Nano (cryptocurrency)
Nano (NANO), formerly RaiBlocks (XRB), is a peer-to-peer digital currency. It is a decentralized, open-source cryptocurrency based on directed acyclic graph (DAG) architecture, and released under the FreeBSD License. It operates without intermediaries by utilizing a distributed ledger with a block-lattice data structure.
History
Creation
Development of Nano began in 2014 by Colin LeMahieu, under its original name of RaiBlocks,[8] and was publicly announced in October 2015.[9] Distribution began in October 2015 via a free public captcha-faucet that ended in October 2017, by which point 126,248,297 Nano out of the total supply of 340,282,366 or (2¹²⁸ - 1) / 10³⁰ Nano had been distributed.
The Nano Foundation, a non-profit software development company founded by LeMahieu, reserved 7 million Nano dedicated to the continued development of the protocol. The remaining undistributed supply of 207,034,069 Nano was sent to a burn address without the possibility of recovery. As a result, the maximum supply of the currency is 133,248,297 Nano.
On January 31, 2018, Raiblocks rebranded to Nano to better resonate with the public and mainstream audience, as well as remove any confusion around the pronunciation of Raiblocks.
Design
Block-lattice
Instead of a single, monolithic blockchain, Nano uses a block-lattice data structure, where every account has its own blockchain (i.e. transaction and balance history). This is a unique implementation of a directed acyclic graph (DAG), where a "block" is just one transaction, and each transaction contains the account's current balance. Furthermore, account-chains can only be updated by the account owner, which allows the account-chain to be updated immediately and asynchronously from the rest of the block-lattice, resulting in quick transactions. The ability to scale was stress-tested in January 2018. Nano developers achieved a sustained 105.75 transactions per second (tps) on the main Nano network, with a brief peak of 306 tps.
Open representative voting
To prevent double spending and Sybil attacks, Nano uses a consensus algorithm called open representative voting (ORV), a variant of delegated proof of stake (DPoS).In ORV, every account can choose a representative to vote on their behalf, and these representatives remain online to vote on the validity of transactions they see on the network. Unlike conventional DPoS, anyone can be a representative, no funds are staked or locked up, users can remotely redelegate their voting weight to anyone at any time, representatives do not earn transaction fees, blocks are not built or chosen, and representatives cannot censor or reverse transactions. All transactions are individually and asynchronously voted on by user-selected representative nodes before being immutably and irreversibly confirmed. Since voting weight is determined by the sum of delegated Nano balances, adding more nodes to the network will not give an attacker more votes. Over 50% of the online voting weight would have to be delegated to an attacker.
How can you mine Nano coin for free.
You can use mining app, All You have to do is, download thep Aand claim Nano every 2 hrs
👉🏽Once you download the app and mine, you can withdraw to an external Wallet anytime you want.
Click the link below and download the app from Google playstore it's less than 10mb & start mining.
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