We need to talk about: Nano, a world of feeless transactions

By Eroshi | Eroshi-sensei | 25 Aug 2020


Hello crypto newbies, Eroshi-sensei here!

After all this DeFi's storm, ETH 2.0, and whatever... You'll pay fees... no matter what is the mainstream cryptocurrency or Defi in the end you'll need to pay fees, you created a new ERC-20 you will pay fees, you create a new DApp in the Ethereum network you'll need to pay fees... We can talk a lot about Bitcoin, Litecoin, Ethereum, USDT, DAI, and all these things, but they all have something in common: fees.  Yeah, I know it's to help all the node in the blockchain system but... if a digital currency that would be feeless... or has instant payment, different from the bitcoin's timing to receive your satoshi... a kind of utopia in this cryptocurrency generations... And Nano does it well...but why?

 

Because Nano is decentralized, feeless and has instant payment!

 

What is Nano?

 

Nano is a digital currency created by Colin LeMahieu in 2015, introduced us DAG, a different architecture from Bitcoin's algorithm, each Nano address is a blockchain by itself! This is called by Block lattice and the magic from feeless and instant payments happens because of it!

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What is Block-lattice?

 

The Block-lattice is a structure where every user (address) gets their own chain that only they can write to, and everyone holds a copy of all the chains. Block-lattice transform a shared global ledger(like in Bitcoin) into a set of non-shared asynchronous ledgers, which speed up transaction time, that's why Nano is fast! Every account's update in your own blockchain is asynchronously changed that's because it's instant.

Each account chain can only be updated by the owner of the account. This is because each block in the chain must be signed by the accounts' private key. The rest of the node network will still check and verify that every block is valid and make sure there are no double-spends and that people don't increase their balance more than they are supposed to.

 


Security/Consensus of Nano

 

Nano secures its ledger through the use of delegated proof of stake (DPoS): With dPoS, users have the ability to choose a representative node to vote on their behalf, acting as a voting proxy. A representative node fulfills tasks such as verifying signatures for blocks that are processed, and in the event of conflicting transactions, voting for the valid transaction. The voting process is balance-weighted, meaning that the weight of a representative’s vote is directly proportional to the amount of Nano that has been linked to it. The greater the number of Nano linked to a representative, the more its vote will be worth. This is possibly more secure than POW coins which rely on 51% of the hashing power: anyone who launches a 51% attack on a DPOS coin would have to own 51% of all coins.

Even though all the DPoS system to secure the blockchain, there is a bit of POW inside a block but is used by the nodes to avoid spammers in the node system of the vote.

 


Exchanges and Wallets

Nano it has been accepted by a lot of famous exchanges that you can buy your Nano: Binance, Uphold, Kucoin, Kraken, OKEX and you can see all the list here!

But as everybody knows, the better way to stay safe with your Nano is saving outside of Exchanges, in a safety Nano's wallet

 


Nano faucets!

Nano is a currency that has been distributed by the community and this has been growing in the last years, so there is some ways of distribution of Nano to make you start to get something to start with your wallet got above... So this is a list of online faucets:

 


Personal vision about Nano

 

Nano has been improving in the last years, in the beginning, was a real hype about the DAG/block-lattice system and the world of opportunities but lost a bit of popularity over the modernity to Ethereum with smart contracts, and nowadays with DeFis, but I hope after all money lost with fees in DeFi, people will watch even more Nano.

Even though all the good things in Nano as instant, eco friendly, and feeless, I think its missing a bit more of digital marketing, because this currency has a lot of potential and I haven't been reading anybody talking about this currency in the Publish0x or anywhere, just in the Banano Community(that's a fork from Nano itself, there will be an article about them) and they are here in the publishox though.

So, guys, this is it, a cool overview about Nano and how it works, I needed to talk about it, this currency is amazing, you don't need to pay any fees to transfer or receive to yourself, you can save it in your wallet and win a bit in the faucets over the internet!

 

So that's it, thanks for reading and tip and I hope you like!

If you want to donate some bit of nano feel free to send and let's make Nano freat again! :)

My Nano Address: nano_1eroshi3kz1ye9o6c6nxqu5zzfhxmc9mqugg9uf8nfk1nw5nnx6q5r66e3ke

Send me some Nano using Nault here!

 

Thank you! 💓

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Eroshi
Eroshi

Front end developer and Crypto evangelist, but not finacial advisor! Follow me in twitter: @andrecrjr


Eroshi-sensei
Eroshi-sensei

Crypto enthusiast (not a financial advisor), and front-end developer!

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