Top 5 reasons why Nano is the perfect choice for you
Nano (previously Raiblocks) was a project that started in 2014, by lead developer and the most active github contributor Colin LeMahieu. He is the creator of the block lattice, the feature that makes this cryptocurrency the most exciting prospective technology for the near future. It turns the current blockchain on its head by having each individual account on its own blockchain and transactions are carried out between those individual chains. It creates an instantaneous network with extremely low energy requirements. With a very popular faucet, Raiblocks became popular quickly because it stole people’s attention immediately when they heard and saw what it could do.
It gained popularity from being frequently discussed on the Iota sub-reddit and that’s how it all started . The core team at that time was looking to grow and fortunately they had little problem in attracting some very talented individuals to the project. The community around Raiblocks at that time was as strong as it is now and the block lattice technology was very enticing to interested developers and community managers. Colin and the team continue to work extremely hard, are still active members of the community despite the exponential growth and keep the community up to date with everything that they are working on.
Nano was known as Raiblocks until January 31st 2018, when it underwent a large scale re-branding. Presented as “the digital currency for the world”, it is known as an instant and fee-less cryptocurrency. Being compared to Iota, and other fast cyptocurrencies , Nano has already forged its place amongst the top cryptocurrencies in the world in a an incredibly short space of time. It has attracted attention from big cryptocurrency players such as Charlie Lee, the founder of Litecoin, Garry Tan and David Hay who have all showed a glowing interest in the technology and talked about it in the media often.
Sounds too good to be true? “Instantaneous transaction, zero fees and infinitely scalable”. In reality these expectations are met excellently and it is currently not reflected in the perceived value of Nano. With wallets entering final beta stages, the community is ready and waiting to share with the world the virtues of Nano and are excited to help Nano have huge impact on the crypto space.
Why is nano the perfect choice for you?
1.CORE TEAM AND DEVELOPERS
Nano has an amazing community and anyone can dedicate their free time to contribute to the project. The open source nature has allowed a stable of talented community based developers to contribute to the code and evolution of the technology. Nano has everything a proper community needs to have, the NanoTrade and general Nano discords are open and very active everyday with plenty of ideas as well laughs on offer. It’s no wonder why it is the most active cryptocurrency server on discord. The users are awesome and respectful with lots of creativity and positive vibes. There is a fun tipbot which shows the virtues of Nano as a technology and allows users to share and donate the currency easily. The moderators and developers are there whenever you need them! and you can discuss anything with them , regarding literally everything. They try to talk to everyone and not leave any problems unaddressed. The developers give updates about everything they are working on. That’s why the nano community is lovely! and that’s a reason why nano is the perfect choice for you.
2. ITS DECENTRALISED
Nano is a decentralised cryptocurrency , and it’s trying to be 100% decentralised with the help of everyone. The decentralised and open source nature creates opportunities for anyone to contribute in the project! Whoever you are and whatever you do, you as well can have an impact on Nano’s future! for example Andy from @nanothings- contributed by setting up a merchandise store to showcase the Nano payment gateway and created a Nano News twitter account to help spread the word. Jaydubs, a community member from 2017 decided he had had enough of the poor exchanges early on and created Nanex – the first exchange with Nano pairings for all its listed coins. You reading this, could play an important part in this project!
Since the token distribution ended months ago, there is no ICO to contribute to financially. Instead, you can contribute your resources to Nano. If you want, you can run a lite node with just a fixed maximum portion of disk, bandwidth and CPU. Or you can allot more disk space and run an audit node. For those with reliable internet connections and dedicated processing power, you can run a representative note.
Nano is an instant peer to peer currency trying to address some of the common economic problems around the world. Being fee-less and with a current theoretical limit of 7000 transactions per second it’s scalability makes it a revolutionary cryptocurrency. It is the cleanest, greenest and simplest transfer of value in the crypto space and that’s the attraction. Nano has a unique way of processing transactions, which is pretty simple when you understand it, and its the “block lattice”what makes the project unique.
How the system processes transactions;
Unlike other blockchain technologies, each Nano account has its own blockchain, which is referred to and is updated by the account owner and in turn, asynchronously updates the rest of the block-lattice resulting in fast transaction times. Since each user updates its block sending and receiving funds requires two transactions; a sending transaction which deducts the amount sent by a sender from his balance, likewise the receive transaction which adds amount gotten from sender to its account balance. These two transactions don’t have to be at the same time; the receiver can accept the transaction anytime.
4.POVERTY and BANKING
Known for its revolutionary tech, Nano is the perfect choice for helping countries with high poverty, huge corruption and hyper inflation. For example Venezuela, known for it’s dictators and corruption as well it’s unstable political situation, was talked about by David Hay – an activist working in South America looking to use a crypto coin to seed an economy. He said “Yes, it could work. I’ll reach out to their marketing team” it’s almost calculated that most of the faucet users were from South America, this could be a big gateway that could bring huge adoption to blockchain technology, crypto and the block lattice tech as a whole. Helping all parties this could put Nano under the media spotlight.
Nano is known as an eco-friendly project that uses nominal electricity when making a transfer. It doesn’t need miners like other projects and the block lattice has each account creating its own blocks,and computing its own proof of work. Because of its lightweight protocol and the cost of running a node being next to nothing, transactions are processed without fees. Each transaction on the network fits in a single UDP packet and is handled independently, eliminating block size issues.
Also, wallets are pre-cached for the next transaction once a transaction is sent, making transactions instant as both sender and receiver have proof of work ready to go, leading to instantaneous transactions, unlike bitcoin, nano is far more advanced than any cryptocurrency out there.
What Nano aims to achieve is simple. To replace the conventional shared memory data structure with the message passing model in which users have their blockchains that only syncs with the main network. It is the only cryptocurrency which employs the block-lattice (multi-dimensional blockchain) freeing users from paying fees to miners, waiting for network ledger update and also avoiding long transaction confirmation times. With the solution it presents, cryptocurrencies are now genuinely able to replace fiat currencies for everyday use, and Nano sits in the prime position to be the coin to do this.
Join the Discord, subreddit and also have a look at some of these community resources and important pieces of information below.
Edited by Andy@NanoThings