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 block-lattice architecture where each account has its own blockchain, delivering near instantaneous transaction speed and unlimited scalability. Furthermore, 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. In addition, transactions keep (sic) track of account balances rather than transaction amounts, allowing aggressive database pruning without compromising security.”
What is Nano (RaiBlocks)?
Nano (previously known as RaiBlocks) is a novel take on cryptocurrency technology in which every user maintains their 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 the 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.
Where to buy Nano (NANO) in the US?
Here are some of the most trusted crypto exchanges for US residents to buy NANO from:
Where to buy Nano (NANO) in Europe?
European traders can take advantage of an even more comprehensive selection of NANO markets from these recommended cryptocurrency exchanges:
How to buy NANO from Gate.io?
- Visit Gate.io’s website and cryptocurrency exchange
- Sign up with your
- You will need to trade with the NANO/USDT or NANO/BTC pairing, and since it’s straightforward to get hold of both Bitcoin (BTC) and Tether (USDT), you should purchase one of them directly from another service and transfer it over to your trading wallet on Gate.io. Our recommended brokers for buying BTC or USDT are:
- Once your USDT has deposited, visit the trading pair here
- Job done! Once your order fills, you’re now the proud owner of some NANO
How Nano Works
Nano aims to achieve its goals by replacing the common, ubiquitous “shared-memory data structure” model that governs most blockchain-based cryptocurrencies with a “message passing” model. As a result, 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).
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 wholly 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. However, 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.