Nano (XNO)
History of Nano
Nano was originally introduced as RailBlocks in December 2014, when its initial white paper and beta implementation were published. With its introduction, Nano became one of the pioneering cryptocurrencies based on the Directed Acyclic Graph (DAG) technology. This technology marked a significant departure from the traditional blockchain structure, aiming to enhance system performance and security.
| Ticker | XNO |
| Category | Cryptocurrency |
| Website | https://nano.org |
| @nano | |
| Telegram | nanocurrency |
| https://www.reddit.com/r/nanocurrency |
Following Nano's introduction, other DAG-based cryptocurrencies emerged, such as DagCoin/Byteball and IOTA. These platforms, like Nano, sought to improve upon the limitations of blockchain. While Byteball uses a "main-chain" of trusted witnesses for consensus, and IOTA employs cumulative Proof of Work (PoW) from stacked transactions, Nano uses a balance-weighted voting system to achieve consensus on conflicting transactions. This approach allows for quicker and more deterministic transactions, ensuring a robust and decentralized system.
Nano's technology and structure
Block-lattice structure
Nano's block-lattice structure is a key innovation that sets it apart from traditional blockchain technologies. In this structure, each account has its own blockchain, contributing to the overall network. This design eliminates the bottlenecks and inefficiencies associated with a single, global blockchain by allowing each account to update its own ledger independently.
Delegated Proof of Stake
Nano employs a unique consensus mechanism known as Delegated Proof of Stake (DPoS). In this system, users can vote for representatives who are responsible for validating transactions. The voting power is determined by the amount of Nano held by each account. This approach ensures that the network remains decentralized and secure, even as it processes transactions at high speeds.
Feeless transactions
One of Nano's most notable features is its feeless transaction model. Unlike many other cryptocurrencies that require transaction fees to incentivize miners, Nano's architecture allows for transactions to be completed without any cost to the user. This characteristic makes Nano particularly attractive for everyday transactions and micropayments.
Low resource requirements
Nano is designed to operate on minimal resources, eschewing the need for high-power mining hardware. This efficiency makes it accessible to a broader range of users and devices, promoting decentralization and reducing the environmental impact associated with cryptocurrency mining.
Security and performance
Nano's security is bolstered by its consensus mechanism and block-lattice structure. The balance-weighted voting system ensures that malicious actors cannot easily disrupt the network, while the independent account chains prevent congestion and enhance performance. This design allows Nano to process a high volume of transactions quickly and reliably.