Nano

Nano (formerly RaiBlocks) is a trustless and low-latency protocol that utilises a block-lattice architecture. It has key advantages for peer-to-peer transactions such as zero fees, instantaneous transactions and scalability
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Price
Basic
Initial release:
2014-11-10
Hash function:
Blake 2
Smart Contract Support:
No
Consensus Mechanism:
Delegated Proof of Stake
Nano101

What is Nano?

Nano (formerly RaiBlocks) is a trustless and low-latency protocol that utilises a block-lattice architecture(i.e. each account has its own Blockchain).It has key advantages for peer-to-peer transactions such as zero fees, instantaneous transactions and scalability (Nano can reach 1,000+ transaction per second, compared to 2,000 transactions per second for Visa)

 

How does Nano work?

The Nano protocol works by each account having its own Blockchain and a delegated Proof of Stake (DPos)voting consensus mechanism. Since each account-chain can only be updated by the account’s owner, it allows each account-chain to be updated immediately and independently to the rest of the block – resulting in the fast transaction capability.

The use of DPoS prevents malicious attack as the attacker would require over 50% of voting power (i.e. 50%+ of staked NANO). DPoS also provides advantages of minimal energy consumption as compared to other consensus algorithms such as Proof of Work.

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