Nano.org Billed as “digital money for the modern world,” Nano is a lightweight cryptocurrency that is designed to facilitate secure, practically instant payments, without fees, and addresses some of the major limitations of both legacy financial infrastructure, and many modern cryptocurrencies.
Development of the project began in 2014 under the name RaiBlocks, and the coin (then termed XRB) launched the following year through a public faucet, which allowed users to claim small amounts of XRB after completing a captcha challenge. Users were allowed to complete as many captchas as they liked to increase their words — effectively trading their time and effort for XRB. RaiBlocks (XRB) was rebranded to Nano (NANO) in January 2018, with the new name chosen to better represent the speed and simplicity the project offers to users.
It is a peer-to-peer platform that uses a unique block-lattice data structure to allow users to easily transfer value to one another without relying on centralized intermediaries.ORV makes Nano extremely energy efficient, positioning it as a more environmentally friendly alternative to proof-of-work (POW)-based cryptocurrencies.
Nano.org makes money efficient for a more equal world – simple to pay with, easy to accept and open to all
Nano.org is fee-less, making it practical and inclusive for everyone in the world. Nano is simple and easy-to-use by design. By focusing on transferring value as efficiently as possible, the Nano network is able to offer feeless transactions and provides options for users and services to easily access the empowering and cost-saving qualities of digital money.
Nano.org without relying on mining, printing or minting, Nano is sustainable digital money. the world continues efforts to reduce pollution and energy consumption, many digital money networks have resorted to wasteful designs to secure their networks. Nano is smartly designed to address this issue by not relying on power-hungry mining for security, but instead uses a lightweight and efficient consensus protocol called Open Representative Voting (ORV) for minimal energy usage.
Nano.org digital money should be quick and easy-to-use. Whether buying goods at a store, transferring money across borders or making payments online, Nano transactions are completed in under a second so you no longer have to wait. And these are fully settled payments on the network, businesses no longer have to wait for credit card or banking network approval.
Initial Coin Offering
Nano.org utilized a novel CAPTCHA faucet system with the goal of distributing Nano as fairly and organically as possible. Opened on October 1, 2015, the faucet required users to complete complex CAPTCHA tests in order to earn coins. The faucet allowed anyone with a computer to participate by contributing time and attention, instead of the less sustainable mining with other projects.
Nano.org choice to distribute by faucet helped Nano be more accessible to those who didn’t already have the money to buy mining hardware or invest in an ICO. This unique approach was a great way to distribute Nano to people who had never used it before and helped spread coins more broadly across the world. In addition to Europe and North America, this method helped build active communities in Central and South America, including large groups in Brazil and Venezuela, and within Southeast Asia, most notably in Indonesia.
Nano.org network includes a set of unique and efficient features to provide instant payments which require very little energy, are easy-to-use and provide the scalability needed for true digital money. The structure of the ledger is called the Block Lattice and allows each account to have its own blockchain, rather than sharing one single chain everyone is competing to add blocks to. With this setup only the account owner can add blocks to their own chain, providing security while allowing many transactions to occur at the same time on the network.
The consensus mechanism, called Open Representative Voting (ORV), also provides useful differentiation from other networks. Consensus is reached through representatives voting on the validity of individual blocks shared on the network. The voting weight for each representative is assigned to them by the account owners and is in proportion to the Nano in those accounts. Account owners can still use funds without restrictions as no staking is involved and the representatives.
Makes Nano Unique
Nano.org previously touched on, Nano is designed to be fast. So fast, in fact, that most Nano transactions reach absolute finality within less than a second — compared to several minutes or even longer for many other major cryptocurrencies. This speed makes Nano suitable for commercial payments, since merchants and retailers no longer need to worry about transaction delays when accepting payments.
Nano Network Secured
Nano.org is secured by a network of representatives, each of which is voted into position by NANO holders. These representatives are responsible for casting their votes when the network needs to achieve consensus, and their voting power is the sum total of the voting weight delegated to them by NANO holders. These vote on the validity of transactions on the Nano network, ensuring only valid transactions are confirmed.
This process protects the network against a type of attack known as a double spend—which occurs when an attacker is able to manipulate the network to effectively spend the same funds twice.In addition, the Nano network features a wide variety of additional defenses against various possible attack vectors—a full overview of which can be found.
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One of Coinworldstory's longest-tenured contributors, and now one of our news,ico,hyip editors, Verna has authored over 6900+ stories for the site. When not writing or editing, He likes to play basketball, play guitar or visit remote places. Verna, to his regret, holds a very small amount of digital currencies.