Nano

Created by John Powe in N Glossary 26 Nov 2024

Nano

Nano is decentralized digital money which focuses on tackling current inefficiencies in financial systems. It features simple peer-to-peer transactions in which every user has its own blockchain.

NANO Explained

Nano differs from other cryptocurrency’s design by not keeping a full record of transactions but keeping track of its users account balances and their respective associated transaction amounts instead.

Account owners who wish to make a transaction will see it recorded on their own ledger and promptly broadcasted to Nano’s network. Nodes will then see the necessary confirmations and validate the transaction which will then be deemed irreversible as their copy of the ledger is updated reflecting that change.

This methodology is completely different from the standard practices by major players in which all transactions are recorded into blocks which capacity is limited and thus they put up a bid for inclusion.

In what concerns governance, nodes vote on whoever is entitled to create new blocks but given the low to no cost of the operation, users don’t need to pay for their transactions to be included in Nano’s blockchain.

The idea behind this approach is to encourage more transactions and greater adoption of the NANO crypto.