Frequently Asked Questions
What is Nano?
Nano ($NANO) is a next-gen cryptocurrency created by Colin LeMahieu with virtually instant transactions and no fees. It uses block-lattice technology to enable fast decentralized processing without sacrificing security.
Whats so great about Nano?
- No fees. The protocol is incredibly lightweight and the cost of running a node is miniscule, so there is no fee for processing a transaction. One transaction fits within a single UDP packet, and transactions are handled independently, meaning NO block size issue.
- Transaction speed. All wallets pre-cache the PoW for the next transaction once a transaction is sent, which makes transactions instantaneous. Ongoing transactions may have delays to prevent transaction spam.
- Scalable. Transaction lookups scale with the logarithm of the data set size logNO with a tree-like structure or O1 if they are based on a hash table. To get an idea of how this scales, if it was a simple binary tree with 1,000 entries it would take 10 lookups. With 1,000,000 entries it takes 20 and 1 billion would take 30. Pruned nodes only need to keep the latest block of each account-chain, even further reducing lookup time and system resources.
- Energy consumption. Whereas 1 BTC transaction needs 330kWh to process, 1 Nano transaction needs less than 0.001kWh = 1Wh! -- In other words, Nano is the most environmentally friendly cryptocurrency.
Where can I buy Nano?
You can find a list of exchanges on CoinMarketCap.
What can I do with Nano as a developer?
Nano as a cryptocurrency is laser-focused on being the fastesst and easiest currency for peer-to-peer payments. As a developer, you can build applications and APIs that allow users to transact with Nano in novel ways, manage their own Nano, or monitor the status of the Nano network.
How do I build an application with Nano?
In order to integrate with Nano, you'll need to either run or have access to a Nano node with RPC enabled.
What's a Nano node?
A node is a special piece of software that can run on any platform, available here. It's responsible for finding and connecting to other nodes on the network in order to broadcast transactions (also known as blocks) and receive information about transactions that have happened in the past.
Each node has a local LMDB database where it stores the blockchain and metadata about the blockchain.
What's a Nano wallet?
The term "wallet" can refer to one of two things:
- An app or website with a GUI that allows you to send, receive and store your Nano
- A cryptographic data structure that is created with a seed and can contain multiple accounts
To tie the two together: Wallet (the app or website) is simply a frontend that connects to a Nano node to provide access to a wallet (the data structure) that is either provided by the user or newly generated.
What are the different units of Nano?
Most exchanges display their values in Nano, but smaller transactions between people or apps and services might use Rai.
|1 MNano||1,000,000 NANO||1036|
|1 KNano||1,000 NANO||1033|
|1 Nano||1 NANO||1030|
|1 knano||0.001 NANO||1027|
|1 nano (rai)||0.000001 NANO||1024|
|1 Raw||...really small...||100|
How do I mine Nano?
If you've come here, or anywhere, looking for how to mine Nano, you're out of luck, because Nano mining doesn't exist! Although Nano implements PoW (Proof of Work), it is trivial compared to other cryptocurrencies, and is primarily used as an anti-spam technique. Nano uses a PoS (Proof of Stake) technique with representatives and voting to ensure the vailidity of the network.
Is Nano safe from attacks?
Check out Section 5 of the Nano whitepaper to see what the Nano team has planned for the foreseen malicious attack scenarios
How is Nano different from IOTA and Byteball?
All three cryptocurrencies use a DAG (Directed Acyclic Graph) architecture, and the Nano vs. IOTA or Byteball comparison really comes down to the feature trade-offs seen below.
Credit for table to /u/MildlyAgitatedBidoof