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"Abstract—Recently, high demand and limited scalability have increased the average transaction times and fees in popular cryptocurrencies, yielding an unsatisfa

"Abstract—Recently, high demand and limited scalability have increased the average transaction times and fees in popular cryptocurrencies, yielding an unsatisfactory experience. Here we introduce Nano, a cryptocurrency with a novel block-lattice architecture where each account has its own blockchain, delivering near instantaneous transaction speed and unlimited scalability. Each user has their own blockchain, allowing them to update it asynchronously to the rest of the network, resulting in fast transactions with minimal overhead. Transactions keep track of account balances rather than transaction amounts, allowing aggressive database pruning without compromising security. To date, the Nano network has processed 4.2 million transactions with an unpruned ledger size of only 1.7GB. Nano’s feeless, split-second transactions make it the premier cryptocurrency for consumer transactions"

als0 6y ago
I might be misunderstanding something but how can you have a secure chain without any form of fee?
- donutloop 6y ago
  "The consensus mechanism, called Open Representative Voting (ORV), also provides useful differentiation from other networks. Consensus is reached through representatives voting on the validity of individual blocks shared on the network. The voting weight for each representative is assigned to them by the account owners and is in proportion to the Nano in those accounts. Account owners can still use funds without restrictions as no staking is involved and the representatives have no control over funds, they just get voting rights from them." ref: https://nano.org/ https://nano.org/
  - als0 6y ago
    OK, so it's a proof-of-stake system in terms of how supply is distributed, and proof-of-work must be performed by clients as an attempt to prevent large scale spam. Those with the most coin get to greatly influence the correctness of the chain when forks occur.

als0 6y ago

I might be misunderstanding something but how can you have a secure chain without any form of fee?

donutloop 6y ago
"The consensus mechanism, called Open Representative Voting (ORV), also provides useful differentiation from other networks. Consensus is reached through representatives voting on the validity of individual blocks shared on the network. The voting weight for each representative is assigned to them by the account owners and is in proportion to the Nano in those accounts. Account owners can still use funds without restrictions as no staking is involved and the representatives have no control over funds, they just get voting rights from them." ref: https://nano.org/ https://nano.org/
- als0 6y ago
  OK, so it's a proof-of-stake system in terms of how supply is distributed, and proof-of-work must be performed by clients as an attempt to prevent large scale spam. Those with the most coin get to greatly influence the correctness of the chain when forks occur.