About this video
Nano (previously called RaiBlocks) is an ultra-fast, completely decentralized network. It has no additional fees for transfers and is open and accessible to everyone.
This video aims to give a basic outline of Nano and talks about:
- A basic history of Nano
- How Nano works
- The developers of Nano
- How the cryptocurrency needs to expand its reach in the future
- Did you Know?
Nano is feeless, which means that, whether you send 0.001 NANO, 1 NANO, or 1000 NANO, the full amount that you sent reaches its destination. Adding the fact that transactions are almost instant too, this makes Nano super user-friendly allowing for services like PlayNANO to provide clean and simple user interfaces.
Unlike many other cryptocurrencies, which force the users to pay fees in order for its transactions to be processed, Nano's fees are, and will always be 0. Other cryptocurrencies use these fees as a means to reward the nodes that are securing the network, but for Nano, this is simply not necessary. Nano uses an innovative consensus mechanism called Open Representative Voting (ORV) that simply removes the need for transactions to pay fees to secure the network.
Since transactions are fee-less, Nano could be a target for Spam attacks. To prevent this, Nano forces users to process a small PoW for each transaction. This prevents users with bad intentions to spam the network while allowing normal users to use the network freely.