Raiblocks otherwise known as Nano, like some other cryptocurrencies, is intended to become a real alternative to Fiduciary currencies. But also an alternative to Bitcoin, which presents three major problems:
High transaction fees
The latency of calculations too long: 164 minutes on average.
And finally, energy consumption.
Instead, Raiblocks promises transactions that are free, instant, and do not consume a lot of electricity.
How it works ?
To do this, Raiblocks uses its own entirely new technology, called “block-Lattice”.
This block-Lattice works like a blockchain.
However each account on the network has a chain of its own.
Moreover, its user can modify it, this allowing an update asynchronous with the rest of the network.
Thus, users do not rely on the network to send or update blocks on their account chain.
In fact, each transaction requires two transactions: one from the sender and one from the receiver.
At the end of the transaction, the recipient must sign a block confirming that he has received the funds.
Finally, all these transactions are sent in UDP (User Datagram Protocol), which allows to send funds even when the recipient is offline and reducing costs.
As a result, every transaction on Raiblocks, is its own block.
In addition, each new block replaces the previous one on the user’s string.
Let’s take an example. If A wishes to send XRBs to B, the transaction will be verified taking into account the difference between the block of shipments and the current balance on the previous block.
As for B, the amount received will be added to the previous block on his account.
So, a new block is created that has been updated.
As a result, Raiblocks does not need to keep a complete history of all transactions as it usually is. He only records the balance of the accounts.
Transactions on Raiblocks are faster and cheaper.
With this system, we can designate the network block name, no need minors, because it is the sender and the receiver who verify a transaction.
This allows for instant transactions. In addition, this reduces the transaction costs completely.
Finally, the infrastructure is much lighter and allows an improvement in scalability.
Raiblocks consumes little energy
The system that Raiblocks uses is not proof-of-work like Bitcoin.
This is a delegated participation proof system, DPoS.
Also, if transactions become conflicting, it is the delegates who vote to validate them.
This model allows de facto mining decentralization. And because delegates have a stake in the currency, they can not abuse their power. Because this would jeopardize the legitimacy of the network and therefore their investments.
In addition, delegates only check contentious transactions. Thus, the execution of a node consumes much less energy than for a model of “proof-of-work” type.
Change of name of Raiblocks in Nano
The Raiblocks development community wanted a name that could better define the future of their project.
That’s why they finally opted for Nano, which is supposed to represent the speed and simplicity of their project.
But this name change has no impact on either the portfolios or the operation of the transactions.
Their new logo also represents the operation of this cryptocurrency: several nodes connecting together to form an N.
As they announce themselves, Nano brings together experts in technology and strategy.
The creator and developer of crypto currency is Colin LeMahieu. He has 10 years of experience in software development and he founded Raiblocks.
The rest of the team is made up of six other developers: Mica Bush, James Coxon, Zack Shapiro, Devin Alexander Torres, Russel Waters and Brian Pugh.
In addition, the team also includes a public relations manager, a designer, a legal specialist and a business development manager.
The latter is looking for partnerships and business opportunities in the UK and around the world.
The price of Raiblocks or Nano (XRB)
Raiblocks started like all crypto currencies at an extremely low price.
In the second half of 2017, it rose to a price of $ 0.10.
In December it reached a high of 20 USD.
But since the end of January 2018, XRB has been renamed Nano and today (February 2018) it trades around 8 USD, and its capitalization is 1.124 billion dollars.
Where can I buy XRB?
XRB can be traded on multiple platforms such as Bitflip or Mercabox. But his online wallet is Nano Web, which is the official wallet of cryptocurrency.
It must be emphasized that we must go through Bitcoin to buy it. But it is also possible to buy it with DogeCoin on Mercabox.
If you want to store your XRB, there are three solutions:
The official Nano Web wallet.
An office wallet or desktop wallet.
The wallet for iOS mobile Wallet Beta.
The Nano team is actively working to ensure that the XRB can be traded on most major platforms.
Its second objective is to create partnerships with businesses that could adopt crypto currency as a means of payment, from micro-payments to the largest payments.
Will he succeed? Will XRB become a popular payment method?
Only the future will tell us.
In the meantime, you can follow its evolution on the Nano.org official website.