Nano or formerly known as RaiBlock is a type of software that aims to facilitate cryptocurrency transactions that are free. It was launched in 2015 by Colin Le Mahieu. In the beginning, it was distributed by Captcha-based faucets. Nano is often defined as a lightweight currency that has no side chains or second layer, smart contact or any additional complications which makes it a favorite on the market.
It is created in a way that it uses a block-lattice data structure, also known as Directed Acyclic Graph (DAG) which transcends the idea that every account has its own blockchain that can be only updated by the owner. Additionally, in order to make a transaction, the owner needs to sign it using their own ledger and broadcast it out of the nano network. Therefore, the owners/clients maintain complete control over their assets.
In addition to this, Nano does not have fees connected to trading of the currency which makes it more popular and attractive to many. Therefore, this cryptocurrency is a digital asset that is inclusive to everyone. Due to its feature of commercialization and inclusivity, the founder implemented his idea to make this design proliferate. In this way more and more transactions lead to the greater impact of Nano currency.
Nano has been recognized as the most eco-friendly crypto. This means that it does not require mining, printing, or minting. One of his additional features is the prompt exchange – an instant transfer which was the personal goal of its founder. In line with his plan of commercialization and easy access to your assets, the instant transfer makes this idea even more attractive to investors.
How Does Nano Work?
The process behind the exchange of Nano currency relies on a traditional algorithm that synchronizes and prevents any form of deterioration from software rules. Nano has been ranked No 1 digital currency in the world, due to its exceptional features.
Nano uses Open Representative Voting which is based on the assigned voting weight based on the amount of Nano you have. It has also been designed in a way to further depart from other cryptocurrencies by not maintaining a record of its transactions fully. It is your decision how you choose to allocate your votes and whether you want to transfer them to another node. This process is done by computers called representatives since their role is minimized to a simple broadcaster role. Usually, the representatives are businesses, exchanges, or wallets but this does not limit anyone else to take this role. Lastly, representatives are not paid to vote on which transactions and blocks the network should accept.
As previously mentioned, block-lattice ensures that every transaction is its own block and each block replaces the previous one in the account making it possible to send and receive blocks without using the entire network.
Speaking of transactions, we can offer you the link in order for you to check and make the best suitable transaction for you. As you will see, Nano is easily convertible to any currency and easily obtainable which makes it an investment worth the risk.
Nano Compared With Others
Many analysts consider that Nano is a direct competitor to other cryptocurrencies such as Litecoin or Bitcoin cash but that is not entirely true. Unlike these currencies, Nano offers a much easier and faster process of transactions with the lack of fees.
Bitcoin, for example, takes a fee of up to 40 dollars therefore it is more likely to be considered digital gold than digital cash. Additionally, Bitcoin has been known for the very slow process of transactions which Nano tried to resolve. On the other hand, due to its features, it makes a great predisposition for commercial use and people are more willing to use it.
Unlike Nano, Ripple still has fees even though low ones. Also, Ripple does not have max supply, unlike Nano which is why many still opt for the Nano, due to its wider commercialization.
Final Remarks
Even though Nano has been on the market for a long time and has become very popular, due to the immense expansion of the cryptocurrency markets, it seems that it is still not fully commercial. Many analysts of cryptocurrencies consider that this is because Nano depends on companies to integrate them as their payment system. Some of the recognized areas where Nano is widely accepted are the gaming world, surveys, renting, and several others.
Lastly, what is left for us to suggest to you is to try the following link in order to test the convertibility of the Nano cryptocurrency and check whether transactions function in the described matter.
We hope our blog helps you to get a better grasp of what Nano is and how it works, which will make your decision-making process easier.
