Raiblocks (XRB) is rebranded to Nano (NANO)
Have you heard about cryptocurrency that is fast but yet feeless? Well, you are now!
Nano works differently than Bitcoin. using block-lattice structure this crypto can provide fast transactions with no fees and infinite scalability.
This project was launched in 2015 by Colin LeMahieu and it cryptocurrency was called Raiblocks and now the team is rebranding it to Nano (NANO)
How does Nano work?
- Unlike conventional blockchains used in many other cryptocurrencies, Nano uses a block-lattice structure. Each account has its own blockchain (account-chain), equivalent to the account’s transaction/balance history. Each account-chain can only be updated by the account’s owner; this allows each account-chain to be updated immediately and asynchronously to the rest of the block-lattice, resulting in quick transactions. Since blocks can only be added by each account-chain’s owner, transferring funds from one account to another requires two transactions: a send transaction deducting the amount from the sender’s balance and a receive transaction adding the amount to the receiving account’s balance.
- Refer to sections three and four of the whitepaper for a more thorough look at how Nano’ works.
What are the advantages of Nano?
Zero Fees
Because the protocol is incredibly lightweight and running a node costs next to nothing, Nano transactions are processed with no fees. One transaction fits within a single UDP packet, and transactions are handled independently, eliminating any block size issue.
Instantaneous Transaction Speed
Wallets pre-cache the anti-spam Proof of Work for the next transaction once a transaction is sent, making transactions instantaneous, as both sides have the proof of work ready to go. For ongoing transactions there may be delays, but this is intentional to prevent transaction spam.
Scalability
Transaction lookups scale with the logarithm of the data set size logNO with a tree-like structure or O1 if they are based on a hash table. To get an idea of how this scales, if it was a simple binary tree with 1,000 entries it would take 10 lookups. With 1,000,000 entries it takes 20 and 1 billion would take 30. Pruned nodes only need to keep the latest block of each account-chain, even further reducing lookup time and system resources.
Watch the explanation video:
Content source: https://nano.org/en
Image source: https://cryptoslate.com/crypto-rebrands-raiblocks-becomes-nano/
Whitepaper: https://nano.org/en/whitepaper