Known Tickers: XRB, NANO
Release Date: 2014
Known Websites: https://nano.org
White Paper: https://nano.org/en/whitepaper
Coin Market Cap Link: https://coinmarketcap.com/currencies/nano/
Nano is a fee-less high speed cryptocurrency. Nano transactions settle within seconds . The Nano network also claims to be capable of handling up to 7,000 transactions per second . By comparison, Visa typically handles ~2000 transactions/second and is capable of handling 24,000 transactions per second .
Unlike most cryptocurrencies, Nano does not support smart contracts. This feature was intentionally excluded to increase the performance of the nano network.
Nano transactions are also feeless.
Nano anticipates that the more Nano an individual holds, the more likely they are to operate a node (for free) that processes transactions and secures the network by way of protecting their investment. The protocol is designed so that even if nano were to operate at the scale of large payment processor like Visa, nodes could be run on retail hardware (e.g. a laptop). Nano nodes can currently be run on such hardware.
Rather than using a single blockchain to store transactions, nano uses one blockchain per nano account. Nano calls this novel data structure a block lattice. The blockchains comprising the block lattice are interconnected through transactions. Transactions can be added to the lattice asynchronously, which contributes in large part to the speed of the Nano network.
Nano uses delegated proof-of-stake to achieve consensus .
Because of the novel way Nano is designed, the network is also vulnerable a novel set of attacks. A list of vulnerabilities and Nano’s corresponding mitigation efforts are outlined in the Nano whitepaper .
At the moment, the nano network is particularly vulnerable to spam and DoS attacks, in part because transaction settlement is free.
Additionally the level of network traffic Nano requires – measured by number of network requests – increases at a considerably greater rate than is the case for other currencies as its network scales (adds nodes). This is in part offset by the fact that the messages Nano nodes need to send each other are all signifcantly smaller than the messages that nodes in other networks need to pass among themselves. Technical Contributors
Nano was developed by Colin LeMahieu in 2014 . As of February 2017, the team consisted of 4 additional developers .
As of February 2017, Nano is used primarily as a vehicle for speculation. This is true of most crypto currencies. It is listed on several exchanges, including binance and kucoin. Additionally, nano can be used to purchase goods on these websites.
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