Manual: Cryptocurrency Nano

Cryptocurrency Nano (formerly RaiBlocks) is characterized by low transaction processing delay and does not require trust between counterparties. It relies on a block-lattice architecture in which each account has its own blockchain. Consensus is achieved through delegated proof of ownership (DPoS).

Nano provides users with unlimited scalability and instant transaction processing, with no commissions in the system. This was made possible thanks to the minimum resources required for the network - there is no need for specialized mining equipment. According to the website of the network, Nano today processed more than 4 million transactions, and the total blockchain takes only 1.7 GB.

What are the advantages of Nano for users?
The block-lattice structure of Nano differs from that adopted in other blockchains. Each account has its own blockchain with a transaction record and current balance, and it can be updated only by the owner, which means it happens asynchronously and instantly, and transactions are processed quickly.



Since the blocks are added to each of the parties record the transfer of funds requires two transactions instead of one, the sender records the fact of sending, and the recipient of the reception.


Why switch to Nano?
The main advantages of Nano-no fees, scalability and instantaneous transaction processing, and because of the speed and "ease" of the Protocol they are free.

In addition, transactions are processed independently from each other, and each of them represents a single UDP packet, thus the problems with the size of the block.

Through the use of tree structures, the network scales easily, and the speed of transaction provided by cache evidence of completion of work for the following transactions that may affect the time of passage of the current transaction, but to prevent spam.

What is Nano better than other cryptocurrencies?
Nano network transactions are much faster than Bitcoin network, where It can wait for hours for processing. The fact here is that the average processing time of the block is 10 minutes, the transaction must enter the block, and miners must complete it, and in most cases, for a single transaction it is required to wait for the closure of several blocks. In Nano, the same block is every transaction, so that processing occurs instantly.



Nano network is secure: it implements delegated proof of ownership (DPoS), and to perform the attack, an attacker requires more than 50% of the votes, that is, more than half of ALL xrb tokens, and such a player to cause damage to the system will be very unprofitable. In addition, DPoS provides minimal power consumption, and full host support does not require powerful or expensive hardware.

What you need to know about Nano (XRB) tokens?
They appeared in October 2017. Mine are not, 133 248 290 XRB has already been released. If you encounter a message about the XRB mining refers to mining any other cryptocurrency when miners get paid in XRB.

Nano Wallets
On the official website there are several of them: an Internet wallet, official applications for iOS and Android, as well as a desktop client — choose to your taste.


How to buy Nano XRB
First you need to buy cryptocurrency. The easiest way to buy bitcoins or esters (for example, on Coinbase), and then on Kukoin or another exchange to change them to XRB.

Registration on Coinbase
If you buy cryptocurrency for the first time, we recommend using Coinbase: the exchange is regulated, it has a simple interface and a good reputation. There you can buy bitcoins, litecoins or esters - with a credit or debit card or by sending a Bank transfer. Card to pay more, but it instantly. At registration it is necessary to pass identification.




To register, click Sign up and you will be taken to a form where you will enter your name, email address and password.

The purchase of ether
In this case, as an intermediate currency, we will buy air transactions in this network cheaper and faster. On Coinbase, go to the Buy / Sell tab, select "Ethereum" and payment method, then enter the amount of either dollars or esters.


Now you will be asked to confirm the transaction-when paying by card you may need to enter the code from the Bank. And all the tokens, Ethereum needs to appear in your account.

Buying a XRB on Binance
To buy Nano, you need to send the air from Coinbase to the exchange, and exchange them there XRB.

XRB can be bought on several exchanges, including OkEX, Bit-Z, Kucoin, RightBTC, BitFlip and Coin Falcon.

How does consensus work in this network?
In Nano, the more balance you have, the greater the weight of your voice - the logic here is that the more money a person has in the system, the more interested he is in its well-being.




For comparison, other cryptocurrencies, for example, IOTA, achieve consensus by sequentially combining transactions with proof of work (PoW). Since POW is not used here, operating costs are significantly lower.

Conclusion
Unlike many other cryptocurrencies on the market, Nano has already demonstrated progress and, despite some saturation of the market, pleasantly complements it. Users are likely to appreciate the benefits of the system from time to time, and the number of participants will grow.
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