What Is Nano?
Nano formerly known as Raiblocks is an exciting concept that has received a lot of interest ever since its launch. which offers Instant, fee-less transactions, there are a lack of miners present in the system, and instead of a blockchain, the project has chosen to use a block lattice
So, how are they able to offer fee less transactions? Well, it’s important to do a comparison between Raiblocks and current systems like Bitcoin.
Bitcoin is run by a blockchain, and the blockchain contains the transactions of everyone. When one sends a transaction, the transaction is sent to a memory pool, the transaction sits in the memory pool until a miner comes along picks it up, places it in their block and adds that as part of the blockchain when they perform their computations.
As you might have guessed, Raiblocks does things a little differently. Nano designed their system in a manner to where each account is comprised of it’s own blockchain. All accounts combined make up the block lattice.
What are these individual account blockchains comprised of? When one makes a transaction, the transaction is a block in their own blockchain, if someone were to conduct an analysis on an account, one would see all transactions that took place for that individual on the Nano network. One can send funds in a unique manner. When one seeks to send a transaction across the Nano network, one would form a “send” transaction in their blockchain. Then, the person who is the recipient would have to create a receive block in their blockchain. The actions by both parties do not have to take place immediately and simultaneously. One person can create a send transaction and the other person can wait a few days and get around to creating their receive transaction and still be able to retrieve their incoming transactions.
Thus, these transactions are happening in an asynchronous manner. The process is somewhat similar to that of texting. You send your text message and want a response immediately. Yet, the person you sent it to, may respond within an hour, or much later. As opposed to a call where you either connect with the other person immediately when they pick up or don’t when they don’t answer the call.
How do they deal with Spam?
If there aren’t fees, this means that there might be abuse in the system, such as spam. Nano implements a proof of work system to deter and minimize potential spam. Proof of work is typically associated with Bitcoin and Ethereum mining but Proof of Work in Raiblocks is different. One’s
computer has to solve a cryptographic puzzle prior to the sending of the transaction.
Recent cryptocurrency news
Alexey Burdyko, CEO of Play2Live, opens the token sale event with a Q&A live stream on the updated P2L platform on February 21st, 17:00 UTC, answering product and sale related questions. February 21st, Malta — [...]
With recent developments on cryptocurrency trading regulations from countries such as South Korea, the cryptocurrency community is on edge for similar updates that might come from other markets. One such region is the U.S., where [...]
Calvin Ayre, the mind behind one of the world’s most famous online gambling sites, Bodog, recently announced the development of a $100 million resort in Antigua and Barbuda – the sovereign state where he currently [...]