npub15p…27pgn on Nostr: Nano Cryptocurrency Explanation David Vissers What is Nano? Nano is a cryptocurrency ...

Nano Cryptocurrency Explanation


David Vissers
What is Nano?

Nano is a cryptocurrency that uses a unique technology called "block-lattice" architecture, which allows for fast and fee-less transactions. It was created in 2015 under the name RaiBlocks, but was rebranded to Nano in 2018. It utilizes a new consensus mechanism called "Open Representative Voting" and is designed to be a decentralized and sustainable digital currency.




David Vissers
Benefits over Bitcoin

Nano has several benefits over Bitcoin that make it a unique cryptocurrency:

Faster transactions: Nano transactions are processed in real-time and are confirmed in under a second, while Bitcoin transactions can take up to 10 minutes to confirm.

No transaction fees: Nano transactions do not require any fees, making it ideal for micropayments and small transactions.

More efficient: Nano uses a technology called "block-lattice" architecture, which allows each account to have its own blockchain, making it more efficient and less resource-intensive compared to Bitcoin's blockchain.

Scalability: The block-lattice structure allows Nano to handle a large number of transactions per second, making it more scalable than Bitcoin.

Decentralization: Nano uses a consensus mechanism called "Open Representative Voting" that allows for true decentralization, as every account holder has an equal say in the network's governance.

Energy efficient: Bitcoin mining requires a lot of computational power and energy, which can be costly and environmentally damaging. Nano uses a different consensus mechanism that does not require mining and is therefore much more energy-efficient.