the rest of the block lattice. That gives each user total control of blockchain, so protocols such as proof-of-work (poW) or proof-of-stake (poS) are unnecessary.
Then, there was the Nano
On January 31, 2018, the Nano core team announced the rebranding of its currency via a post on hackernoon.com. According to the statement, the main reason for the change was to give a more accurate name to this venture. Nano should represent the simplicity and speed of the project. What may be important, the rebranding came just a month after the highest price of the Raiblocks.
The team behind the Nano answered every objection from the community in another post. They said that “the goal of the brand is to appeal to mainstream audiences.”
“When you think of the word nano, you envision a very short amount of time. This reference fits, as transactions are virtually instant and with no fees attached, we are ideally suited for micro transactions. In this respect, the name makes perfect sense.”
A few days after the rebranding, the newly named coin got enlisted on two big exchanges: Binance and Okex.
The fly in the ointment
There are voices, that the Nano is the purest definition of cryptocurrency. Sure, the coin has that, what Bitcoin is missing: scalability, latency issues, power inefficiency. There were some obstacles in the past, though.
The Nano, like other decentralized cryptocurrencies, is not immune to attacks. In the whitepaper, there are few attacks mentioned: block gap synchronization, transaction flooding, Sybil attack, penny-spend attack, precomputed poW attack, >50% attack and bootstrap poisoning.
In April, Alex Brola filed a lawsuit against Nano’s developers. Brola purchased $50 000 worth coins at the end of 2017. In February, BitGrail, an Italian crypto exchange, was attacked by hackers. Thieves stole 17 million NANO worth $187 million. The plaintiff accused Nano of encouraging to trade on the Italian platform. A month ago, Alex Brola withdrew the lawsuit.
Nevertheless, Nano seems to be a great alternative to Bitcoin. The thing that may strike is that the crypto is not widespread on the market.
Price and availability
For a long time, the Nano price couldn’t make a significant leap and was a minor currency.
However, the Nano token jumped to its peak, like many other cryptocurrencies, at the turn of the year. On December 18th, 2017, 1 Nano was worth $1,89. On January 2nd, the price reached its top at $37,06. The boom lasted only two months. On 21st February, the NANO was worth ‘only’ $7,04. Since then the cost of the cryptocurrency has kept falling down and today it is only at the $1,90 level.
NANO – INFORMATION
- website: https://nano.org/en
- Reddit: https://www.reddit.com/r/nanocurrency/
- Twitter: https://twitter.com/nano
You can find Nano on these exchange platforms:
And a few others.
- The Nano is a decentralized cryptocurrency with instantaneous transactions and zero fees
- Nano uses block-lattice technology to enable fast decentralized processing without sacrificing security
- The Nano is the most environmentally friendly cryptocurrency, one transaction uses only 0.001 kWh
- Nano uses a DAG and is often compared to IOTA
- The official ticker symbol for Nano token: NANO
- Token type: ERC20
- Maximum token supply: 133 248 290 NANO
- Circulating supply: 133 248 289 NANO
- Number of blocks: 13,717,582
- Block time: 1,54 s
Image from shutterstock.com
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