Purpose

Nano coin is a cryptocurrency with a block-lattice architecture where each account has its own blockchain, delivering near instantaneous transaction speed, unlimited scalability and no transaction fees. Each user has their own blockchain, allowing them to update it asynchronously to the rest of the network, resulting in fast transactions with minimal overhead. Transactions keep track of account balances rather than transaction amounts, allowing aggressive database pruning (removing historical information) without compromising security.

A block lattice is a novel type of DAG based architecture (explained in our Consensus Mechanism Review) where transferring funds results in two separate transactions. Balances are transferred between users’ blockchains through send and receive blocks, meaning that every transaction must come from a user and go to another one.

Nano coin uses a Delegated Proof of Stake for voting rights and a Proof of Work method for block creation.

 

Strengths

– Faster, cheaper and lighter than traditional blockchains; requires minimal hardware

– No transaction fees

 

Weaknesses

– A DAG architecture with a Proof of Stake voting scheme and a Proof of Work block creation on top of a magnitude of smaller individual chains might create many attack vectors and affect the network’s security until it reaches a significant scale

– The use of a Delegated Proof of Stake consensus might centralize the decisive power in the long run

 

Network Status

The Nano ecosystem is live.

 

Nano Coin Roadmap

No chronological roadmap for Nano coin but the status of their main goals are:

Merchant Services: Merchants have already begun to accept Nano with a variety of exciting solutions available. A horizontally scalable cloud infrastructure for merchants, exchanges, and financial service providers enters initial infrastructure prototype review.

Point of Sale: Nano “Plug & Pay” Point-of-Sale Platform for vendor & mobile terminals enters alpha testing.

Global markets: Recruiting community managers to work alongside the core team to use social media platforms to provide users information about Nano coin. Website redesign and whitepaper updates followed by translations

 

Governance

Nano achieves consensus via a balance-weighted vote on conflicting transactions. With the ability to pick a representative, this is effectively a Delegated Proof of Stake voting system.

For the block creation, all transactions have a work field that must be correctly populated using a Proof of Work. Unlike Bitcoin, the PoW in Nano coin is simply used as an anti-spam tool, similar to Hashcash, and can be computed on the order of seconds. Once a transaction is sent, the PoW for the subsequent block can be precomputed since the previous block field is known; this will make transactions appear instantaneous to an end-user so long as the time between transactions is greater than the time required to compute the PoW.

 

Similarities

Nano is similar to Hashgraph, IOTA, Avalanche and other DAG structures

 

Notable partnerships

There is no mention of notable partnerships.

 

Exchange

Nano coin is traded on Binance, Mercatox, Kucoin and more.

 

Stack

Nano is its own block lattice.

 

Community

Twitter: 99,286 followers

Reddit: 44,105 subscribers

Telegram: 12,110 members

 

Price history

October 30rd, 2018: 1.90$
August 2018: 1.73$
June 2018: 4.12$
March 2018: 15.25$