Currently, the price of Nano (XRB) is $8.91, and it stands on the 24th position out of the several cryptocurrencies on display on the official coinmarketcap website. In this Post, let’s learn about Nano (XRB).
What is Nano (XRB)?
Before we begin exploring this cryptocurrency called Nano, I think it’s imperative to know why is it called Nano in the first place. So earlier this year on the 31st of January this project called Raiblocks had undergone a complete rebranding effort and thus changed its brand-name from Raiblocks to Nano. This move of rebranding by the founder of the site Colin LeMahieu seems to be a sensible move because the value of XRB shot up by a staggering 40% on the first day itself after the announcement to rebrand was broadcasted across mostly all the social media platforms, etc.
Alright, now that we know why Nano is called Nano let’s see, What is Nano?
Nano (XRB) is an open source cryptocurrency which is designed to provide its users feeless & instantaneous transactions along with maintaining the trust and the required security levels that you would expect of any blockchain based cryptocurrency.
It also offers unlimited scalability which makes it ideal for peer-to-peer transactions.
Nano is the name of the cryptocurrency, and it’s available in the form of XRB tokens.
So that’s it for what is Nano (XRB). Now let’s see how it works. Shall we?
How does it Work?
Unlike those orthodox blockchains that are used on other Crypto platforms like bitcoin, etc., Nano (XRB) makes use of a block-lattice structure. Every account holder possesses his/her own blockchain a.k.a account-chain that is equivalent to the individual account’s transaction/balance history. Only the owner of an account-chain can update his/her account-chain. Therefore, this feature enables each account-chain to be updated almost immediately and anachronistically (chronologically misplaced or rather in no specific order) to the rest of the block-lattice, thus, resulting in quick transactions. Given that only the owners of account-chains can add blocks to the system, a person needs to undergo two types of operations if she/he wants to transfer her/his funds to another account. The transactions include a send transaction which deducts the amount from the sender’s balance and a receive transaction which adds the amount to the receiving account’s balance. You can perform the receive transaction at any point of time; there is no need for the recipient to be online during the send transaction.
So that’s how Nano a.k.a. Raiblocks works. I hope this provides you a little clarity regarding how the platform of Nano operates. If you have any further questions, please feel free to contact me in the comments section. I would love to talk to you.
Consensus system/algorithm of Nano:
The procedure of voting on the Nano platform is balance-weighted. Each account chooses a wallet address of a representative node. The selected node is one that has been configured to stay online and vote as and when required. When an account finally elects its representative, the vote weight of that particular account grows through the balance of the source account.
Votes are assigned a specific weight through account balances. People who possess more funds in the system are naturally incentivized to keep the system honest because a dishonest system would make their investment worthless.
Additional transactions don’t contribute to securing the network; transactions settle individually within a few seconds regardless of other network activity. Because of this, there’s no reason to incentivize generating activity.
A list of current representatives, sorted by voting power, can be found on the official website. Any wallet, regardless of its balance, can be a representative. A good representative is always online to vote.
What is the supply system of Nano?
RaiBlocks a.k.a. Nano is a non-mineable cryptocurrency that has already reached its maximum supply of 133,248,290 XRB some time ago. It distributed its funds (XRB’s) in its initial stages of development through employing a captcha-faucet distribution system which ended in October 2017. So if you happen to encounter certain websites that claim to mine XRB then you need to know that, they are mining for real is other cryptocurrencies like Monero, etc. which they trade for XRB on an exchange, and then pay out their miners in the form XRB by capitalizing on RaiBlocks feeless transactions feature.
Advantages/benefits of Nano:-
- Zero Fees: Since Nanos protocol is significantly lightweight you can run a node on Nano for hardly anything or a dime a dozen (i.e., almost free), therefore, transactions on Nano(XRB) are processed with no fees. On Nanos platform, all transactions are handled independently, and each transaction fits within a single UDP packet thus eliminating any block size issue.
- Instantaneous Transaction Speed: On the Nano blockchain once you undergo a send transaction (i.e., send Nanos(XRBs) to someone ) the wallet of an individual account-chain holder pre-caches the anti-spam Proof of Work for the next transaction. This helps in achieving lighting fast transactions as both the parties/nodes involved have the proof of work ready to go. However, if you happen to encounter some delays in case of ongoing transactions on the platform, please don’t panic because this is supposed to be intentional to prevent transaction spam.
- Scalability: Transaction lookups escalate by using the power of logarithm with the data set size log along with a tree-like structure or O1 if it is going to be based on a hash table. So for you guys to get a better understanding of how this scales, let’s take a look at this example:- It would take 10 lookups if it was a simple binary tree with 1,000 entries. 20 searches for 1,000,000 entries and 30 lookups for 1 billion entries.
- Decentralized: It’s decentralized like a true cryptocurrency should be, and that enables the users to enjoy significant stake over the system which is fantastic because you don’t get to experience the same thing in the Stock Market mostly. Another tremendous problem Nano solves is energy savings, and it achieves this from the fact that no mining of XRB’s possible.
So only the current, i.e., the most immediate block of each account-chain is of importance to the owner of the account-chain. Why if you may ask? A simple answer to your question is so that Nano can prune nodes and reduce the lookup of every transaction even further alongside lowering the usage of the system resources for processing transactions
Team/personalities behind Nano?
Colin LeMahieu- Core Wallet Developer, Creator of RaiBlock
This is where you need to go to find additional information regarding people on the site.
Where to store it?
Currently, you can store your Nano (XRB) using any of the three different options available on their site nano.org.
Let’s take a gander at the three different options available on the site. Shall we?
- Online wallet: This is the official online, light wallet for storing your Nanos or rather XRB’s. If you use this, then you don’t need to download the ledger to keep track of your of your funds.
- Android and IOS apps: This option is for those of you who want to send and receive your Nanos or rather XRBs from the comfort of your mobile phones.
- The desktop version of the wallet: Like the idea of managing your Nano locally? If you want to complete control over your Nano(XRBs), then you could consider synchronizing the online Nano Wallet to your desktop for greater convenience and security.
So, that’s it for this post on the cryptocurrency Nano(XRB). I hope you guys know more about what is Nano (XRB), How does it work, consensus algorithm, etc. If you have any questions, then please do ask them in the comments section below. Also, remember to follow us on Facebook & Twitter.