{"id":11127,"date":"2023-04-20T03:44:16","date_gmt":"2023-04-20T03:44:16","guid":{"rendered":"https:\/\/www.bitnovo.com\/blog\/?p=11127"},"modified":"2022-05-18T10:54:37","modified_gmt":"2022-05-18T10:54:37","slug":"what-is-nano","status":"publish","type":"post","link":"https:\/\/www.bitnovo.com\/blog\/en\/what-is-nano","title":{"rendered":"What is NANO?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Alternar tabla de contenidos\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-nano\/#but_then_what_is_nano\" >But then, what is NANO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-nano\/#structure_and_scalability\" >Structure and scalability<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-nano\/#nano_and_its_particular_consensus_mechanism\" >NANO and its particular consensus mechanism<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-nano\/#nano_and_its_tokenomics\" >NANO and its tokenomics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-nano\/#function_philosophy_and_adoption\" >Function, philosophy and adoption<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span><p>In recent years the crypto ecosystem had its focus on DeFi, high returns, interoperable networks and, lately, NFTs. Meanwhile the future envisions decentralized social networks and tokenization of real assets.<\/p>\n<p>This is how\u00a0<strong>low-cost peer-to-peer transactions<\/strong>, one of the main objectives stated in Satoshi\u2019s\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-bitcoin\/\">White Paper<\/a>, ended up being put on the back burner.<\/p>\n<p><strong>NANO is a decentralized blockchain focused on cheap transactions,\u00a0<\/strong>which goes a step further by offering them directly for<strong>\u00a0free<\/strong>, peer-to-peer on an\u00a0<strong>eco-friendly<\/strong>\u00a0blockchain with, in principle,<strong>\u00a0infinite scalability<\/strong>.<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"but_then_what_is_nano\"><\/span><strong>But then, what is NANO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>NANO\u00a0<\/strong>is a decentralized blockchain, focused on providing the necessary structure for its users to make transactions or shipments of its native cryptocurrency, also called\u00a0<strong>NANO,\u00a0<\/strong>in a simple, inexpensive and fast way.<\/p>\n<p>From the outset, its creators set out three clear objectives, which summarize the philosophy of the project:<\/p>\n<ol>\n<li><strong>Transactions without costs,\u00a0<\/strong>in order to provide a practical and inclusive network, which is the way money should be, in the words of its creators.<\/li>\n<li><strong>Instant transactions,\u00a0<\/strong>by developing an innovative structure, the NANO blockchain manages to process transactions with remarkable speed,<strong>\u00a0up to 8,000 transactions per second and an average confirmation time of 0.372 seconds.\u00a0<\/strong><\/li>\n<li><strong>Environmentally friendly or \u201ceco-friendly\u201d,\u00a0<\/strong>by not relying on mining, which usually involves complex and repetitive mathematical calculations that consume a large amount of energy,\u00a0<strong>NANO is sustainable digital money.<\/strong><\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"structure_and_scalability\"><\/span><strong>Structure and scalability<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>To achieve the goals stated in the previous paragraph,\u00a0<strong>NANO<\/strong>\u00a0was created as a network containing unique features. Colin LeMahieu, known as the father of NANO, published, on November 21, 2015, his whitepaper, although at that time the network was called Raidblocks it was later<strong>\u00a0renamed to NANO<\/strong>\u00a0on January 31, 2018.<\/p>\n<p>From the beginning, it sought to differentiate itself, in terms of structure, from the majority of the most renowned networks, which have a main chain where each transaction occurs and is stored. It also left aside scalability solutions such as\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-third-generation-blockchain\/\">\u201csharding\u201d, \u201cside chains\u201d or \u201cL2 solutions\u201d<\/a>.<\/p>\n<p>The\u00a0<strong>NANO blockchain has a very particular approach known as \u201c<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-directed-acyclic-graph-dag\/\">Directed Acyclic Graph<\/a>\u201d or \u201cBlock Lattice\u201d.<\/strong><\/p>\n<p>This structure determines that<strong>\u00a0each account or address<\/strong>\u00a0created in the network,\u00a0<strong>which<\/strong>\u00a0of course\u00a0<strong>has a balance in NANO, has its own blockchain<\/strong>. In this way, t<strong>he owner of the address is in charge of creating and adding new blocks to its own chain with each transaction<\/strong>, allowing the correct and secure exchange between users,\u00a0<strong>avoiding the subsequent validation of a miner or validator.<\/strong><\/p>\n<p><strong>Each new block contains only one transaction<\/strong>, with a weight of only a few bytes, added to the simultaneity of available strings, at a glance we understand why the network speed is so fast.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div id=\"image_484800959\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-large size-large lazyloaded smush-detected-img smush-image-2\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/09\/Qu%C3%A9-es-NANO.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/09\/Qu\u00e9-es-NANO.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/09\/Qu\u00e9-es-NANO-300x205.jpg 300w\" alt=\"\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/09\/Qu\u00e9-es-NANO.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/09\/Qu\u00e9-es-NANO-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/09\/Qu\u00e9-es-NANO.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"nano_and_its_particular_consensus_mechanism\"><\/span><strong>NANO and its particular consensus mechanism<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>After such a particular and unusual blockchain structure, we cannot expect from\u00a0<strong>NANO<\/strong>\u00a0a common consensus method, if not something special, and,\u00a0<strong>spoiler alert<\/strong>, the mechanism will not disappoint us.<\/p>\n<p>The network\u2019s consensus\u00a0<strong>mechanism<\/strong>, known by the acronym\u00a0<strong>ORV<\/strong>, which stands for\u00a0<strong>Open Representative Votation<\/strong>, is another outstanding feature of the network.<\/p>\n<p>Beyond the owners of\u00a0<strong>NANO<\/strong>\u00a0accounts or addresses, whom we could also simply call users, there is another actor in the network called<strong>\u00a0a representative. The way to reach consensus is through their vote<\/strong>, as they are in charge of deciding on the validity of each individual block shared on the network.