How & Where to Buy Nano (NANO)
Use Nano: Ways to send & spend NANO
Nano Price & Information
Current NANO price and historical price chart
What is Nano (RaiBlocks)?
Nano (previously known as RaiBlocks) is a novel take on cryptocurrency technology in which every user maintains their own blockchain. It aims to offer near-instantaneous transaction times with limited (or zero) fees by avoiding the mining process, while simultaneously reducing reliance on synchronization with a main network and high CPU and energy usage. By doing so, it strives to act as an actual, usable currency, on a worldwide scale; regardless of the size of each transaction, or the computing capacity of any user connected to the network. In this way it plans to compete with or even replace bitcoin as the most widely used cryptocurrency, given that bitcoin transaction fees remain at extraordinarily high levels and confirmation times sometimes take hours.
History of Nano
RaiBlocks was first released in February 2016 by bitcoin enthusiast Colin LeMahieu, in a quest to solve many of the problems inherent to classical blockchain structures, such as high transaction fees and long confirmation times. In doing so, he has more-or-less completely re-invented cryptocurrency by employing a unique approach to blockchain data transmission. From LeMahieu’s medium.com profile:
“I first stumbled upon Bitcoin in 2010 and immediately saw the potential of decentralized currency. After four years of following Bitcoin and researching its capabilities, I began to worry about its flaws: scalability, transfer times, and high fees. Realizing these issues could potentially hinder its use as an everyday currency, in 2014 I embarked on a mission to design a payment system that solved these performance issues.”
According to the initial post on the coin’s announcement [ANN] (better known as an ICO) thread on the forum bitcointalk.org, it is designed to be a “cryptocurrency killer,” meaning it started with the goal of replacing all other cryptocurrencies as the #1 unit of digital money transfer via its ability to conduct cost-free “micropayments;” something not yet achieved by any other cryptocurrency.
How Nano Works
Nano aims to achieve their goals by replacing the common, ubiquitous “shared-memory data structure” model that governs most blockchain-based cryptocurrencies with a “message passing” model, in which all users have their own blockchain that only requires intermittent connectivity with the main network, and minimal computational power. RaiBlocks, now known as Nano, was the first cryptocurrency to employ a “block lattice” (or multi-dimensional blockchain), which frees the user from having to pay fees to miners, wait for network synchronization and avoid lengthy transaction confirmation times. It also uses a decimal system similar to that of bitcoin, in which the smallest transferable unit of Nano is one millionth of one unit (8 decimal places).
Why Use Nano?
From the abstract of the coin’s whitepaper:
“Recently, high demand and limited scalability have increased the average transaction times and fees in popular cryptocurrencies, yielding an unsatisfactory experience. Here we introduce RaiBlocks, a cryptocurrency with a novel blocklattice architecture where each account has its own blockchain, delivering near instantaneous transaction speed and unlimited scalability. Each user has their own blockchain, allowing them to update it asynchronously to the rest of the network, resulting in fast transactions with minimal overhead. Transactions keeps (sic) track of account balances rather than transaction amounts, allowing aggressive database pruning without compromising security.”