AltcoinsSpotlight

“Nano Was Created to Function Solely as a Peer-to-Peer Transfer of Value”, Troy Retzer

Nano is one of the crypto projects floating around on CoinMarketCap.  But how is it any different? What is the vision behind it that makes it stand out? In order to get the answers to such questions, BlockPublisher got in touch with Troy Retzer, who is in charge of public relations, marketing, and community management at Nano.

The following Q&A with Troy helps one completely understand the position that Nano is trying to take in the crypto world.

– What is Nano’s Long-Term Vision?

Nano was created to function solely as a peer-to-peer transfer of value. Long term, we see Nano as a global, decentralized currency offering the fastest transaction speed possible with zero fees built into the protocol.

– How is Nano token different than the rest?

The Nano network is built to be light and efficient, optimized to confirm transactions as quickly as possible while allowing users to participate in consensus by operating nodes which require inexpensive hardware and few resources.

Unlike traditional cryptocurrencies which use a single network-wide blockchain, Nano utilizes a unique block-lattice design, in which each account has its own blockchain, called an account-chain. Each account-chain contains the equivalent of the account’s transaction history and can only be updated by the account’s owner, allowing each account-chain to be updated immediately and asynchronously to the rest of the block-lattice, resulting in quick transactions.

Transactions are confirmed through balance-weighted voting by Representatives, nodes which cast votes to reach consensus on the network. Account holders who are not running a node can delegate their voting weight to a Representative of their choice who can vote on their behalf but do not otherwise have access to their funds. Each account may name one Representative who may be changed at any time. Maximizing the number and diversity of representatives increases network resiliency.

3- What products are present in the Nano ecosystem?

Nano has one of the most vibrant and active communities of any cryptocurrency, and the work they have done building various services and projects around Nano in the past year should be highlighted. There are several wallets, payment processors, block explorers and small services built around Nano, with new projects being launched by community members daily.

 
Additionally, the Nano Center was created to function as a community project hub, where anyone can propose a project or contribute to an ongoing one. Currently, they are building a proof of concept for incorporating Nano into video games via micropayments with Quake 2. We look forward to working alongside the community to continue to grow Nano’s ecosystem and move the project into the future.

Nano’s goal is to provide the world with a global currency framework that is fast and efficient. Unlike traditional blockchain architectures, the block lattice framework applied at its core makes it truly stand out among the rest. Account chains linked with the users make it possible for the transactions to take place at a rapid rate as the block lattice at the center of it all is updated asynchronously.

With its unique take on the blockchain technology, Nano is one project to look out for in the long run.
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Ahsan Khalid

News editor of BlockPublisher, an electrical engineer with majors in software development. Ahsan takes the engineer's approach for reporting legislation around the blockchain industry. Email: ahsan@blockpublisher.com or editor.news@blockpublisher.com

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