Because there are no mining rewards and no fees, the network is cooperative. In mining, energy is expended to be the first to mine a block. This is what allows the Nano network to confirm transactions within a second. These Representatives confirm transactions (67% consensus needed) as soon as they see a transaction, which means that Nano’s speed is mostly limited by internet connection latency (practically the speed of light). Anyone can be a Representative, and anyone can change their vote at any time. Every Nano holder votes for a Representative using their Nano balance. Nano combines the block lattice architecture with Open Representative Voting (ORV). Instead of competing for space, users add blocks to their own chain and broadcast this addition to the network. Rather than having one big blockchain, where everyone competes for space in the next “block” to be mined, Nano utilises something called the Block Lattice. To accomplish this, Colin came up with a new architecture for Nano. Nano makes money efficient for a more equal world - simple to pay with, easy to accept and open to all. The goal was to create a cryptocurrency that could be used for daily payments by everyone, without the carbon footprint that comes with Bitcoin. In 2014, he began development on a new cryptocurrency. However, he was frustrated with the inefficiencies in (then) current cryptocurrencies. Nano’s primary developer, Colin LeMahieu, was enthusiastic about the possibilities that a self-sovereign form of money like Bitcoin offered. While a beautiful idea, as a means of payment it has failed. It doesn’t scale, with capacity maxing out at roughly 7 transactions per second, and due to the fees and waiting times is practically unusable as currency. Adding to this, research shows that Bitcoin uses more energy than some countries. Transfers can become increasingly expensive and take around 2 hours on average. However, Bitcoin comes with its own share of issues. This money printing hasn’t stopped since, leading many people to conclude that as extra dollars and euros are being printed, the dollars and euros they hold are becoming worth less and less over time. At the time, many banks were being bailed out, while central banks printed a lot of extra currency to support these bailouts. This was an attractive proposition following 2008. ![]() Anyone with an internet connection could participate. This enabled Bitcoin users to transact internationally, without relying on (central) banks. It offered a form of money that no one party could print more of, or block transfers of. Created by Satoshi Nakamoto, Bitcoin solved the challenge of how to have digital money that could not be copied. A short history of cryptocurrencyĬryptocurrency started with Bitcoin. It’s secure, borderless and uncensorable money, open to anyone. Sending to yourself like this doesn’t seem impressive, but the transfer you just did is possible from and to anyone, anywhere, anytime, with no one able to stop your transfer and not a cent paid in fees. Try sending some from one wallet to the other and see for yourself. Nano tends to transfer faster than you can switch screens. To fully appreciate Nano’s speed and ease of use, it’s recommended to get a second wallet on the side, like in your browser, or Nalli as a second app on your phone. Fill in your Nano_ address and hit send.Install Natrium ( Android here, iOS here).What is it, and why are people so excited about it? In this article, I explain what makes cryptocurrency innovative and why Nano specifically is an incredibly exciting project.įirst off, to understand the excitement about Nano, all you need to do is try it out for yourself, within 2 minutes. There’s a good chance you’ll have heard a friend talking about cryptocurrency recently.
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