WHAT IS NANO TECHNOLOGY?
Nano is a decentralized, free, sustainable, and incredibly fast network.
As part of the third technological generation of cryptocurrencies, it was developed to be simple and to solve the existing insufficiency of other cryptocurrencies.
This unique blockchain technology uses an innovative distribution strategy that breaks with the conventional concept of cryptocurrency.
It is a technology that delivers what it proposes very efficiently: making a coin for everyday use with great comprehensibility for the user.
One of the best parts is that nanotechnology does not require big equipment to maintain your network, and being energy efficient, making it super sustainable for today, increasing your capacity of transactions per second, your security, and your decentralization!
How did Nano technology come about?
Developer Colin LeMahieu started in 2014 to develop a new distributed network architecture called Block-Lattice. Colin was concerned with solving three of the big problems facing Bitcoin and other cryptocurrencies at the time: energy consumption, transfer speed, and the cost of fees.
On October 24th, 2015, a year and a half after developing Block-Lattice, the development of Nano was announced to the world, which at the time was still called RaiBlocks (XRB), talking about the advantage of being a fee-free currency and highly scalable.
Colin LeMahieu, developed Nano in his spare time from his job as a software developer and developed it from scratch, unlike other cryptocurrencies like Litecoin and Bitcoin Cash which are forks of Bitcoin.
Nano today is one of the oldest cryptocurrencies, having some achievements, such as being the first fee-free cryptocurrency and the first cryptocurrency to use the DAG (Directed Acyclic Graph) structure, thus becoming an enviable technology for any other cryptocurrency and a great influencer of new currencies in the market.How does Nano technology work?
Nano technology uses Block Lattice, which means your transactions are asynchronous, and one account can send to another and the sender does not have to wait for a response before performing other tasks.
Transactions are verified and go through an anti-spam tool, which consumes very little processing power (PoW, Proof of Work), checking only a few requirements, if the lock is signed by the account holder, if there is a lock on opening the account and whether the transaction is valid, following certain criteria.
Interestingly, this small processing power of the Nano results in a low energy cost. Just for comparison purposes, a single Bitcoin transaction uses about 651,080.00 Wh, which is enough for over 6 million Nano transactions, as a single Nano transaction uses 0.11 Wh.
What is Block Lattice?
Block Lattice is a new data architecture for blockchain. Its operation differs from conventional blockchains which are unique to the entire network, wherein Block Lattice each user has their own blockchain, without the need to wait for the rest of the network to update their account.
As each account has its own blockchain (account chain), an Account-Chain can only be updated by the account owner, which means that each Account-Chain can be updated immediately and asynchronously from the rest of the block structure. And that’s what makes the fast transactions that are delivered by Nano technology possible.
As locks can only be added by the owner of each Account-Chain, transferring funds from one account to another requires two transactions: a sending transaction deducting the amount from the sender’s balance and a receiving transaction adding the amount to the balance of the account receivable.