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Nano (cryptocurrency)

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This is an old revision of this page, as edited by 2600:1700:20:2060:bcb5:3162:e5a9:cb7a (talk) at 18:36, 5 February 2020. The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

  • Comment: All the coverage by independent reliable sources seems to be about the hack (where the nano is more of a trivial mention). Note that the Forbes article is made by a "Contributor" (not "Staff") and is therefore considered unreliable. MrClog (talk) 07:04, 28 May 2019 (UTC)
  • Comment: The only sources listed that talk about Nano specifically are those that have been published by the Nano organization itself. Without evidence of significant independent coverage, this cryptocurrency cannot be considered notable. WikiDan61ChatMe!ReadMe!! 13:19, 24 May 2019 (UTC)
Nano
Denominations
CodeNANO, formerly XRB
Development
Original author(s)Colin Lemahieu
White paperhttps://nano.org/en/whitepaper
Initial releaseOctober 2015; 8 years ago (2015-10)
Latest releaseV20 / November 13, 2019; 4 years ago (2019-11-13)
Code repositoryNano Github
Written inC++
LicenseFreeBSD
Ledger
Issuance scheduleCaptcha faucet (ended)
Block explorernanocrawler.cc
Circulating supply133,248,297
Supply limit133,248,297
Website
Websitenano.org

Nano is a decentralized, open-source, peer-to-peer cryptocurrency released under the FreeBSD License. It facilitates feeless and fast-settling transactions without intermediaries by utilizing a distributed ledger.[1] Nano’s goal is to address the scalability limitations of Bitcoin[2], which can result in restrictive fees and increased transaction confirmation times when under load.[3] Unlike other cryptocurrencies, Nano does not rely on mining or transaction fees, and transactions typically confirm in 0.25-10 seconds.[4]

The Nano protocol functions by employing a block-lattice data structure[5], a unique implementation of a Directed Acyclic Graph (DAG)[6][7][8], in addition to a voting-based consensus algorithm called Open Representative Voting.[9][10] Accounts on the Nano network each have their own blockchain, which enables transactions to be quickly processed asynchronously.[2][4] The transactions are then voted on by user-selected representative nodes before being immutably confirmed.[1][11]

History

Creation

Development of Nano began in 2014 by Colin LeMahieu, under its original name of RaiBlocks[12], and was publicly announced in October 2015.[13] Distribution of Nano began in October 2015 via a free public faucet, in which anyone could earn Nano by completing complex CAPTCHA tests. By the time the distribution ended on October 17, 2017, 126,248,297‬ NANO out of the total supply of (2¹²⁸ - 1) / 10³⁰ Nano had been distributed.

The Nano Foundation, a non-profit software development company, started by Colin LeMahieu, reserved 7 million Nano dedicated to the continued development of the protocol. The remaining undistributed supply of 207,034,069 NANO was removed from the supply and sent to a burn address without the possibility of recovery. As a result, the maximum supply of Nano is 133,248,297 NANO.

On January 31, 2018, Raiblocks rebranded to ‘Nano’ to better resonate with the public and mainstream audience, as well as remove any confusion around the pronunciation of Raiblocks.[14]

Bitgrail exchange hack

On February 9, 2018, BitGrail, an Italian cryptocurrency exchange, announced its shutdown, reporting unaccounted losses of 17 million NANO from its wallets, preventing users from accessing assets stored on the platform.[15][16]

Victims of the exchange hack sought justice through the Italian court system, and supported by the Nano Foundation, launched a class-action suit against the BitGrail exchange owner, Francesco Firano. In January 2019, the Court of Florence found Francesco Firano liable for the losses after discovering that the exchange had failed to implement any meaningful safeguards to ensure the safety of their customers’ funds and failed to report losses from as early as July 2017.[17] As of December 2019, bankruptcy proceedings are underway.

Other notable events

In July 2018, Nano was featured in Bitcoin Magazine for being used in a fundraising effort to purchase over 200 pounds of food for Venezuelan families.[18]

On June 19, 2019, Kappture Labs (a UK-based point-of-sale device company servicing the NHS, Twickenham Stadium, and multiple universities) announced that they would be integrating Nano into their customer-facing payment terminals.[19][20][21] Additionally, Kappture Labs CTO Neil Haran released a whitepaper explaining their rationale for choosing Nano over other cryptocurrencies like Bitcoin, Ethereum, and Ripple, arguing that most cryptocurrencies do not possess the qualities required for in-person payments (decentralization, low fees, fast settlement times, and scalability).[22]

In August 2019, Nano was featured in a Yahoo Finance article about a real-time interactive bird-feeder that converts cryptocurrency to donations to feed birds and is live-streamed on YouTube.[23] According to the article, the bulk of the donations were made in Nano, though the bird feeder also supported Bitcoin, Dogecoin, and Litecoin. Yahoo Finance speculated that one reason for Nano’s popularity for this usecase was because Nano transactions are cheaper than the other cryptocurrencies.

In October 2019, Nano developer Wesley Shillingford released a demo which showcased a new plugin for the Unreal Engine. This plugin allows game developers to add real-time in-game micropayments using Nano.[24] The demo showcased payments made to the player as they killed monsters and collected powerups.

