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There are drawbacks to using bitcoin because of fees, transaction times, and other factors. These cons make bitcoin difficult for merchants who don't want to deal with cryptocurrency just yet. You may have heard the coin name “Banano'' being thrown around the site. Banano, as crazy as it sounds, is a memecoin that aims to be stable in the long run, and it also happens to be a fork(code taken from Nano and edited/changed around) of Nano, an emerging currency that offers many benefits that could ultimately surpass the negative aspects of bitcoin.
What is Nano?
Nano is a cryptocurrency which has many benefits, such as being 4 million times less environmentally harmful than bitcoin, ZERO transaction fees, and instant deposits and transfers due to being run on the Lightning Network. It also has no gas/miner fees, because there are no miners to begin with, although you can set up a system to mine another coin, such as Ethereum, and swap it for Nano.
How does it work?
Nano is a digital currency that can be transferred from one person to another in nanoseconds(haha, puns INTENDED). The main goal of the currency is to ensure that transactions are secure and quick. The protocol also offers a free mobile wallet, which means you have full control over your keys/asset IDs on the go. This makes it easy for you to make transactions with friends or vendors when needed.
Why Nano can be better than Bitcoin:
Nano (formerly known as RaiBlocks) is a peer-to-peer cryptocurrency that offers account synchronization with zero database multifunctions, zero proof of work, and zero mining fees. On the 20th of December 2017, the Nano Team merged some updates to BIP39 which allowed support for 25 languages. One of many different ways Nano stands out from Bitcoin is its use of an organic consensus for validating transactions which does away with having miners process new blocks. Bitcoin uses the “proof of work” model in creating new blocks. It takes large amounts of data to confirm transactions in Bitcoin, which in turn is very competitive with other miners in the network. This means that smaller miners will find it difficult to confirm transactions in Bitcoin because it requires a lot of computing power just for one confirmation. With Nano, there is no data required for transactions within the network, only voting by members of the message. This reduces costs and saves on energy.
The technology behind Nano:
Nano utilizes a system of block-lattice: each account has its own blockchain and the transfer of funds is done by sending them from one account to the other. This means that, by owning more accounts, it becomes easier to handle more simultaneous transactions which greatly increases how far it rebuffs spam-attacks. In order to ensure that the sender has enough funds in their account for the transaction to take place, a Proof-of-Work function is used which doesn't tax users for low-value transfers.
What is so special about its creation?
Nano was created with a unique block-lattice data structure. That ensures that coins can be transferred directly from one account to another, and that transactions will happen quickly and with no fees!
Price Predictions:
At the end of 2017, Bitcoin had an approximate value of US $14,727.33. With such a small percentage (0.25% as of December 20th, 2018), Nano’s price predictions are looking really good. Nano’s innovative block-lattice architecture has carved out its own niche in the cryptocurrency market by solving many problems that are evolving into issues for Bitcoin.
Conclusion:
Nano's enhanced scalability solves the fundamental problems with the Bitcoin protocol. With a low energy footprint and a dynamically adaptive block size, Nano is ready to address both current and future periods of high transaction volume. Its novel job scheduling system establishes a symbiosis between computer resources and power consumption that allows unpaid transactions to be processed at a higher rate than other coins.
And that’s why I think Nano will turn out to be a better crypto than Bitcoin in the long run. What do you think?
I’m off to drink some Fiji Water, I’m thirsty.
If you wish to learn more about Nano, the Whitepaper can be found
