Nano (cryptocurrency)

Nano
Denominations
Ticker symbol	NANO
Precision	10−30
Superunits
1000	Gnano
Subunits
1⁄1,000	knano
1⁄1,000,000	nano
1⁄109	mnano
1⁄1012	μnano
1⁄1030	raw
Development
Original author(s)	Colin LeMahieu
White paper	"Nano: A Feeless Distributed Cryptocurrency Network"
Initial release	4 October 2015
Latest release	21.2 / 3 September 2020
Code repository	github.com/nanocurrency
Development status	Active
Written in	C++
Developer(s)	Nano Foundation
Source model	Open source
License	FreeBSD
Website	nano.org
Ledger
Hash function	Blake2
Issuance schedule	Captcha faucet (ended)
Block explorer	nanocrawler.cc, nanolooker.com, mynano.ninja
Circulating supply	133,248,297
Supply limit	133,248,297

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 utilizing a distributed ledger with a block-lattice data structure.[1]

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.

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.[5] 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.[6]

Design

Nano uses a block-lattice data structure, where every account has its own blockchain (account-chain).[7] It is the first cryptocurrency created on a directed acyclic graph (DAG),[8][9] where a "block" is just one transaction, and each transaction contains the account's current balance.[10][7]

References

Bencic, Federico; Zarko, Ivana (2018). "Distributed Ledger Technology: Blockchain Compared to Directed Acyclic Graph". 2018 IEEE 38th International Conference on Distributed Computing Systems: 1569–1570. doi:10.1109/ICDCS.2018.00171.
Easley, David et al. (2019). "From mining to markets: The evolution of bitcoin transaction fees". Journal of Financial Economics. 134 (1): 91–109. doi:10.1016/j.jfineco.2019.03.004.
Morais, Rui et al. (2020). "A Tool for Implementing Privacy in Nano". 2020 IEEE International Conference on Decentralized Applications and Infrastructures (DAPPS): 159–163. doi:10.1109/DAPPS49028.2020.00021.
Baldwin, Rosecrans (2019-11-26). "Cryptocurrency Will Not Die". GQ. Retrieved 2020-12-22.
Vigna, Paul (2018-02-10). "Cryptocurrency Worth $170 Million Missing From Italian Exchange". The Wall Street Journal. Retrieved 2019-12-18.
Canellis, David (2019-01-28). "Italian court forces BitGrail CEO to repay $170M in 'lost' cryptocurrency". The Next Web. Retrieved 2019-12-18.
Shahaab, A. et al. (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.
Masood, F.; Faridi, A. R. (2018). "Consensus Algorithms In Distributed Ledger Technology For Open Environment". 2018 4th International Conference on Computing Communication and Automation (ICCCA): 1–6. doi:10.1109/CCAA.2018.8777695.
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.
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.

External links

Official website

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[1] Bencic, Federico; Zarko, Ivana (2018). "Distributed Ledger Technology: Blockchain Compared to Directed Acyclic Graph". 2018 IEEE 38th International Conference on Distributed Computing Systems: 1569–1570. doi:10.1109/ICDCS.2018.00171.

[2] Easley, David et al. (2019). "From mining to markets: The evolution of bitcoin transaction fees". Journal of Financial Economics. 134 (1): 91–109. doi:10.1016/j.jfineco.2019.03.004.

[morais-3] Morais, Rui et al. (2020). "A Tool for Implementing Privacy in Nano". 2020 IEEE International Conference on Decentralized Applications and Infrastructures (DAPPS): 159–163. doi:10.1109/DAPPS49028.2020.00021.

[4] Baldwin, Rosecrans (2019-11-26). "Cryptocurrency Will Not Die". GQ. Retrieved 2020-12-22.

[5] Vigna, Paul (2018-02-10). "Cryptocurrency Worth $170 Million Missing From Italian Exchange". The Wall Street Journal. Retrieved 2019-12-18.

[6] Canellis, David (2019-01-28). "Italian court forces BitGrail CEO to repay $170M in 'lost' cryptocurrency". The Next Web. Retrieved 2019-12-18.

[shahaab-7] Shahaab, A. et al. (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.

[8] Masood, F.; Faridi, A. R. (2018). "Consensus Algorithms In Distributed Ledger Technology For Open Environment". 2018 4th International Conference on Computing Communication and Automation (ICCCA): 1–6. doi:10.1109/CCAA.2018.8777695.

[9] 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.

[werner-10] 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.