previously known as RAIBLOCKS
In its former name, RaiBlocks (XRB) first set out in February 2016, aiming to overcome problems such as expensive transaction fees and time-consuming confirmation times on the blockchain.
Its founder, Colin LeMahieu, is an enthusiastic researcher who is deeply eager to analyze the problems in the blockchain structure. After a two-year R&D process since 2014, LeMahieu approached the blockchain from a very different perspective, with a brand new design to block data transmission as the first task.
RaiBlocks started with proper model to solve major problems that we see in many other cryptocurrencies. RaiBlock was really successful to solve systemic problems of cryptocurrency but even being a genius develop blockchain developer ( LeMahieu is significantly good at developing ) does not bring marketing skills. Name of RaiBlocks was not popular in cryptocurrency community and not easy to remember. Lack of marketing and is choosing the name makes company rebranding its coin at 2018 as NANO.
NANO is easy-to-remember brand name.
What is difference of NANO?
When we look into detail;
Contrary to the blockchain design found in the infrastructure of many cryptocurrencies we know, we see that each user has his own blockchain without the nodes in NANO.
NANO use a combination of proof-of-work and proof-of-stake.
Thus, as a first advantage, “equality” is achieved between users in the network. Because all users also have the right to control their own blockchain, and each user can only change their own chain. All users also have a copy of the entire NANO blockchain network.
So, when they're going to transfer money, or rather, they'll send NANO to each other, they don't have to pay any additional fees. Why? Because the people that we call the miner, which we can actually describe as a kind of "intermediary", disappear.
For example, John Doe will transfer NANO to Jane Doe. This transfer actually takes place in the simplest sense, basically in two steps:
1st STEP: When John sends NANO to Jane, the NANO will be released from the account.
2nd STEP: Entry of NANO from John into the account of Jane.
In NANO, John sends money to Jane. Since miners are disabled, it is important that person Jane is online. Jane gets NANO when Jane online.
STEP 1 of the transaction has occurred, but for STEP 2 to happen, Jane must be online and create a block for the "transfer purchase". This is called "asynchronous money transfer" because STEPS 1 and 2 do not have to happen immediately after each other. When Jane is online, she will only start creating blocks for “acceptance of the shipment” and after the block has been created, the account will realize receive NANO.
What was Colin LeMahieu targeted? Expensive transaction fees and very time-consuming confirmation times. The miners are gone, we eliminated the fees, distinguished evolution...
Since RaiBlocks, NANO does not distribute the entire blockchain registry by nodes, it does not need to wait for network synchronization during any operation. It can eliminate Node because, as the entire blockchain on the network is already copied to everyone, the personal history of each user does not occupy the entire system; partly shared from the local chain. In other words, when John and Jane are online, there may be laps in money transfer speed compared to normal blockchains. Well, it's not a problem anyway when it's not online. Because the transfer of money has not made any concrete sense unless we enter our account to withdraw that money.
In the light of all this information, NANO, ie RaiBlocks, challenges all existing blockchain systems with its free and fast transfer infrastructure. Since they are aware of what they are doing as a team, they want to play a role in money transfer in all areas of life in the future.
As a result, it would not be a lie to say that NANO can find solutions to problems such as fast transfer and expensive transfer fees. Well in addition to that; What would you answer if I asked a question about which problem NANO Coin can find a solution for? Of course, this must be their biggest bonus: Since they eliminate miners, there is no need for electrical energy spent on global mining. Turns one of the biggest criticism of crypto money produced with blockchain technology into steam.
Negative points of NANO.
Realy good project but lack of adequate marketing in real-life use partnerships puts NANO in the 54th rank at market cap. The highest price was 37$ in altcoin frenzy period, now it is just above 1$ ( 1.13$)
