NANO A CRYPTOCURRENCY WITH AN EDGE

#CRYPTONEWS

(image source steemit)
Hello everyone today in this post am going to be talking about everything you ever need to know about nano cryptocurrency so let's get started, Nano is a rebrand of a currency that used to go by the name of Rui blocks purpose of the rebrand was because there are some issues with the pronunciation of Rui blocks some people called it Rey blocks some people called it rail blocks there was a bunch of different discrepancies of the name so they decided to make it a sleeker simple name such as nano reblogs was founded on the idea that cryptocurrency wasn't functional enough as currency and nano continues this fundamental idea today so let's discuss everything you'll ever need to know about nano cryptocurrency what is the purpose of nano as I said before seeks to make a cryptocurrency that's more of a currency at the beginning of Bitcoin the revolutionary cryptocurrency was incredibly functional as a currency but as more and more people flooded into Bitcoin blocks began to fill up with lists of transactions because block space is limited these blocks filled up and as these blocks filled up getting one of your transactions on the block becomes commodity, commodities sell and that's exactly what happened with Bitcoin as the transactions on the block became more and more challenging to get on transaction fees began to rise more and better there are some ways that Bitcoin is trying to fix this with lightning Network and other stuff it's obvious that there is an innate need for a scalable asset that doesn't require a place on what is a limited block this is what nano does so what is the technology of nano now I'm going to outline a couple of technologies so stick with me here proof of work is what bitcoin uses proof of work is a blockchain mechanism to maintain consensus and this consensus is maintained through validating legitimate transactions on the blockchain while preventing improper ones from succeeding bitcoins blockchain is kept up by miners using GPUs and Asics to validate Bitcoin transactions this is proof of work (image source boxmining.com)
it's an extremely useful way to secure blockchain and maintain consensus but it uses an extremely large amount of power so for many reasons nana has decided to do away with proof of work in favor of a couple of different mechanisms first of those mechanisms is proof of stake so you might have heard in the news recently aetherium is going to be exercising some sort of proof of work proof of stake hybrid so that'll be interesting to look out for but let's talk about proof of stake by itself right now proof of stake is an alternative method to proof of work to maintain consensus proof of stake has different people who stake their currency to maintain the network and what that means is that they have a certain amount of currency that's large compared to everybody else in the network what that means is that since they have so much current of the cryptocurrency they want to make sure the network runs smoothly so there's a purpose for them to make sure that it works so the more someone owns the more power they have in verifying the transactions so they're kept in check when verifying these transactions because they're incentivized to make sure that the coin that they have so much of succeeds this method requires much less power if you can run it probably on your CPU free cpu.jpg (image source pinterest)
or maybe even your mobile phone, to be honest and this is actually a system that Nano employs when a conflicting transaction occurs so when a conflicting transaction does not occur nano uses something called block lattice now this is different from both of the consensus protocols that we just talked about there is no need for a vote on a transaction if it's not conflicting for
this reason nanos transactions are incredibly fast seemingly infinitely scalable and completely felis so essentially the
sender and the receiver of the Nano create their own block to do this transaction so instead of having to go through a proof of work or even a proof of stake mechanism to validate this transaction they do this on their own from sender to receiver this is block lattice now going back to proof of stake Nano has specific proof of stake representatives that will do the validation of a transaction when there is a conflicting one now this is maintained by a secure list of specific representatives so you have to go through an application process to Nano to become a representative there's
really no big reward and being a representative it's just that these people want to make sure that it runs correctly so many of the exchanges that have Nano will become representatives anybody running a nano wallet typically will
nano wallet.jpg (image source news.bitcoin.com)
become a representative because they want to make sure that the asset that they are using stays proper and
that the network stays up and that everything is fine with nano this actually allows for an extra layer of decentralization on the network as well as this is outsourced to the representatives now what are some current applications of nano is obviously a pure cryptocurrency or that's what it's designed to be and they're focused on peer-to-peer transactions except encrypting this type of cryptocurrency has many positives for any company running an online marketplace but unfortunately free and easy way is to implement this hasn't existed in the past nano is the perfect currency for these marketplaces to use as it's nearly instant and has no fees required for the company to pay this makes a superior in comparison to credit and PayPal payment methods there are a couple new online payment gateways that use nano as a means of payment the best of which so far is brain blocks to accept nano as a payment free of charge all that a company needs to do is copy and paste a little bit of HTML code that brain box has generated into their payment page very simple very easy to implement very very useful for online businesses now what wallets can you store nano on unfortunately to this point the only wallet they have is a web wallet and that web wallet is nano wallet dot IO this is not an official nano wallet but I'm sure the devs approve of it they do actually have a couple other wallets in development right now the mobile wallet and desktop wallets are in beta stage I believe they say so if you do go to their website or to their reddit page you may sign up for these betas so that's something to keep in mind if you are invested in nano now an interesting thing is back in January on Reddit the ledger CEO said this about potentially adding the Nano slash xrb to the ledger nano to encourage independent third-party developers and to support the xrb community they have decided to waive fees for code review publication and support as soon as you have a production ready solution please notify them and they'll proceed to the integration it seems that ledger has made the offer to integrate Nano on to the ledger for nano this is a huge step for any cryptocurrency although Nano has been going through a lot of other things they should think
about implementing themselves onto the legend,now what exchanges can you get nano on so Nanak's dot co is an exchange centered around nano Nanak's has nano pairs with bitcoin aetherium litecoin garlic coin and bitcoin private Nanak's has no whit no nano withdrawal fee no minimum withdrawal of nano and no maker trading fee the only fee they have is 0.2% take your training fee finance is another place you can use for nano they have nano pairs with bitcoin aetherium and thereby Nance coin there's a point zero one nano withdrawal fee and a one nano minimum withdrawal there's a point one percent trading fee on by an ant's but if you use BnB it is Oh point zero five percent, if you're going to be strictly a trading nano I honestly would recommend Nanak's even though I'm not an affiliate of them kou-kun is another place where you can trade xrb and xrb is functionally at the exact same as Nana so they have xrb pairs with Bitcoin aetherium and USD tether on coup coin there's a point oh five X or B withdrawal fee 5x RPM in mos draw an 0.1% trading fee a couple other ones I don't recommend quite as much that do have Nano or x RB are bit Z right BTC market ox ok X bit flip and coin Falcon so what have we learned today Nano employs a special block lattice system that only requires proof of stake when there's a conflicting transaction for this reason Nano has nearly infinite scalability near instant transactions completely felis transactions and absolutely no power usage thank you so much for reading this post, I hope that was everything you'll ever need to know about NANO as a cryptocurrency, keep trading