In December 2019, Nano was highlighted in a Decrypt article after being used in a $1000 Twitter donation to billionaire Twitter philanthropist Bill Pulte.[25]

Design

Key Features

Nano is different from Bitcoin in several ways:

  • Transactions are fully confirmed in 0.25-10 seconds.[26][27][28]
  • Nano has zero transaction fees. To prevent spam, transactions require a small amount of Proof-of-Work that is used to prioritize transactions.[26][28]
  • Nano uses an account-based transaction model instead of Bitcoin’s UTXO model, and each Nano block contains the account’s current balance.
  • Each account has its own blockchain that only the owner can add blocks (aka transactions) to. This new architecture is known as the “block-lattice”.[2][7][26]
  • The Nano network confirms new transactions asynchronously, allowing for higher scalability and throughput than Bitcoin.[2][28]
  • The entire supply of Nano was generated at the start of the network - there is no mining, printing, or minting of new Nano.[26]

References

  1. ^ a b Distributed Ledger Technology: Blockchain Compared to Directed Acyclic Graph (PDF), University of Zagreb, 2018-04-26, doi:10.1109/ICDCS.2018.00171, retrieved 2019-12-17
  2. ^ a b c d Scalability of the Bitcoin and Nano protocols: a comparative analysis (PDF), Blekinge Institute of Technology, 2018, retrieved 2019-12-18
  3. ^ "From Mining to Markets: The Evolution of Bitcoin Transaction Fees", Journal of Financial Economics (JFE), 2017-10-19, retrieved 2019-12-17
  4. ^ a b "Nano Currency: Third-Generation Cryptocurrencies Are Upon Us" (PDF), Cutter Business Technology, 2018, retrieved 2019-12-18
  5. ^ Nano: Might Sound Small, But Does It Have A Big Future?, Nasdaq, 2018-12-13, retrieved 2019-12-18
  6. ^ Shahaab, A.; Lidgey, B.; Hewage, C.; Khan, I. (2019). "Applicability and Appropriateness of Distributed Ledgers Consensus Protocols in Public and Private Sectors: A Systematic Review". IEEE Access. 7: 43622–43636. doi:10.1109/ACCESS.2019.2904181. ISSN 2169-3536.
  7. ^ a b "On the Applicability of Distributed Ledger Architectures to Peer-to-Peer Energy Trading Framework". IEEE. 2018-06-12. doi:10.1109/EEEIC.2018.8494446. Retrieved 2020-01-03. {{cite journal}}: Cite journal requires |journal= (help)
  8. ^ Pavlovic, Matej; Guerraoui, Rachid (2019-09-06). "Scaling Byzantine Fault Tolerance". Lausanne, EPFL. doi:10.5075/epfl-thesis-9605. Retrieved 2020-01-03.
  9. ^ A tool for implementing privacy in Nano, IEEE, retrieved 2019-12-18
  10. ^ Blockchain Consensuses Algorithms: A Survey (PDF), arXiv, 2020-01-20, retrieved 2020-02-01
  11. ^ LeMahieu, Colin (2018). "Nano: A feeless distributed cryptocurrency network".
  12. ^ A Web of Blocks, arXiv, 2018-06-18, retrieved 2020-01-03
  13. ^ Live Faucet is active, 2015-10-13, retrieved 2019-12-18
  14. ^ RaiBlocks Rebrands To 'Nano' -- XRB Price Has Surged 41% In 24 Hours, With 20% Bull Run This Morning, Forbes, 2018-01-31, retrieved 2019-12-17
  15. ^ Cryptocurrency Worth $170 Million Missing From Italian Exchange, The Wall Street Journal, 2018-02-10, retrieved 2019-12-18
  16. ^ Cryptocurrency Exchange’s $170 Million Nano Coin Loss Sparks Outrage, Yahoo Finance, 2018-02-13, retrieved 2019-12-18
  17. ^ Italian court forces BitGrail CEO to repay $170M in ‘lost’ cryptocurrency, TNW, 2019-02-28, retrieved 2019-12-18
  18. ^ Harper, Colin (2018-07-07). "Fighting for Freedom in Venezuela: How Crypto Helped Héctor's Family Buy Food". Bitcoin Magazine. Retrieved 2019-12-17.
  19. ^ "Neil Haran announces Kappture's inclusion of Nano". Twitter. 2019-06-18. Retrieved 2019-12-19.
  20. ^ Whittaker, Ben (2019-10-15). "First POS to accept Cryptocurrency". The Digital Line. Retrieved 2020-01-03.
  21. ^ "Thomond Park Stadium announces EPOS Innovation partnership". ALSD International. Retrieved 2019-12-19.
  22. ^ Haran, Neil (2019-06-29). "Accepting cryptocurrency at the point-of-sale" (PDF). Kappture.co.uk. Retrieved 2019-12-19.
  23. ^ Hamacher, Adriana (2019-09-05). "Anonymous YouTuber sets up bitcoin bird-feeder". Yahoo Finance. Retrieved 2019-12-17.
  24. ^ Stevens, Robert (2019-10-14). "Unreal Engine 4 games get crypto transactions with Nano plug-in". Yahoo Finance. Retrieved 2019-12-17.
  25. ^ Stevens, Robert (2019-12-18). "Why someone just donated $1,000 in crypto to a billionaire". Decrypt. Retrieved 2019-12-18.
  26. ^ a b c d A Comparative Analysis of DAG-Based Blockchain Architectures, IEEE, 2018-12-19, doi:10.1109/ICOSST.2018.8632193, retrieved 2019-12-18
  27. ^ Williams, Sean (2018-02-01). "3 Cryptocurrencies Processing 1,500 (or More) Transactions Per Second". The Motley Fool. Retrieved 2019-12-18.
  28. ^ a b c A Survey of Distributed Consensus Protocols for Blockchain Networks (PDF), IEEE Communications Surveys and Tutorials, 2020-01-29, retrieved 2020-02-01


Category:Internet protocols Category:Payment systems Category:Cryptocurrencies Category:Blockchains

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