What is Nano?
Nano is a decentralized asynchronous protocol that aims to address the issues around latency and low transaction speed in public blockchains. The protocol applies Directed Acyclic Graph architecture, Block Lattice, which enables every user on the network to have their blockchains. The blockchains are updated asynchronously as the rest of the chain. The technology gives Nano higher speeds, making it ideal for micropayments and transactions.
Nano is secured through a distributed proof-of-stake consensus called Open Representative Voting. Under the model, the Representatives do not get any financial compensation for enhancing the network security. Instead, they offer their service voluntarily. The representatives have to run a node and enable voting for transaction validity by ensuring it remains online.
There are currently 133,248,297.20 circulating XNO tokens from a total supply of 133,248,297 and a matching maximum supply. 133 million, equivalent to 39% of NANO’s initial supply, was claimed at first distribution. 7 million tokens were transferred to the development fund, and the remaining 207 million NANO tokens were burnt, cutting the supply to a 133 million ceiling.
Nano project development began in 2014, then called RaiBlocks. Nano was founded by Colin LeMahieu.