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Nano (cryptocurrency)

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Nano
Denominations
CodeNANO
Precision10−30
Superunits
 1000Gnano
Subunits
 1⁄1,000knano
 1⁄1,000,000nano
 1⁄109mnano
 1⁄1012μnano
 1⁄1030raw
Development
Original author(s)Colin LeMahieu
White paper"Nano: A Feeless Distributed Cryptocurrency Network"
Initial release4 October 2015 (8 years ago) (2015-10-04)
Latest release21.2 / 3 September 2020 (3 years ago) (2020-09-03)
Code repositorygithub.com/nanocurrency
Development statusActive
Written inC++
Developer(s)Nano Foundation
Source modelOpen source
LicenseFreeBSD
Ledger
Hash functionBlake2
Issuance scheduleCaptcha faucet (ended)
Block explorernanocrawler.cc, nanolooker.com, mynano.ninja
Circulating supply133,248,297
Supply limit133,248,297
Website
Websitenano.org

Nano (NANO), formerly RaiBlocks (XRB), is a peer-to-peer digital currency. It is a decentralized, open-source cryptocurrency based on directed acyclic graph (DAG) architecture, and released under the FreeBSD License. It operates without intermediaries by using a distributed ledger with a block-lattice data structure.[1][unreliable source?]

Nano was launched in October 2015 by Colin LeMahieu, with the aim of addressing blockchain scalability limitations that can result in restrictive fees and increased transaction confirmation times under load.[2] It has feeless transactions that typically achieve full confirmation in under one second.[3]

History

Development of Nano began in 2014 by Colin LeMahieu, under its original name of RaiBlocks.[4] On 31 January 2018, RaiBlocks rebranded to Nano.[5] Nano was distributed for free through a Captcha-based faucet which started in 2015. The faucet was shut down in 2017 after 126,248,289 NANO were distributed. Along with a 7,000,000 NANO developer fund, this fixed the total supply to 133,248,297 NANO. [6]

On 9 February 2018, the Italian cryptocurrency exchange BitGrail announced its shutdown after being hacked. There were unaccounted losses of 17 million Nano from its wallets, preventing users from accessing assets stored on the platform.[7] The victims sought recoupment through the Italian court system, and supported by the Nano Foundation, launched a class-action suit against BitGrail owner Francesco Firano. In January 2019, the Court of Florence found 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.[8]

Design

Nano uses a block-lattice data structure, where every account has its own blockchain (account-chain).[9][non-primary source needed] It is the first cryptocurrency created on a directed acyclic graph (DAG),[10][unreliable source?][11] where a "block" is just one transaction, and each transaction contains the account's current balance.[12][unreliable source?][9]

Consensus is reached through an algorithm similar to proof of stake named Open Representative Voting (ORV). In this system, the voting weight is distributed to accounts based on the amount of NANO they hold: accounts then freely delegate this weight to a node of their choice. In the event that two contradictory transactions are broadcast to the network (as in a double spend attempt), nodes vote for one of them and broadcast their vote to the other nodes. The first transaction to reach 51% of the total voting weight is confirmed, and the other discarded.[13]

This architecture allows Nano to function without direct monetary incentives to users or validators. Because certain entities benefit from the network indirectly (cryptocurrency exchanges through trading fees, merchants avoiding the fees associated with credit card companies, etc.), there is an interest to keep it healthy and decentralized by running a node. Since there is no direct incentive to accumulate voting weight, this also helps avoid the centralizing tendencies inherent to economies of scale such as traditional proof of work and proof of stake architectures.[14]

References

  1. ^ Bencic, Federico Matteo; Podnar Zarko, Ivana (2018). "Distributed Ledger Technology: Blockchain Compared to Directed Acyclic Graph". 2018 IEEE 38th International Conference on Distributed Computing Systems (ICDCS). pp. 1569–1570. arXiv:1804.10013. doi:10.1109/ICDCS.2018.00171. ISBN 978-1-5386-6871-9. S2CID 13741873.
  2. ^ Easley, David; O'Hara, Maureen; Basu, Soumya (2019). "From mining to markets: The evolution of bitcoin transaction fees". Journal of Financial Economics. 134: 91–109. doi:10.1016/j.jfineco.2019.03.004.
  3. ^ Morais, Rui; Crocker, Paul; Melo De Sousa, Simao (2020). "A Tool for Implementing Privacy in Nano". 2020 IEEE International Conference on Decentralized Applications and Infrastructures (DAPPS). pp. 159–163. doi:10.1109/DAPPS49028.2020.00021. hdl:10400.6/7645. ISBN 978-1-7281-6978-1. S2CID 209471367.
  4. ^ Baldwin, Rosecrans (2019-11-26). "Cryptocurrency Will Not Die". GQ. Retrieved 2020-12-22.
  5. ^ Nano (2018-01-31). "Nano Rebrand Announcement". Medium. Retrieved 2021-02-27.
  6. ^ Nano Foundation. "The Nano Faucet". Medium. Retrieved 1 March 2021.
  7. ^ Vigna, Paul (2018-02-10). "Cryptocurrency Worth $170 Million Missing From Italian Exchange". The Wall Street Journal. Retrieved 2019-12-18.
  8. ^ Canellis, David (2019-01-28). "Italian court forces BitGrail CEO to repay $170M in 'lost' cryptocurrency". The Next Web. Retrieved 2019-12-18.
  9. ^ a b 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. S2CID 108390582.
  10. ^ Masood, Faraz; Faridi, Arman Rasool (2018). "Consensus Algorithms in Distributed Ledger Technology for Open Environment". 2018 4th International Conference on Computing Communication and Automation (ICCCA). pp. 1–6. doi:10.1109/CCAA.2018.8777695. ISBN 978-1-5386-6947-1. S2CID 199057702.
  11. ^ Masood, Faraz; Faridi, Arman Rasool (31 October 2018). "An Overview of Distributed Ledger Technology and its Applications". International Journal of Computer Sciences and Engineering. 6 (10): 424. doi:10.26438/ijcse/v6i10.422427. Retrieved 26 December 2020.
  12. ^ Werner, Robert et al. (2020). "Anonymization of Transactions in Distributed Ledger Technologies". Twelfth International Conference on Adaptive and Self-Adaptive Systems and Applications. p. 69. ISBN 978-1-61208-781-8.
  13. ^ Nano. "Protocol Design - ORV Consensus". nano.org. Retrieved 27 February 2021.
  14. ^ Nano. "The Incentives to Run a Node". Medium. Retrieved 27 February 2021.

External links

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