The NANO digital currency is a Trustless, a low-latency cryptocurrency that offers feeless, instantaneous and unlimited scalability to its users. These features make the Nano an ideal currency for P2P transactions. This currency also utilizes a novel block-lattice architecture, where every account has a blockchain and achieves consensus via delegated proof of stake voting. As the website explains, the Nano network requires minimal resources, process high transaction throughput and no high-power mining hardware. So far the network has managed to process over four million transitions.
How does Nano work?
Requires minimal resources, no high-power mining hardware, and can process high transaction throughput. The Nano network work in a very different way that other blockchain. Unlike other blockchain used by other cryptocurrencies, Nano network uses the Block-lattice structure. This structure allows each account to have its own blockchain which is equivalent to the account’s balance history. The account-chain can be updated by the owner, which allows for the immediate updates and asynchronous to rest of the block-lattice. This process results in quick transactions.
Feature and benefits of Nano
Instantaneous transaction speed
The Nano wallet pre-cache the anti-spam, Proof of Work for the next transaction. Once the transaction is sent, the pre-cache makes it more instantaneous as both sides will have proof of the work and ready to go. There are delays in the ongoing transaction, but only to make sure no transaction spam is experienced.
Because the process is running and incredibly lightweight, a node costs next to nothing exist and Nano transactions are able to be a process free of charge.
The transaction lookups scale with a 01 if they are based on a hash table or LogNo with a tree-like structure.
The Nano network team comprises of community managers and developers. The community managers include people like Louis Nobleman, Jesus Moreno, Kedrin Welodon, Flomess, and Gotodown. Developers on the platform are James Coxon, Zack Shapiro, Colin LeMahieu and Mica Busch.
Where can you trade the Nano currency?
The Nano currency can be traded on several exchanges includes BitFlip, Kucoin, Binance, and OKEx. The development team is working to add the token to additional exchanges with an ultimate goal of trading on all available platforms.
When compared to other currencies, the Nano currency and network offer feeless and instantaneous transaction as opposed to others. The network is built on Block-lattice and IOTA’s tangle which keep the network in an ever forward moving direction.