NANOUSD
Nano / United States dollar
crypto Composite

Nano is a decentralized asynchronous network focused on addressing inefficiencies in existing digital currencies and payment systems. It uses a novel Directed Acyclic Graph (DAG) architecture called a Block Lattice whereby each user transacting on the network possess their own blockchain, that is updated asynchronously to the rest of the network. NANO transactions are thereby incredibly quick, with average processing time of less than a second. Transactions on the network are also feeless; a key feature intended to benefit all users and incentivize network-wide decentralization. Nano combines distributed ledger technology with a directed acrylic graph (DAG) algorithm. As opposed to a blockchain with a central chain, each Nano account has its own blockchain, known as an "account-chain" that stores a record of transactions and balance history. The goal of this design is to provide more scalability while also offering users the ability to send funds when the recipient is offline. In order to send or receive transactions, a Proof of Work (PoW) problem is executed. This implementation of PoW is different from a traditional blockchain that leverages PoW for consensus. Nano PoW, at the transaction level, is used to prevent spam attacks that may attempt to flood the network with arbitrary transactions at no cost given Nano's feeless nature. When an account owner executes a transaction, a "send block" is added to their account-chain and their balance is updated. The transaction is then in an irreversible "pending" state until the receiving account adds a "receive block" to its account-chain and updates its balance. As a result, the most recent block on any chain contains that account's current balance and each account-chain is updated asynchronously to others on the network. For consensus, Nano uses Open Representative Voting (ORV) a form of distributed Proof of Stake (dPOS) whereby volunteers can help secure the network by becoming representatives. In this system, accounts choose a representative by updating their account chain, providing more control for users to decide who validates transactions. There are two distinct types of representatives: Principal Representatives (PR) and non-principal Representatives. The only difference between the two representative types is that PR votes are rebroadcasted by other nodes who receive the votes, helping the network reach consensus more quickly. To become a PR, a Nano account must have at least 0.1% of online voting weight delegated to it. By creating a system where representatives are not paid to operate, the incentive to participate in the network is shifted to be indirect, operational cost savings. In addition to securing the network, this consensus mechanism uses less energy compared to other popular blockchains.