VERDICT: Nano has an interesting history, and an even more interesting use case. There’s nothing complex about what they’re trying to do. It’s a simple use case, which includes frictionless cross-border payments, micropayments, transactional consumer-to-business uses, and as an ideal trading asset. Considering that they’ve conquered the scalability and speed issues Nano could end up being the cryptocurrency that finally gains mainstream adoption.
Nano is probably one of the most promising “payment” cryptocurrencies in the altcoin space today.
The coin makes use of some really advanced technologies including doing away with the notion of a public blockchain. This means that they are able to overcome a number of the scaling concerns that are plaguing some of the more established networks such as Bitcoin and Ethereum.
Despite these benefits, adoption has been rather slow and the price of NANO has followed the rest of the cryptocurrency market. Does this mean that Nano could be a good buying opportunity?
In this Nano review, we will give you everything you need to know about the coin. I will also take a look at the long term adoption and price potential of Nano.
What is Nano?
Nano is a new name, but far from a new project. It was formerly known as Raiblocks, but was rebranded to make the name less technical and more easily understood by the masses.
Nano is a trustless cryptocurrency with low latency, and rather than being based on a blockchain it uses directed acyclic graph (DAG) technology and block-lattice architecture. This also allows each account to have its own blockchain, which is a very unique feature of Nano.
The consensus mechanism used by Nano is Delegated Proof-of-Stake (DPoS). One benefit to using DAG technology is unlimited scalability along with instantaneous transactions and no fees. The lack of resource intensive mining to secure the blockchain is what enables Nano to operate without fees.
One fairly recent development for Nano is its rebrand from RaiBlocks at the start of 2018. The rebrand was done because there was some confusion over how to pronounce the name “RaiBlocks”, and to make the name less technical-sounding as well to help foster increased adoption.
Much of the push for the rebrand came from the user community, and it’s quite encouraging to see the developers listening so closely to their user community. With nearly two years as Nano, the rebrand can be said to be a success as the project has pushed forward, and adoption is increasing.
Nano’s Technology
As mentioned above, Nano is built on Directed Acyclic Graph (DAG) technology and utilizes a block-lattice architecture that has each account or address possessing its own blockchain. Unlike blockchain’s that track transaction amounts, Nano records account balances, and this allows for a far smaller storage requirement.
Each individual blockchain can only be updated by its owner, and it reflects that individuals balance history, sharing it with the network. One unique feature is that this architecture allows each blockchain to be updated asynchronously to the rest of the network. Each transaction is processed by the individuals blockchain and there’s no need for a consensus protocol for distributed agreement.
How Nano Improves Crypto Usage
Nano is a nearly ideal cryptocurrency from a users perspective as it is free of fees, transactions are instantaneous, and it can scale infinitely.
Nano also improves on security with the delegated Proof-of-Stake protocol. An attacker would need to control 50% of the Nano tokens to make a successful network attack. That would require a huge financial investment that’s beyond nearly everyone.
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