Nano (NANO)

Nano Token Profile (PDF)

NANO, formerly known as RaiBlocks, is a project initially conceived in 2014 by Colin LeMahieu, a Software Engineer based in Texas. The project is currently experimenting with Directed Acyclic Graphs (DAGs); an alternative data structure to the way blockchains are generally developed today. It attempts to provide a solution to one of the biggest risks currently faced by blockchain-based networks, which is the rise of immensely powerful quantum computers. Although still very theoretical, these supercomputers could enable hackers to attack blockchain based networks in the future. The NANO network offers quantum-resisting features by structuring its transactions using Directed Acyclic Graphs (DAGs), which are supposedly more resistant to quantum attacks. Transactions are posted on-chain as they occur by nodes of the network and linked with a signature system, thereby eliminating the need for mining and enabling free transactions. NANO also uses a Proof-of-Stake consensus mechanism to validate the blocks in its blockchain. In February 2018, 17 million units of NANO were stolen from BitGrail, an Italian cryptocurrency exchange. At the time, one unit of NANO was worth around $10, putting the total BitGrail loss at $170 million.