Nano, formerly known as Raiblocks is a cryptocurrency that focuses on peer-to-peer transactions. The project is designed for speed, scalability, efficiency and zero fees.

The main components of Nano are the:

1. Account: This is a single address generated by a public key.
2. Block: Every block has a single transaction in it, signed by the user’s private key.
3. Ledger: The global set of accounts out there and each account has its own blockchain or account chain.
4. Node: software that verifies the ledger and controls any account that may be part of that node.

Each account has its own set of blocks and each block is a single transaction. This means all the user’s transactions in Nano will be updated every time the user sends or receive stuff out their individual account chain. Same applies for senders.

The block –lattice structure is a very significant part of the Nano architecture. Each block requires two parts- a send block or transaction, which deducts an amount from the senders account balance, and a receive block or transaction, which adds that amount to the receivers account balance.

Each transaction encodes the current balances of the users account, this makes it simpler to prove the history as there is no need all the transaction in the history, and only required to view the top few and make sure they match.

The Nano community is among the most passionate in the entire crypto-space, and a strong community is essential for any future success for a project. The community has led to Nano being listing on some of the most popular exchanges simply through voting. Merchants have even adopted Nano, due to the continuous requests from the Nano community.

The team is very active among the project. They are constantly updating their blogs or updates via Telegram and are always accessible to answer questions. So a strong team which is committed to the project and has a strong goal in mind.

Nano aims to be a fast, scalable, and free energy efficient project, during which many existing projects are struggling to do so. While undoubtedly a very strong claim, the team and community has shown so far, they are more than up for the challenge.

Source