Review on Nano by Olugbenga Ajayi
Nano removes transaction fees
Nani created a digital currency that can solve p2p transfer of value. It provides a solution to delayed transaction confirmation through its ultra fast network. It also takes care of charges inherent to blockchain transactions by providing a fee less network that is open source and accessible to all.
It employs block latice data structures to facilitate fast and feeless network. With this data structures, every single account has its own blockchain, rather than competing with others on a central chain.
The main aim of this project is to make more people adopt cryptocurrency and drop flat Currencies.
It uses both proof of stake and proof of works algorithm for governance and voting.
Nano gives users alot of control by incoming and outgoing transactions in to individuals personal blockchain. As such the security and the control lies with the user.
Pros
- Contribution to Nano development is possible because it is open source
- It is a secure project
- Users have better opportunity to contribute to economics of scale
- Participants are encouraged to interact beyond their current needs
- Transaction confirmation is very fast
Cons
- Security could be breached
New products
Comments (1)
June 15, 2020
This is one of my favorite cryptocurrencies, for me it is as innovative as btc at the time. It also gave rise to the block verification processes that we know today. It is a chain built from scratch and of course it can mean structural or safety failures, however every year it has significant improvements. remember that it has been maintained for a long period with the top100, something that others have not been able to do
