Nano is an innovative fee-less cryptocurrency which offers near instant, zero fee person to person transactions.
There are 3 key elements of why we think that Nano is worth your time.
1. Nano is Innovative
Nano is not based on any existing project. It is not a fork of Bitcoin, Ethereum or any other CryptoCurrency and has been under development since 2014 by Colin LeMahieu who goes by the name clemahieu on github.
The codebase is, to a large degree, the work of Colin as can be seen by analysing the commits to the project. That said, the project is open source and contributions are welcomed from anyone. It can be expected that as time goes by the number of commits merged from people other than colin will increase in much the same way as the proportion of commits by Satoshi Nakamoto fell as new developers joined the project.
The project is novel in that each account has it’s own blockchain (an account-chain), with a block containing a single transaction. There are many benefits that this approach brings to Nano when compared to standard blockchain structures (like that used by Bitcoin), notably that an account is able to send any amount with a fixed transaction size, even if the account received its balance as many small transactions.
2. Nano doesn’t need Miners
Nano is a Proof-Of-Stake cryptocurrency which eliminates the need for dedicated miners. Spam protection is achieved by making the users perform Proof-Of-Work when making transactions (in a similar way to IOTA).
This means that there is no risk of misalignment between those securing the network and those using the network (Which it has been argued there has been in Bitcoin) because with Nano, those using the network, secure the network.
3. Nano is Focused
Nano’s motto is Do one thing, and do it well. It aims to enable Fast, FeeLess peer to peer transactions and does not attempt to do carry data or be used for machine to machine payments (which IOTA is attempting to do). This more constrained aim means that the community is aligned very tightly with a single goal, which may result in rapid development of infrastructure for webpayments. We are very excited about this because we have been excited about the potential of Micro-Payments for years but have yet to see widespread use of a service which uses Micro-Payments.
How does it Compare to IOTA?
Please see our IOTA comparison page [Work In Progress].
To learn more visit the official page of the project: nano.org