NANO: What is it?
Nano, formerly RaiBlocks (XRB), is peer-to-peer electronic cash. Based on directed acyclic graph (DAG) technology and released under the FreeBSD license, it’s a decentralized, open-source cryptocurrency. With its distributed ledger and block-lattice structure, it operates without intermediaries.
OVERVIEW:
In 2014, the project – then called RaiBlocks – was launched. The coin (then known as XRB) was made available through a public faucet, which users could claim after completing a captcha challenge. They could complete as many captchas as they liked in exchange for XRB.
As of January 2018, RaiBlocks (XRB) has been rebranded as Nano, reflecting the simplicity and speed the project offers its users.
Users can transfer value to one another without relying on central intermediaries using a unique block-lattice data structure.
Nano uses Open Representative Voting (ORV) instead of other platforms that use a massive mining network to achieve consensus – account holders vote for their preferred representative, who works to confirm blocks of payments securely.
Its energy efficiency sets Nano apart from other cryptocurrencies based on proof-of-work (POW).
Founders of Nano:
A highly experienced engineer and software developer, Colin LeMahieu founded Nano after working for prestigious tech companies like Dell, AMD, and Qualcomm.
 Known in the digital currency community for his expertise in space technology, physics, and sustainability, LeMahieu describes himself as an inventor. A Nano development and adoption organization created in 2017 to encourage the development and adoption of the Nano, he began working full-time on Nano in 2017.
Nano’s GitHub repository was mainly updated by Colin LeMahieu.
Nano Foundation employs over a dozen other people, among them George Coxon, a graduate in Evolutionary Anthropology who has extensive account management experience and is currently the foundation’s co-founder, executive director, and COO.
Conceptual design
Nano utilizes a block-lattice data structure where every account is linked together by a chain of blocks (account chain). The genesis block is a transaction containing the account’s current balance. It is the first cryptocurrency built on a directed acyclic graph (DAG).
In Open Representative Voting (ORV), the consensus is reached via an algorithm that is similar to that of Proof of Stake. In this system, accounts are assigned a voting weight based on the number of NANO they hold. Depending on the account, this weight is assigned to a specific node. If two new transactions contradict each other (such as in a double-spending attempt), the nodes vote on which to broadcast. We confirm the first transaction that has 67% of the total vote weight and discards the others.
Nano can function without monetary incentives being offered to either users or validators. Because certain entities benefit directly and indirectly from the network (cryptocurrencies exchanges via trading fees, merchants avoiding credit card fees, etc. ), there is an interest in maintaining its health and decentralization by running nodes. Due to the lack of direct incentives to accumulate voting weights, this also helps prevent centralized processes similar to the proof of work and stake architectures that are characterized by economies of scale.
 How is Nano Different?
Nano is built for speed. The speed of Nano transactions is so high that many reach finality in less than a second – compared to a few minutes or longer for many other major cryptos.
Its speed makes Nano an excellent choice for commercial payments since merchants and retailers won’t have to worry about payment delays.
Nano transactions are free of charge as well. Representatives don’t receive monetary compensation for securing the network, so there is no need for a transaction fee. Because Nano eliminates the need to pay a potentially expensive transaction fee, it is ideal for processing micro-transactions.
Its unique architecture makes it possible for it to offer these features. Instead of relying on a blockchain-based distributed ledger, Nano leverages a different type of ledger called a directed acyclic graph (DAG).
Nano does not need an energy-intensive mining network to maintain its integrity and can process 1,000 transactions per second (tps) without requiring much power, positioning it as an eco-friendly digital payment option.
Is the Nano Network Secure?
Representatives are selected by NANO holders, each of whom is elected by his or her fellow NANO holders.
The voting power of these representatives is determined by the number of votes that NANO holders have delegated to them. During the Nano network, these delegates vote on the validity of transactions, ensuring that only valid ones are confirmed.
The purpose of this procedure is to protect the network from a type of attack called a double-spend – an attack that occurs when an attacker manages to manipulate the network to purchase the same funds twice.
Nano: Where Can You Buy It?
 More than 50 platforms are supporting Nano, so one of the best ways to get some is to buy it from one of those. Nano cannot be mined, so getting some is not easy. Nano is currently available on Binance, OKEx, and Huobi Global, alongside Kraken and Binance.US, which allow for the purchase of nano with fiat.
