Nano (NANO)

Project related websites:

• Official website of the project
• Official Reddit
• Official profile on Twitter
• Official fanpage on Facebook

NANO cryptocurrency

The Nano project was first called Raidblocks, and only from January 2018 has been operating under the current branding. It is a digital payment platform based on the DAG directed acyclic graph technology. The project itself is open source and decentralized, with the main goal of being able to process financial transactions quickly and cheaply. Thanks to the DAG technology, along with the increase in network load, its scalability increases. Ultimately, the project is to achieve scalability at the level of the most popular payment terminals, such as Visa or Mastercard. The lack of transaction fees and very fast money transfers lasting 2.5 seconds on average are expected to help achieve this. Additional advantages and the advantage of NANO are decentralization and the lack of any intermediaries.

History

The creator of the project is the American programmer Colin LeMahieu. He started working on the platform in 2014, but the network was launched on October 5, 2015, then under the name RaiBlocks. Interestingly, the project, using DAG technology, outstripped well-known projects such as IOTA and Byteball Bytes in this respect. Unfortunately, RaiBlock was not significantly gaining in popularity in these early years of cryptocurrency development, and the hard-to-pronounce name did not help in any way. So the idea of visual rebranding and name appeared, which resulted in the appearance of NANO on January 31, 2018. Black clouds still hung over the project, due to a hacking attack on the not very popular Italian BitGrail exchange. About 17 million NANOs were stolen there. Although the attack was caused by poor network security, the owners of the exchange still tried to blame the Nano cryptocurrency, accusing it of a lack of an adequate level of security. Without going into the details of the entire complex history, the consequence of the project was a significant drop in the rate and the project was deemed not to meet the definition of securities in the United States.

Principle of operation

The operation of NANO is based on the DAG technology, and thus the network does not create transaction blocks, but transactions connect directly to each other, creating a graph-like structure. The project uses the so-called block grid concept, so each transaction block only contains one transaction. In Nano, each account, i.e. the wallet associated with the address, has its own Blockchain, which can only be modified by the owner. Thanks to this, asynchronous and independent of the entire network synchronization is possible, which affects such a short time of transaction confirmation. The transfer of funds itself is divided into two transactions. One of the types I send, which takes place on the sender's account, and the following I receive transactions, which take place on the recipient's account and finalizes the transfer. This model has been kept to keep the transaction weight very low not exceeding 32 bits. In addition, the creators of NANO thus isolated the unsettled transactions from the settled ones and kept the sequence of asynchronous operations in the network.

Setting up an account in the NANO network is associated with the need to perform the so-called opening transaction. This is due to the implemented dPoS consensus algorithm, which requires voting for its representative, who is a full network node. However, transactions also involve PoW operations, which require little computing power. It can be performed by both the CPU processor and the GPU graphics chip. It is a kind of anti-spam protection that prevents the network from overflowing with empty transactions, and also allows you to maintain completely free transactions. Nano also has a very high estimated scalability in excess of 7,000 TPS (transactions per second). Therefore, it is one of the most throughput distributed payment networks. By comparison, Bitcoin reaches 10 TPS, Ripple 1500 TPS, and the VISA payment network reaches 20,000 TPS.

Wallet for NANO

The project offers comprehensive solutions for each type of portfolio. The basic one is the NANO Wallet, available dectopically for Windows, MacOs and Linux. The wallet with the same name is also available as a mobile application for Android and iOS. In addition, the development team also offers the Nano Wallet Online and NanoVault browser wallets. The offer also includes wallets for developers and users who want to set up a full node. They also work on all the most popular systems. From unofficial wallets, you can choose, among others, Canoe Wallet and Nano Blocks, while when it comes to hardware wallets, the Ledger Nano S can store Nano tokens via NanoVault.

NANO quotes

The project's highest valuation was on January 2, 2018, when you had to pay $ 37.62 for one token. Currently, NANO ranks 92 in terms of capitalization. The daily turnover is around $ 2 million. The cryptocurrency is listed on 21 exchanges, less than half of which is traded both on Coinbase, and another 20% on Binance. In addition to these famous exchanges, Nano can also be bought on major exchanges such as: Kraken, Huobi, Kucoin.