What is Nano?
Nano is decentralized, sustainable, and secure digital money focused on addressing the inefficiencies present in existing cryptocurrencies. The efficient and lightweight nature of Nano allows everyone, including individuals in emerging countries to easily participate in local and global economies with a low barrier of entry.
How does it work?
Nano utilizes the Block Lattice, a data-structure in which individual accounts control their own blockchain. This allows blocks to be added quickly without conflict and sent to the network for confirmation.
Transactions occur between accounts with two separate actions:
The sender publishes a block debiting their own account for the amount to be sent to the receiving account
The receiver publishes a matching block crediting their own account for the amount sent
Once a block sending funds is confirmed by the network, the transaction goes into a pending state and cannot be reversed. The receiver can be offline and safely leave the funds in this state until they are ready to publish a matching block that receives the funds to their account.
Representatives and Voting
Nano accounts can freely delegate their voting weight to representatives at any time, the users have more control over who has power with consensus and how decentralized the network is. This is a key advantage to the design of Open Representative Voting (ORV). With no direct monetary incentive for nodes, this removes emergent centralization forces for longer-term trending toward decentralization of the network.
As these votes are shared and rebroadcasted between nodes, they are tallied up and compared against the online voting weight available. Once a node sees a block get enough votes to reach quorum, that block is confirmed. Due to the lightweight nature of blocks and votes, the network is able to reach confirmation for transaction ultrafast, often in under a couple of seconds. Also, note that delegation of voting weight does not mean staking of any funds - the account delegating can still spend all their available funds at any time without restrictions.
What does it aim to solve?
Designed to solve peer to peer transfer of value, Nano aims to revolutionize the world economy through an instant, fee-less and decentralized network that is open and accessible to everyone. The speed of Nano transactions provides broad utility across a wide spectrum of financial applications. With a fully distributed supply, bridging opportunities such as foreign exchange transactions and fast cross-border transfers can be confidently facilitated over a decentralized network.
What are the features of Nano?
Simple & Easy to Use - By focusing on transferring value as efficiently as possible, Nano provides options for users and services to easily access the empowering and cost saving qualities of cryptocurrency. With instant and fee-less transactions, there is no calculating gas or transaction costs - just pick an amount and send. Well designed and intuitive community wallets make sending and receiving simple and easy to understand.
Designed for Decentralization - Each component of the protocol was created with the long term goals of decentralization and accessibility in mind. Due to the Open Representative Voting consensus mechanism Nano uses, nodes on the network consume minimal resources and don’t receive direct payment for validating transactions. This setup removes the centralizing force that mining and staking pools cause, and provides operational cost savings to businesses.
Fairly and Fully Distributed- Having confidence that buying power can’t be diluted by any central entities is important for any true currency. Nano’s full and fair distribution, along with its focus on long-term decentralization, provides protection from centralized forces impacting its ability to capture, retain and transfer value.