NANO Releases Game Changing Upgrade To Its Network

Avatar Jack Baker | May 21, 2018 269 Views 0 Likes 5 On 8 Ratings

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What is NANO

Nano is well regarded as one of the most promising projects in the cryptocurrency world. It is also a pure currency coin, similar to bitcoin. However, its main appeal is that it addresses many of the problems that bitcoin currently has, including scalability, transaction times, and high fees. Nano is currently an almost instant and fee-less way to send money.

The way Nano has been able to provide almost instant and fee-less transactions is through its scalability system called DAG. DAG is actually quite similar to Ethereum’s Sharding Protocol, in that each specific transaction on the network actually has its own blockchain. This significantly reduces network clutter, since there is no centralized chain that each transaction has to go through. Every person who owns Nano, controls there own blockchain (knowingly or unknowingly), which allows the network to adapt to their own specific needs.

Universal Blocks Upgrade

The main point of today’s network upgrade is a massive improvement to the coins security. Many speculate that security concerns are the main reason that the coin is not already more widely adopted, and today’s upgrade almost completely addresses this concern.

Prior to today’s upgrade, NANO used four different types of blocks: send, receive, open, and charge. Each fitting as a different shape in the DAG scalability system. Today’s update turns the four blocks into one universal block.

A big security concern before the upgrade was that blocks were held open too long, allowing for errors to take place in the code. The shorter a block is opened, the more secure it is. By combining all the blocks into one universal block, the blocks are able to be held open for a much short time period.

Another way it improves the network is that it makes it even faster. Previously, NANO had to go through an extra index that took longer for the coin to be processed on the chain. It no longer needs to do this because the index is already programmed into its universal block. This is also another way that it allows the block to be opened for a shorter time period. It essentially allows an unlimited number of blocks to be checked at once, instead of individually.

Today’s upgrade will certainly turn out to be a big deal for NANO. We strongly believe it will lead to a much wider adoption of the cryptocurrency in the near future.

Disclaimer: Nothing written in this or any other article on our website should be taken as financial or legal advice. Therefore, we cannot be held liable for any investments you make. Investing in cryptocurrencies is highly speculative, and you should never invest more than you are prepared to lose.

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Written by Jack Baker