Just the other day, we were thrilled to announce NANO listing on Changelly. To find out more details on NANO blockchain with its innovative features Changelly’s CEO Eric Benz asked a few questions to Colin LeMahieu, Founder of Nano, regarding the project’s current state, further development, and the expert vision of the crypto industry as a whole. Have a read!
Eric: Hello Colin! So nice to have you at Crypto talks with Changelly! Can you please decrypt the concept of NANO blockchain and cryptocurrency in simple terms?
Colin: Nano is a particularly simple cryptocurrency to explain because the problem it solves is a very basic one – secure and decentralized transfer of value. Sending money without a middle man is an option we think people should have, and Nano lets people do that, without any complicated fees or long waits. Nano is usable, digital money.
Eric: How did you manage to implement NANO transactions with no need to pay fees in NANO?
Colin: Rather than asking a user to pay Nano to send a transaction, the network requires a very small Proof of Work to be attached to each transaction to prove its validity. This all happens behind the scenes within the software and the proof of work can be pre-computed, allowing the transactions to be exceptionally fast, as well as fee-less.
Eric: Which features enable you to provide such transaction speed of any cryptocurrency?
Colin: Nano is able to be so fast because of the way the Network is secured, using Open Representative Voting. For a transaction to be confirmed, it simply needs to be validated by the majority of voting weight held by Representatives. This voting process is lightweight with each representative sending their vote and full confirmation happening in under a second.
Eric: With Nano, each account has its own blockchain as part of a larger directed acyclic graph. Can you please describe how did you come up with the idea of a blockchain creation with each NANO account?
Colin: The initial development of Nano set out to address the inefficiencies that have prevented other protocols from effectively scaling. With a single blockchain, accounts must compete to get their transactions added to the next block, which means it can only scale up to a point. But we came up with a better design called the Block Lattice which allows asynchronous transactions. In Nano, each account adds their own blocks and sends them to the network for confirmation at any time, without waiting on anyone else. This not only allows better scalability but allows sending to someone who is offline and they can receive funds once they are back online.
Eric: How does each NANO user provide the computational power for transaction verification? Does it require some special equipment?
Colin: It all happens in the background when making a transaction, using your device’s resources. When you make a transaction, the system immediately prepares the next one, pre-caching the Proof of Work. Many services, such as wallet providers, have chosen to provide this work to their users, but if you want to use your own resources to do so, you still have that option.
Eric: Why was NANO formerly called Raiblocks (unless it’s not a secret)?
Colin: The Raiblocks name was chosen after the famous Rai stones used on the Micronesian island of Yap, originating thousands of years ago. These massive stones were rarely physically moved but instead, ownership was assigned and known by the people themselves. Since this meant the value of a stone could be immediately transferred to someone else through their oral culture, it seemed fitting for digital money aiming to instantly transfer value.
Eric: Do you believe that all that hype around Bitcoin makes the father of cryptocurrency too much dependent on the consumer supply?Are there any ways of blockchain technology organic development that you see? Do you believe that cryptocurrencies can become mass adopted without massive demand from miners and investors?
Colin: One of the key requirements for organic adoption of any technology, including blockchains, is usefulness. If your technology solution doesn’t actually solve a real problem you have no chance of gaining users.
With Nano, we have something unique with our fee-less and instant transactions on a decentralized network. In order to be accepted as digital money, users need to have an experience similar to existing payment technologies, an experience like we are providing – easy-to-use, no waiting, no confusing fees. When considering this is on a decentralized network then it is truly solving a problem for users, for businesses, and for the world.
Eric: If some crypto could replace Bitcoin on its dominance position, what crypto would it be? And why?
Colin: Predicting the market is extremely difficult, and with so many ‘competing’ cryptocurrencies it is impossible to say which one of them could assume Bitcoin’s dominant position. Ultimately we want the world to have access to digital money solutions that are eco-friendly, easy-to-use and accessible as widely as possible. That is why we built Nano and that is why we continue improving on it day after day.
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