NANO is a zero-fee, instant transaction, and extremely scalable cryptocurrency. It achieves its functionality through a Directed Acyclic Graph (DAG) data structure rather than a traditional single-threaded blockchain data structure. The unique DAG adopted by NANO is called block-lattic by its team.
Features
Ease of use and no fees: By focusing on transferring value as efficiently as possible, the Nano network can provide free transactions, making it easy for users and service providers Enjoy the powerful and cost-saving qualities of digital currency.
Environmental: Instead of relying on energy-intensive mining for security, Nano uses a lightweight and efficient consensus protocol called Open Representative Voting (ORV) to convert energy consumption to a minimum.
Instant transactions: Digital currencies should be fast and easy to use. Whether it's a purchase in a store, a cross-border transfer, or an online payment, Nano's transactions are fully confirmed within a second. And these are payments that are fully settled on the network, and businesses no longer have to wait for approval from a credit card or banking network.
Mining and airdrops
The Nano protocol deliberately avoids reliance on mining. This design decision removes the centralization issues caused by unnecessary energy consumption and mining activity. Nano has completed all currency distributions with a maximum supply of 133,248,297 NANO.
Nano is distributed using a unique "captcha airdrop system" in order to distribute Nano as fair and organically as possible. The airdrop began on October 1, 2015, requiring users to complete a complex captcha test in order to earn Nano. This distribution method allows anyone with a computer to participate by contributing their time and energy, rather than through unfriendly mining methods like other projects.
This distribution via airdrop makes Nano more accessible, especially for those who don’t have enough funds to buy mining hardware and participate in ICOs. This unique method is a great way to distribute Nano to people who have never used it before, and will allow Nano to be more widely distributed around the world. In addition to Europe and North America, this distribution has helped build active communities in Central and South America, including large communities in Brazil and Venezuela, and in Southeast Asia, the most active community in Indonesia.
What makes the Nano Network Protocol unique?
The Nano network has some unique and efficient features, requires very little energy to complete a transaction instantaneously, is easy to use and can truly provide Scalability required for digital currencies.
Nano's distributed ledger is called a block lattice, which allows each account to have its own blockchain instead of just one chain for the entire network, in which case each node is in There is fierce competition to add their own blocks to the chain. With this design, only account owners can add blocks to their own chain, allowing for a large number of simultaneous transactions on the network while maintaining security.
The consensus mechanism known as Open Representative Voting (ORV) differs significantly from other blockchain networks. ORV achieves consensus by voting on the validity of individual blocks shared on the network by delegates. The voting weight of each representative is obtained through the authorization of the holder of the token, and the weight depends on the amount of the token holder. The account owner still has unrestricted access to all his funds because the act of delegation does not involve staking, and the delegates have no control over the funds, they just get voting rights from it.
Why is Open Representative Voting (OVR) Better Than Proof of Work (PoW)?
The ORV network requires minimal resources, no high-power mining hardware, and can process high transaction throughput. All of this is achieved by having individual blockchains for each account, eliminating access issues and inefficiencies of a global data-structure. ORV makes Nano extremely energy efficient, positioning it as a more environmentally friendly alternative to Proof of Work (PoW) based cryptocurrencies.
Who Are the Founders of Nano?
Nano was founded by Colin LeMahieu, a heavily experienced software developer and engineer with a wealth of experience working for prominent tech companies, including Dell, AMD and Qualcomm.
Self-described as an inventor, LeMahieu has interests that range from space technology to physics and environmental sustainability, and is a well-known name in the digital currency space. He began working full time on nano in 2017 and remains the Director of the Nano Foundation — an organization created to drive the development and adoption of nano — to this day.
Colin LeMahieu also pushed the vast majority of commits to Nano’s GitHub repo.
Beyond LeMahieu, the Nano Foundation has over a dozen other employees, including George Coxon, a graduate in Evolutionary Anthropology and experienced account executive, and the current Director of the foundation.
How Is the Nano Network Secured?
Nano is secured by a network of representatives, each of which is voted into position by XNO holders. These representatives are responsible for casting their votes when the network needs to achieve consensus, and their voting power is the sum total of the voting weight delegated to them by XNO holders. These vote on the validity of transactions on the nano network, ensuring only valid transactions are confirmed.
This process protects the network against a type of attack known as a double spend—which occurs when an attacker is able to manipulate the network to effectively spend the same funds twice. In addition, the nano network features a wide variety of additional defenses against various possible attack vectors.
Why Is Nano Better Than Other Blockchain Networks?
Nano is designed to be fast. So fast, in fact, that most nano transactions reach absolute finality within less than a second — compared to several minutes or even longer for many other major cryptocurrencies.
This speed makes nano suitable for commercial payments, since merchants and retailers no longer need to worry about transaction delays when accepting payments.
Moreover, nano transactions are completely fee-less. Since representatives do not receive financial compensation for their efforts to secure the network, there is no need for a transaction fee. This makes nano an ideal solution for processing micro-transactions, since users no longer need to worry about fronting a potentially expensive transaction fee when making small payments.
These features are enabled by its unique architecture. Unlike many cryptocurrencies which are built on top of a distributed ledger known as a blockchain, Nano is instead built around a similar ledger technology called a directed acyclic graph (DAG).
This structure is highly reliable, and it can scale to support 1,000 transactions per second (tps) with the right hardware — without requiring an energy-intensive mining network to maintain its integrity, positioning nano as an eco-friendly digital payment option.
