Today we will do an analysis of another interesting project that offers innovation to the digital assets community, Nano. This project belongs to a new generation of fast, feeless, minerless cryptocurrencies (FFM for short). Maybe you’ve heard about this project with the name it had before the rebranding at the end of January, Raiblocks (XRB).
If we check in CoinMarketCap, we can see that Nano is right now in the 24th position on the list with a market cap of 1,175 million dollars and a price of 8.82 dollars.
Nano is a low-latency payment platform that requires minimal resources; making Nano ideal for peer-to-peer transactions. Like IOTA, Nano uses a directed acyclic graph algorithm, but instead of using DAG for the Tangle, Nano employs its own novel tech called the block-lattice.
The block-lattice works similar to blockchain but with a few key difference. To start, each account on Nano’s protocol has its own blockchain called account-chain. Only an account-chain’s user can modify his/her individual chain, and this allows each account-chain to be updated asynchronously of the rest of the block-lattice network.
All transactions on Nano are handled independently from the network’s main chain, making it able to process over 1000x more transactions per second than Bitcoin, solving the famous scalability issue.
Nano keeps its network secure using a delegated proof of stake model (DPoS). Delegates only need to verify transactions if a problem occurs, consuming way less energy than if the nodes were under a proof of work model.
What this all means is that individual users provide the computational power for the verification of their own transactions, so the entire network is not required to update the overall ledger together in massive blocks.
This week this project was in the media because one of the main exchanges that offered this token, Bitgrail, got hacked and the exchange tried to blame the Nano project about it. The Nano team denied about finding any double spending in their technology. This is a main issue of any project that is innovating and that still doesn’t arrive to the main exchanges. It has been launched on Binance few weeks ago, so once it starts to be more popular, this FUD will luckily start to disappear.
Nano could provide a really working solution to Bitcoin’s scalability, decentralization, energy consumption of proof of work mining and latency issues. From my point of view, this could be one of the best projects to invest during this year if it really proves everything it shows on paper.
IMPORTANT: Never invest money you can’t afford to lose. Always do your own research and due diligence before placing a trade.
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