Many people simply assume that NANO is just instant and feeless. Those are great features, but NANO is far more than that. It’s decentralized, scalable, green, and has many other unique characteristics.
NANO is one of the only cryptocurrencies that actually becomes more decentralized over time. There is no inflation, the supply is capped at 133 million. This means that there is no financial competition from stakers and miners to get a larger share of coins or hash power. Instead, NANO uses ORV (open representative voting). This allows people to vote for nodes in order to give them the power to verify transactions. If nano ever became geographically centralized, everyone could simply vote for nodes in different regions. If a specific node was starting to gain way too much power over the network, people could easily change their vote to a smaller node.
NANO is extremely scalable, because it is not limited by software. The transactions per second only depends on hardware. As more powerful nodes become integrated in the network, the TPS and confirmation times should drastically improve. Transaction times in 2017 were anywhere from 5 to 10 seconds. Now they take about 0.3 seconds.
NANO is extremely energy efficient. “operating at 7,000 transactions per second, the entire Nano network could be powered by a single wind turbine. Not only that, but it would take “over 1 million transactions to use the equivalent energy of an LED light bulb.” This is important as we move towards a green world.
Most cryptocurrencies require multiple confirmations before the transaction is fully completed. Instead, nano is confirmed instantly with just 1 confirmation. Once someone sends you nano, they cannot take it back. This makes it impossible for anyone to ever do a double spend, since the transaction is confirmed right away.
NANO has an update soon to be released, known as V22. This will likely be a permanent solution to the spam problems that have been experienced lately. It works by using an election scheduler. What this means, is that all transaction amounts will be put into 128 different categories. (0.1, 1, 10, 100, etc.) If a spammer were to send 0.1 nano back and forth, it would only effect the 0.1 category. Anyone sending transactions on the 127 different amounts would be unaffected.
But even than, spamming 1 of 128 categories will be difficult because of the new prioritization method. Blocks will be processed by the least recently used. An account that made a transaction a month ago will always have their transaction processed before the spammer that is spamming now.
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