Review on Nano by Shalini Saxena

Name: Nano
Item: Nano
Rating: 4

June 17, 2019

Nano Review with how nano works actually

Nano uses a structure which is block-lattice, unlike the other cryptocurrencies which use the conventional blockchain. The individual blockchain of each account is equivalent to the history of the transaction or balance of the account. The individual blockchain of each account is referred to as the account-chain and can only be updated by the owner of the account. This allows the owner to immediately update the account-chain which results in quick transactions. Only the owner of the account-chain is able to add the blocks and hence the transfer of funds require two transactions. A send transaction which will result in the deduction of the amount from the account of the sender and a receive transaction which will result in increasing the amount in the account of the receiver. While the send transaction is being performed, it is not essential for the receiver to be online. The receiving of the transaction can be performed at any time.
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Pros

Nano protocol of the network of the Nana is quite lightweight and does not cost much to run a node and hence the Nano transactions can be processed without zero fees. This makes the protocol easily accessible by the user.
Each transaction is processed and handled independently on the network which helps to eliminate the issues of the block size. The block size is actually characterized by the absence of the issues.
The node of the network has been launched for free.

Cons

There is always the risk of attack by the hackers. There has not been any attack which was successful but it is still not completely secure.
The risk of more appealing and new cryptocurrencies is also quite high. The Nano is a third generation cryptocurrency which only addresses the issues in the earlier networks such as the Bitcoin and the Ethereum. The more advanced cryptocurrencies which would be launched in the near future can reduce the value of the cryptocurrency.