Nano 2018-03-21T08:49:35+00:00

what is nano price where to buy nano

What Is Nano?

Nano formerly known as Raiblocks is an exciting concept that has received a lot of interest ever since its launch. which offers Instant, fee-less transactions, there are a lack of miners present in the system, and instead of a blockchain, the project has chosen to use a block lattice
So, how are they able to offer fee less transactions? Well, it’s important to do a comparison between Raiblocks and current systems like Bitcoin.
Bitcoin is run by a blockchain, and the blockchain contains the transactions of everyone. When one sends a transaction, the transaction is sent to a memory pool, the transaction sits in the memory pool until a miner comes along picks it up, places it in their block and adds that as part of the blockchain when they perform their computations.

The difference

As you might have guessed, Nano does things a little differently. Nano designed their system in a manner to where each account is comprised of it’s own blockchain. All accounts combined make up the block lattice.
What are these individual account blockchains comprised of? When one makes a transaction, the transaction is a block in their own blockchain, if someone were to conduct an analysis on an account, one would see all transactions that took place for that individual on the Nano network. One can send funds in a unique manner. When one seeks to send a transaction across the Nano network, one would form a “send” transaction in their blockchain. Then, the person who is the recipient would have to create a receive block in their blockchain. The actions by both parties do not have to take place immediately and simultaneously. One person can create a send transaction and the other person can wait a few days and get around to creating their receive transaction and still be able to retrieve their incoming transactions.
Thus, these transactions are happening in an asynchronous manner. The process is somewhat similar to that of texting. You send your text message and want a response immediately. Yet, the person you sent it to, may respond within an hour, or much later. As opposed to a call where you either connect with the other person immediately when they pick up or don’t when they don’t answer the call.

How do they deal with Spam?

If there aren’t fees, this means that there might be abuse in the system, such as spam. Nano implements a proof of work system to deter and minimize potential spam. Proof of work is typically associated with Bitcoin and Ethereum mining but Proof of Work in Raiblocks is different. One’s
computer has to solve a cryptographic puzzle prior to the sending of the transaction.

Nano (XRB) Live Price:

Recent cryptocurrency news

  • Domain Names Are Crucial For Mass Adoption

NNS Mainnet has launched

October 17th, 2018|0 Comments

The Neo Name service is finally live after months of testing. Users can now bid on .neo domain names to use instead of their public key. NNS launched on November the 9th and users can [...]

  • Mastercard May Be About To Enable Bitcoin Transactions

Mastercard May Be About To Enable Bitcoin Transactions

October 10th, 2018|0 Comments

Bitcoin and cryptocurrencies has gained unprecedented media attention since being launched in 2009. Many have debated as to whether or not bitcoin will make into mainstream markets, and many have argued that bitcoin needs to [...]

  • Sweatcoin app

SweatCoin Literally Pays You $0.06 USD Per 1,000 Steps!

October 9th, 2018|0 Comments

Sweatcoin is an App available both on IOS and Android devices that literally pays you for working out. By allowing the app to use your location and count your steps, you are rewarded by Sweatcoin [...]

  • coinbase wall street

Coinbase Looking To Recruit 150 More Staff, Recruiting Wall Street’s Finest!

October 5th, 2018|0 Comments

Coinbase, the biggest cryptocurrency exchange in the United States have recently opened an office in New York City. Instead of selling cryptocurrency to regular individual investors like it has been, the purpose of the New [...]