Nano (NANO) is a cryptocurrency made by Colin LeMahied in 2017. It uses Directed Acyclic Graphic (DAG) technology and blockchain to address the main problems that Bitcoin still currently faces.
Started as RaiBlocks in 2017, Nano intends to solve the problems of scalability, high transaction fees, long transaction times and power intensive consensus mechanisms that Bitcoin faces today. Bitcoin can currently handle a small number - 7 transactions per second - with fees constantly rising as the blockchain load increases. Furthermore, the average transaction time for Bitcoin is around 160 minutes, which is much longer than many other blockchain projects.
The DAG that Nano uses is known as the Block Lattice and is a similar technology to that of Tangle from IOTA. The specific DAG that Nano has implemented allows for simultaneous transactions to occur as each different account on the Nano network will have its own private blockchain. This private blockchain provided to the user is updated asynchronously to the rest of the Block Lattice which allows for transactions to occur simultaneously. This results in an improved latency due to the dual-transaction mechanism that requires both senders and receivers to verify a transaction, thus removing the need for miners and completely eliminates transaction fees.
As there are no miners on the Nano network, it is secured by a Delegated-Proof-of-Stake (DPoS) consensus mechanism. This involves elected delegates voting on which transactions to verify if any problems arise within the network. The removal of miners and use of DPoS means that the network will not be subject to mining centralization and is not as power-intensive as the Bitcoin consensus Proof of Work (PoW) mechanism is.
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