What is Nano?
The design of RaiBlocks from the ground up is to facilitate scalable instant transactions with zero transaction fees and no block rewards. Initial distribution was through a CAPTCHA controlled faucet. While Bitcoin is known because of the underlying blockchain technology, RaiBlocks uses a completely different approach and introduces the concept of Block Lattice. Unlike blockchain, each account is made up of its own blockchain and each "block" is made up of only one transaction. The digital ledger then becomes this whole interconnected set of global accounts.
As its becoming apparent, the transaction performance of typical blockchain based currencies that rely on proof of work consensus mechanism is slow, making it viable only for those who can tolerate slow speeds. Besides, there is the high cost of power needed for mining to contend with.
For RaiBlocks systems, each account maintains its own blockchain and this is replicated to all peers in the network. Such a design enables the coin to function indefinitely using the minimum amount of computing resources possible helping to avoid huge class of arbitration by having each account specify an order for their own transactions. RaiBlocks uses Blake2b encryption system.
Founder: Colin LeMahieu
Release Date: October 4, 2015