Lately the transactions fees of Bitcoin have been going through the roof and everyone is looking for a different solution to sent a little or a lot of money to other people. The main requirements for this new cryptocoin are fast and cheap transactions.
Introducing Nano currency
Nano currency (XRB) is a cryptocurrency with zero fees, instant transactions and infinite scalability. It solves the problem that other major blockchain-based protocols are having, namely the issues with scalability, transaction speed and high fees.
Nano is, just like IOTA and Byteballs, a directed acyclic graph–based cryptocurrency or in short a ‘DAG-cryptocurrency’. In a DAG system, there are no miners and there are no large blocks, users confirm each other’s transactions via a process that confirms previous transactions with each new transaction. Because there are no blocks, there is no block size issue and therefore, the block scaling debate seen in currencies such as Bitcoin does not exist. In DAG technology, each new transaction confirms at least 1 previous transaction.
How does Nano work?
The concept of Nano is slightly different from other DAG cryptocurrencies, as it’s using a block-lattice structure. Each account has its own blockchain or account-chain, which is equivalent to that account’s transaction and balance history.
Every account-chain can only be updated by the account’s owner. Blocks (which only cointain one transaction) can only be added by the account-chain’s owner which means that transferring funds from one account to another requires two transactions: a send and a receive transaction. The send transactions deducts the amount from the sender’s balance. While the receive transaction adds the amount to the receivers balance.
Each account chain updates asynchronously from the rest of the block-lattice. This means that if the recipient’s wallet is not online when the transaction is sent, the transaction will be settled once the recipient’s wallet comes online and the receiving block is created. The result of this are incredibly fast transactions. If you want to know all the technical details like how transactions work, how consensus is achieved and how different attacks are prevented, you can read the Whitepaper HERE.
Conclusion and how to buy
Nano does one thing and it does the one thing well. It’s the perfect tool for transferring value since even micropayments are free, easy and instant.
The best way to buy Nano is on the Binance Exchange
Buy some Bitcoin, Ethereum or Litecoin on Coinbase, a guide on how to do this can be found here.