What is Nano?
Nano, until late January 2018, was known as RaiBlocks (XRB). It is one of the newest cryptocurrencies. Buy Nano (XRB) India – BuyBitcoin. Nano aspires to achieve what Bitcoin, at numerous occasion struggles to be. Nano aims to present itself as an alternative to Bitcoin and ultimately fiats while being efficient and viable.
The white paper of Nano stresses on a number of concerns in the practical use of Bitcoin in day to day life or replacement of fiat with Bitcoin. These concerns were:
· Scalability issues have led to an exponential rise in transaction fee, which at present is around $10 (average).
· Bitcoin transaction now take up to 164 minutes to be completed or approved
· Bitcoin’s proof of work consensus uses an average of 260KWh per transaction
Using its lattice structure, Nano desires to flourish where Bitcoin failed. Nano promises to instant transactions with zero fees with considerably less consumption of energy than Bitcoin.
How does it work?
The block-lattice structure of Nano differentiates it from other cryptocurrencies which use conventional blockchains. Only the account owner has the right to update the account-chain. It also means that the updates are instant and unsynchronised. However, things are a little different how the transaction takes place. In Nano system, the sender must add a send transaction while the receiver needs to make a receiving transaction.
Why use Nano?
The biggest benefits of Nano are as follows:
· Zero fees- Since Nano’s system use lightweight protocol, there are no fees for transactions. Also, transactions are taken care of independently, and each transaction fits with a UDP packet eliminating any block size issue.
· Scalability- Nano use logarithms of data sets using tree-like structures. The reason why Nano is able to promise instantaneous transaction is that the transactions pre-cache system’s anti-spam proof of work to use with the following transaction following completion of each transaction.
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Bitcoin is the most popular cryptocurrency. However, Nano offers remarkable benefits over Bitcoin in terms of transaction time. An ordinary Bitcoin transaction needs processing with orders of hours. The reason lies behind time taken to process a block. The average block processing time is 10 minutes and because a transaction has to be within a block and have that block mined to go through. In a large number of cases, several blocks are joined before a transaction is deemed to be completed. Whereas in Nano, every single transaction is a block and the network can instantly process that block.
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Nano also takes a unique stance on security via the delegated Proof of Stake. To make a malicious attack, an attacker needs a majority of voting powers. In other words, over 50 percent of the voting power. And, in order to make that happen, it will require them to have more than 50 percent of the XRB tokens, something that requires a lot of funds. This ultimately makes it financially unwise to attack it.
The Nano tokens were first distributed in October 2017 under its then name RaiBlocks (XRB). Today, you cannot mine XRB because it has already reached its maximum supply, 133,248,290 XRB.
Buy Nano (XRB) in India
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