Nano (XNO) Cryptocurrency
Nano is a decentralized, open-source, peer-to-peer project that simplifies cryptocurrency payments by offering instant and free transactions.
Nano uses a special data structure called a block lattice. This technology helps organize blocks in a specific way, with each account having its own blockchain.
Each transaction occurs the same way:
- the sender publishes a block indicating the amount to be sent;
- the recipient publishes a block indicating the amount to be received;
- the block must be confirmed by the network;
- the recipient publishes a block confirming receipt of funds;
- If the recipient is offline, the funds are kept pending, this is called a pending state. While the funds are at this stage, the transaction cannot be canceled.
The structure of the block is also interesting. Each block contains all the information about the account at the moment and the Proof-of-Work value. This speeds up the transaction process.
Nano is based on a consensus mechanism of open representative voting. This mechanism gives accounts the right to freely choose representatives when they prefer, and these representative accounts vote on the validity of transactions using the voting weight delegated to them. These representative accounts are built on nodes and remain on the network to ensure a continuous voting process to verify transactions. Open representative voting is intended to decentralize and give users more control over participation in the consensus.
Nodes are the core of the Nano network. There are two types of nodes:
- main representative node
- representative node
They have different voting and validation capabilities, and therefore different hardware recommendations. Users of this network can run their own nodes. Running a node helps decentralize the network. However, it is important to note that validators do not receive block rewards.
To use the Nano network, you must create an account. This procedure consists of two steps: the user issues an open transaction and selects an account representative. When all of the above is completed, the invoice is ready. Getting started with Nano is very easy, it costs nothing and has an intuitive interface.
Nano (XNO) Review
The lead developer of NANO is Colin LeMahieu. Since 2010, Colin LeMahieu has been interested in Bitcoin. He was amazed by the idea of a decentralized cryptocurrency. However, he saw a number of existing shortcomings. In 2014, he began working on his own project. Nano originally had a different name, it was called RaiBlocks. It was officially announced in 2015, then rebranded in 2018 and called NANO.
Advantages of Nano (XNO)
- High-speed. One of the main ideas of Nano is that digital money should be fast. The technologies used on this platform enable this experience.
- Availability. Nano is very easy to use. The intuitive interface helps anyone participate in the economy. Moreover, transactions are commission-free, which provides even more opportunities for participants.
- Special consensus mechanism. This provides more control for users and better decentralization.
- Small blocks. This helps to complete transactions faster.
- Reduced energy costs. Unconventional PoW and the absence of mining avoid the need to waste a lot of energy.
Disadvantages of Nano (XNO)
- Lack of progress in adoption. This is the main disadvantage that active users discuss. Although the platform itself and the idea behind it seem interesting and promising.
