Nano was created for one purpose only - to transfer values over a distance in the most optimal way possible.
NANO basic features, advantages and disadvantages
One of the greatest assets of NANO is, of course, true, fully free transfers.
It literally means that if we transfer 1 NANO, the recipient will always receive 1 NANO and it's completely free! This aspect also excludes the frequent problem with the correct setting of the transfer fee (fee) in the case of "traditional" cryptocurrencies in the POW technology (proof of stake). Because of this, our transaction may get stuck in the queue
Thanks to a completely new technology and low demand for computing power, the whole network consumes dramatically small amounts of energy.
As a result, the network keeps cheap NODY (nodes)whose monthly cost of living is 5-10 $.
Everyone can become part of NANO and maintain the server, as a result everyone can be a voluntary representative to support the project.
The target group of representatives are institutions such as stock exchanges, stores, payment processors, Universities, etc.
The transfer time is around 3 to 5 sec (with confirmation)
In technology Proof of Work these times are only available in the absence of confirmation (i.e. in the so-called 0-conf case).
NANO has several built-in safeguards against hacking attacks, one of them is forcing a small proof of work calculation, which means our computers have to do a little work to transfer funds.
It is worth noting that in this technology there is no possibility of a 51% attack (double spend attack)
All security features along with a detailed description can be found on Github.
The NANO theoretical bandwidth is 7000 TPS (transactions per second). This is a purely hypothetical value as NANO speed is largely dependent on hardware constraints such as disk speed, network bandwidth, etc.
The creator of NANO, Colin Lemahieu says that with the development of infrastructure and equipment, this value is higher. At the moment, real, confirmed value in community tests is stable 80 TPS (transaction per second), the highest measured value on the day of writing this article is 756 TPS. This value should increase after the completion of improvements which should be completed by the end of 2018 year.
An interesting fact is that many projects overestimate this value, giving numbers from a very short period of time, such measurements have nothing to do with real values, because in fact, what counts is the average obtained over a longer period of time (the test should take several hours).
Unfortunately, many projects give confusing values obtained in a closed loop of several servers in Amazon's strong cloud purchased, which is a complete spotting of real results.
This is one of the main pillars of the NANO project, the creators put a lot of emphasis on this issue, each user of the portfolio can choose their representative, thus contributing to decentralization.
In the future NANO nodes (nodes) are to be fully public, the community will be able to easily assess the credibility and consciously choose their representatives, ultimately they will also be institutions such as Universities, exchanges, etc.
There are clearly visible disorders in decentralization, the era has ended digging cryptocurrencies by "ordinary" bread eaters.
The era of large corporations with cheap electricity has begun and the exclusion of smaller mines from the interest of smaller mines, in addition, there is a fight for the biggest piece of cake between mining companies, decentralization, security and the overall reputation of the cryptocurrency market suffer from it. The effect of this are frequent forks, i.e. the division and branches of the block chain, as a result, it leads to the division of the community into different projects, one of the negative examples is currently the "war" between Bitcoin and Bitcoin Cash.
NANO is one of the greenest cryptocurrencies, the energy cost needed for Bitcoin's operation 8 millions of times bigger compared to NANO! , an additional undeniable fact is that we, ordinary users, sponsor the currency of crypts by paying for transactions. In summary, nothing in nature is lost, especially money. Nano seems to solve the problem of fees completely.
NANO is currently fully usable, in addition to standard wallets, NANO has light wallets for Windows, Linux, IOS and Android, the two best known are Canoe and NANO Wallet Company.
In plans for positive anonymity services, the community is very interested in this additional option and the creator Colin himself.
Nano has a lot of development projects that are developed by NANO fans, one of them is the Brainblocks payment plugin, which is developing rapidly
In recent weeks, NANO has also acquired two major contractors, Bitcoin Superstore and Paytomat (payment processor in physical stores).
At the moment in NANO Core 7 people are programming, the entire work can be observed at github.
By the end of the year, 2018 is planning to implement a few more improvements that will improve the security and speed of the network, in addition, the whole book is planned to be slimmed down (Pruning).
Long-term spam attacks are a threat to NANO.
Solutions have already been developed, one of them VoteByHash has just been introduced, so far after the first days the amount of data generated by the network has decreased by about 90%, the target is to be 99%, thanks to which the network will be much more difficult to attack through spam attacks, most importantly the NANO infrastructure should still continue to operate during attacks, only to be slowed down.
NANO was invented and created basically by one talented person, Colin Lemahieu, created and continues to develop NANO since 2014, with some talented developers joining later. Colin Lemahieu himself programs in about 30 languages.
He still worked until a short time and in free time he created NANO, companies in which he programmed it Dell, AMD, Qualcommhe dealt with, among other things, the debugging process in processors. He is known in the industry "as a man with heavy tasks"
One of Colin's principles that he professes is "Do one thing, and do it well”And that's how the NANO team works so far.
In February 2016, Colin Lemahieu released NANO to the light, presenting the project on Bitcointalkafter a few days then Raiblocks has been given away by the creator for free!
This was done using the free clicking on the captcha faucet.
Then, for almost a year, you could buy NANO (Raiblocks) for around 1 cent….
Worth noting is the fact that NANO already had a product ready and working in 2016!
In February 2018, the NANO community received a serious blow, the largest exchange, Bitgrail at that time, was hacked, NANO worth around $ 195 million was stolen or defrauded through a bug in the exchange's code, it caused a long sell-off in the market and trust in NANO fell. Time has shown that it was very harmful to this project, with time it turned out that the creators had nothing to do with it.
Finally, the visualization of the enormity of work that has been carried out since 2014, as you can see, NANO was designed from scratch, the genius of this project came from nothing, it is the effect of hundreds of hours of hard work.
NANO also has its own NANEX exchange, which does not require verification.