It seems as if we hear about Ethereum killers all the time. We laugh about the lunacy of such an idea, but it is still a common catchphrase with new cryptos adding built-in development possibilities.
But we hardly ever hear about a coin that tries to directly confront Bitcoin itself. Why is that? Well, because just like the "ETH killers" we here at CryptoDetail simply do not see the possibility of another crypto "killing" Big Daddy Bitcoin. Sorry BCH, but we have talked about this before.
Even though we find the idea of a hostile takeover of the coveted # 1 spot on the CoinMarketCap Top 100 Cryptos List; # 24 on that list may just have what it takes to move up the ranks and seriously compete with the Big Dogs. We certainly do not believe it will reach # 1, or even challenge BTC directly, but it has potential as a currency.
And that is a good thing. Firstly, that is exactly what Nano (formerly RaiBlocks) was created to be; a currency. Secondly, as we have said here at CryptoDetail many, many times in the past, diversity is what makes the cryptosphere what it is today. With 7+ billion people on Earth, and millions (tens, or hundreds of millions) of us using cryptocurrencies on a daily basis, there is plenty of room for every coin and token to succeed.
With That Said, Let's Take a Look at Nano
As a determined Bitcoin competitor, like the forks we have discussed before, Nano sees flaws in Bitcoin. Those flaws, Nano declares, are issues that will prevent Bitcoin from ever becoming a practical, viable currency on the world markets.
Among the issues Nano thinks it can solve are scalability (leading to higher transaction fees), high transaction times (especially during high congestion periods in the Bitcoin blockchain) and the high energy consumption required to process Bitcoin transactions.
Like IOTA, with its Tangle, Nano uses a directed acrylic graph algorithm (quite the mouthful) to create what it calls a block lattice. The short version of this rather intriguing layout is that it is laid out rather like a Bitcoin multi-signature transaction.
Nano users each control their own "account chain". In order to send funds, they must sign a transaction that travels to the main network; where it is verified by the "block lattice". This is the control center that receives and sends transactions. So, when you send your funds to the block-lattice, your account lattice reports that transaction. Then the receiver must also sign a transaction to get the funds from the block lattice and into their own account lattice.
Each account lattice runs parallel to the block-lattice, which connects them all. This lattice formation is a unique puzzle that seems to solve those issues Nano set out to solve the problems in the Bitcoin protocol.
But, Isn't This Just another Tangle?
Sort of. But the difference here is that two signed transactions, signed by two completely independent parties, and each into or out of, the immutable block lattice seems far more secure to us here at CryptoDetail than the potential security issues we named with IOTA and its tangle. The Nano's Block Lattice is, apparently, what it claims to be. It solves everything it said it would solve.
Bitcoin's scalability issues are null and void as the account chains of Nano are so self-sufficient, and easily inner connected through the block lattice can be expanded exponentially. This, of course, negates the transaction fees. In fact, there is no such creature living on the Nano block lattice.
Bitcoins high transaction times (especially during high congestion periods in the Bitcoin blockchain) are erased. The Nano block latticeworks independently of any of the account chains, handling one half of each transaction at a time. However, every account lattice can conduct a transaction at a time through the block lattice. Simplistic and effective.
Furthermore, there is no need, nor ability for, high powered mining operations with Nano. The simplistic design has eliminated the high energy consumption required to process Bitcoin transactions.
Mission accomplished on all fronts.
We here at CryptoDetail love it when a plan comes together. And Nano's plan has absolutely come together. Therefore, we at CryptoDetail wholeheartedly recommend the Nano. With a current value of $ 3 USD/Nano, there is no better time to get in on the excitement. We feel that Nano is one of those coins that is poised to make a huge leap in price with the upcoming annual winter surge. So, if you miss out on that you will be paying significantly more for your Nano within the next six months.
The nuts and bolts
Of course, that is just our assessment; you make your own after you have done your due diligence like we did. Do not forget to study the white paper, the website, the GitHub and the BitCoinTalk threads. Then, join in the conversations about Nano on Reddit. Meet the team on Facebook, Twitter, Discord, and Telegram. Dig deep, get involved and really get to know the players involved and the nuts and bolts of the entire project.
Then, after you are familiar with this unique little coin, perhaps you will join us in a few transactions and a little HODLing. We look forward to seeing you there, on that side of our beloved cryptosphere.
Nothing in the above article is intended or presented as "financial advice". Before buying any coin or token, or before making any financial decisions it is up to you to do your own due diligence. Then, once you are well informed, it is up to you to discuss your situation and strategy with a reputable, local, crypto friendly CPA in order to protect yourself and your money to the fullest extent possible in such ventures. Anything you have read here is merely our assessment and opinion from the facts we have uncovered through our own research.
Thanks for joining us for this exploration! Good luck on your own crypto journey!! Happy HODLing!!!
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