A Disruptive Crypto Currency is ready
Ever since the invention of Bitcoin, thousands of new crypto currencies have introduced all over the world. But Bitcoin, despite its robust self-governing model, has several flaws.
1. Poor scalability: Each block in the blockchain can store a limited amount of data, which means the system can only process only limited number of transactions per second, making spots in a block a commodity. Currently the median transaction fee is $10.38
2. High latency: The average confirmation time is 164 minutes
3. Power inefficient: The Bitcoin network consumes an estimated 27.28TWh per year, using on average 260KWh per transaction
All these factors make ‘Bitcoin’ is eco-unfriendly currency. But none of the alternate currencies provide an effective convincing solution to address the above-quoted issues. In this context, a disruptive currency ‘Nano’ gives hope, it guarantees
“A Crypto currency 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 faster 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 crypto currency for consumer transactions.”
Caution: At the same time, the Nano is facing its second class-action lawsuit against ‘Bit Grail’ Hack. To know that story, you can go for below-quoted link.
https://www.ccn.com/nano-cryptocurrency-facing-second-class-action-lawsuit-over-bitgrail-hack
Information Source : Nano Whitepaper
Compiled by
Srini