Nano is one of the top-notch cryptocurrencies floating around in the crypto space right now. At the time of writing, it is currently ranked at number 39 on CoinMarketCap. So, what is this project all about? What use-case does it present forward to the crypto world? In order to get the answers to these questions, BlockPublisher recently got in touch with Troy Retzer, the person responsible for communication, marketing, and PR at Nano.
Troy discussed the project in detail and gave a clear-cut idea of what this project is all about.
The following Q&A with Troy gives one a vivid insight into what this project is up to right now.
- What is the project’s main focus right now?
Right now, the main focus is improving the protocol by reducing vote traffic on the network. Earlier this year, we transitioned from four block types to one, universal blocks, making upgrades to the network more straightforward to implement. In our most recent release, the feature Vote by Hash was added, which broadcasts only the block hash when voting, instead of a full block, reducing network traffic. Upcoming features such as Lazy Bootstrapping and Vote Stapling will continue to improve the efficiency of the network.
- What is the main use-case of the platform?
While Nano is built to be a global currency and the most efficient system of peer-to-peer value transfer, the incredible speed of transactions opens the doors for exciting use cases. Our team is looking into utilizing Nano for international remittance, as well as implementing it into the backend of financial systems to improve settlement times.
- Is the team local or global?
Everyone on our team currently works remotely. Unlike other cryptocurrencies, Nano was launched by a single developer, Colin LeMahieu, not with a set development team. Instead, we have looked for contributors and built a team over the last year. As the project continues to grow, it could warrant moving the team to a central location.
Nano is also different from other prominent crypto projects in the space in terms of its blockchain configuration. Instead of having a single blockchain handling the entire framework, Nano employs block lattice structure. Users on the network have their own blockchains, termed as account chains, which update the main block lattice of the network asynchronously resulting in faster transactions.
With its aim to become a global currency employing an efficient and faster framework at its core, it will be interesting to see how things pan out for Nano as more and more developments are made in the crypto and blockchain world.