<\/p>\n<p>These representatives are\u00a0<strong>elected by each NANO account owner,<\/strong>\u00a0who only give up their voting power,\u00a0<strong>without compromising their NANO, without blocking its immediate use and without receiving any financial compensation.<\/strong><\/p>\n<p>In this way,\u00a0<strong>the voting power<\/strong>\u00a0that each representative holds\u00a0<strong>is directly related to the number of NANOs<\/strong>\u00a0<strong>held by the accounts that have designated him\/her.<\/strong><\/p>\n<p>After validating each block, its next task is to send<strong>\u00a0this result to the rest of the nodes in the network<\/strong>, which, of course, is a synonym for representatives.<br \/>\nIt is noteworthy that t<strong>he representatives do not receive any type of economic compensation<\/strong>\u00a0for validating blocks, t<strong>heir only incentive being to ensure the proper functioning of the network<\/strong>\u00a0in which they are part.<\/p>\n<p><strong>In the event of conflicts or disputes over a transaction<\/strong>,\u00a0<strong>the method of conflict resolution is a simple vote by all the representatives<\/strong>, who must decide which block is valid and which should be discarded.<\/p>\n<div id=\"image_1563680805\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img decoding=\"async\" class=\"attachment-large size-large lazyloaded smush-detected-img smush-image-3\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/09\/Qu%C3%A9-es-NANO3.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/09\/Qu\u00e9-es-NANO3.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/09\/Qu\u00e9-es-NANO3-300x205.jpg 300w\" alt=\"\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/09\/Qu\u00e9-es-NANO3.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/09\/Qu\u00e9-es-NANO3-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/09\/Qu\u00e9-es-NANO3.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"nano_and_its_tokenomics\"><\/span><strong>NANO and its tokenomics<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>After having seen the technological structure that gives life to the<strong>\u00a0NANO<\/strong>\u00a0blockchain, it is time to focus on\u00a0<strong>its cryptocurrency.<\/strong><\/p>\n<p>As for their numbers, we find that NANO\u2019s\u00a0<strong>total working capital is 133,248,290, a number that coincides with the total supply.<\/strong><\/p>\n<p>As for its price,\u00a0<strong>as of today it is US$4.95. Its historical maximum<\/strong>\u00a0dates back to January 02, 2018, the day on which it reached a quotation of\u00a0<strong>US$ 33.69,<\/strong>\u00a0while its\u00a0<strong>historical minimum<\/strong>\u00a0was observed on July 16, 2017, t<strong>he day on which it traded at US$ 0.02617900.<\/strong><\/p>\n<p>The last particularity to highlight about\u00a0<strong>NANO<\/strong>, which directly involves their tokenomics, was\u00a0<strong>the method chosen for the launch of their coin<\/strong>. Instead of resorting to a trendy mechanism, as ICOs were,\u00a0<strong>they decided that all coins would be delivered through a \u201c<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-bitcoin-faucet\/\">faucet<\/a><\/strong>\u201d (which could be translated as tap) that\u00a0<strong>did not require any kind of investment<\/strong>\u00a0for those wishing to claim NANO. By simply completing a captcha, to prove that they were a human and thus avoid bot attacks, users were able to claim all the\u00a0<strong>NANOs<\/strong>\u00a0issued.<\/p>\n<p>As the total supply has been issued in this way, it is evident that the vision of the project is consistent from the outset.<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"function_philosophy_and_adoption\"><\/span><strong>Function, philosophy and adoption<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>After the description of each important component of\u00a0<strong>NANO, it is clear that its purpose in the ecosystem is to solve the problem<\/strong>, which can be observed in networks such as\u00a0<strong>Bitcoin<\/strong>\u00a0or\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/where-to-buy-ethereum\/\">Ethereum<\/a>,\u00a0<strong>of costly transactions<\/strong>, which can even exceed the value of the amount to be sent.<strong>\u00a0Added to this problem is the slowness<\/strong>, countless stories about transactions waiting in the various \u201cmempools\u201d for a miner who considers it economically attractive we know. And finally, something that also concerns the team is the sustainability of consensus methods and their\u00a0<strong>environmental cost.<\/strong><\/p>\n<p>It is clear that through\u00a0<strong>its consensus mechanism and data structure, NANO solves these problems<\/strong>\u00a0and focuses its purpose on giving its users a simple, extremely fast and free blockchain to send value between peers, without the need for third party intervention.<\/p>\n<p>As for its adoption, I consider that, far from being massive, today it is acceptable and depends on achieving strategic alliances with large companies that need the virtues of the system proposed by\u00a0<strong>NANO<\/strong>.<\/p>\n<p>And finally, without a doubt,\u00a0<strong>the connection with other networks<\/strong>\u00a0is one of t<strong>he important points to work on in order to advance on the road to mass adoption.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span>In recent years the crypto ecosystem had its focus on DeFi, high returns, interoperable networks and, lately, NFTs. Meanwhile the future envisions decentralized social networks and tokenization of real assets. This is how\u00a0low-cost peer-to-peer transactions, one of the main objectives stated in Satoshi\u2019s\u00a0White Paper, ended up being put on the back burner. NANO is a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":7136,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-criptomonedas"],"_links":{"self":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/11127","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/comments?post=11127"}],"version-history":[{"count":0,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/11127\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media\/7136"}],"wp:attachment":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media?parent=11127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/categories?post=11127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/tags?post=11127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}