With the flooding of the cryptocurrency world, more and more crypto coins have tried to come up with new ways to make their name stand out among the rest. Each crypto coin developer tries to create something unique that will attract a large number of users. Some of the new coins that have been introduced were not able to attract users hence they ended up being dead (zero market cap). The few that made it are always a challenge to the big leagues for example Nano.
In this article therefore, we are going to discuss about the history of Nano cryptocurrency and its founders, feature of the cryptocurrency and any other relevant information aimed at giving you a better understanding of it. I hope by the end of this article, you will have a deeper understanding of the Nano cryptocurrency.
History of Nano Cryptocurrency
At the end of January 2018, Raiblocks was re-branded and given the name Nano. There were many reasons why the core team opted to change the name to a much simpler one obviously. Apart from the fact that nobody could come to an agreement as to how the word Raiblocks should be pronounced, they wanted a name that could be an indicator of the speed as well as the simplicity of the project. The new logo is not just a name, but it represents the several nodes which are interconnected on the block-lattice design of this network to form a letter N.
The team did not forget to assure all the users that the re-branding would not interfere with anything; not even the funds, transactions and wallets. They promised that things would move ahead normally without any disruptions. More to that, the team promised that they would introduce a desktop and iOS wallet for the mobile later that year. The fact that it has been integrated to new exchanges in the crypto market like the KuCoin and Bit-Z, people have become more optimistic about the success of this coin and its legitimacy.
This Nano crypto is the 20th largest in the crypto world according to the market analysis with a margin of about $2.6 billion. The price of this coin has increased significantly from $13 to $20. All in all, this is not the coins peak because it has hit even $33 there before. As much as during its high there was a general boom in the crypto world, this is one coin in the market that has proven to recover the downfall.
Understanding Nano Coin
Just like its counterpart IOTA, the new Nano cryptocurrency uses a directed algorithm. However, instead of using DAG, it uses a new tech known as block lattice. This tech operates exactly like the blockchain system but has a different routine. This is because the Nano system has its own different blockchain know as Account Chain. This gives the account chain user the monopoly of changing their individual chains which will be updated at the rest of the block lattice. This means that users can manipulate or change the block without having to rely on the entire network.
This is achieved through a double verification just so that the transaction can be complete. If one of the parties doesn’t verify the transaction, then it will remain pending. In addition, the receiver must sign in to the block to confirm the transactions.
One of the most attractive features of the block lattice is how it stores transactions and handles ledgers. Individual transactions are made to be in their own block and each new block ends up replacing the previous one on the blockchain. To maintain a good account history, individual blocks record the previous transactions and add them in to the processing transactions.
If you were to send a coin to another person, the transaction will undergo a two-way verification process by taking the individual difference in the send block and your current balance. On the other side of the transaction, the amount is then added in the account’s preceding block. In turn, the result is an entirely new block that will record the updated account balance for each user.
Benefits of the Block Lattice System
With this new tech, the Nano platform will be able to keep the records of each account on its ledgers instead of the entire history of every transaction in the old distribution ledgers. Hence the platform only has to keep a record of the accounts on its entire ledger. Therefore, instead of keeping the transaction records, the platform has to store the account balances. Here are some of the benefits of this type of system:
Due to the advanced account chain system, each account can be updated entirely off the network. By using the double verification system, the transaction will only rely on the sender and the receiver just to complete the transaction. This will in turn deal with the miners hence increasing the speed at which transactions will be verified.
All transactions in this system are capable of being handled independently away from the main chain in the network. This will in turn deal with some of the block size problems. This is because there won’t be any node response for maintaining comprehensive records of the entire networks transactions. Instead they will only have to store the individual balances in each account of the chain rather than the full ledgers. This is an improvement considering other cryptocurrencies.
For example, in Bitcoin, any transaction cannot be authenticated before the block is built into the respective blockchain. These blocks are a representation of the entire transaction history of the Bitcoin and its financial information. With the increase in transaction information, the network eventually becomes sluggish and there is an increase in fees of individual transaction. The new and improved Nano block lattice gives you an improved and fast scalability as compared to the traditional blockchain routines.
Decentralization & Energy Efficiency
The network uses a DPoS (Delegated Proof of Stake) to secure the network which is identical to that of Ark. If any issue arises, the platform uses votes to validate which transaction is legit. This protocol offers a number of advantages as compared to Bitcoin’s PoW (Proof of Work) mechanism.
In conclusion, I hope with the above descriptions you now have a better understanding of the Nano cryptocurrency.