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Announcing the release of Nano V26 Tremissis, an upgrade that significantly improves network efficiency and resiliency, particularly during adverse network conditions like heavy spam. V26 also includes server-side support for several multi-phase improvements that will be more fully enabled in V27.
For both V26 & V27, these changes ultimately mean less network overhead, higher TPS, faster bootstrapping, improved stability & recovery during saturation or spam, & increased overall efficiency.
What's in V26?
So, what changed with V26? And what do we expect to see? Let's dive in!
Vote Hinting Improvements
One of the biggest features included in V26 is the vote hinting rework. To confirm transactions, Nano representatives start elections based on transaction priority, but during periods of heavy network traffic, there can be a significant increase in timestamp differences between nodes.
This desyncs voting & drastically reduces confirmation speed, so vote hinting was implemented to help keep the network in sync. With this feature, a percentage of election slots are reserved for hinted elections, meaning that nodes start elections for transactions with a high vote weight, regardless of individual node priority. This allows the network to progress forward on confirmations, keeping the network in sync.
V26 drastically improves how this vote hinting process works, especially by improving how missing block dependencies are handled. In some tests, these bug fixes & improvements completely eliminated election churn & timeouts.
https://nano.org/en/news?id=v26-tremissis-is-live--552fc84a
https://image.nostr.build/f54118c0a910be8358114924b59ee7446ff0d3acf7786c524f9314d325ac88ab.jpg Why Nano Can Cope with Exponential Growth
Let’s imagine that Nano experiences exponential growth and absorbs the usage and market cap of cryptocurrencies like Bitcoin Cash, Dogecoin, Litecoin, Decred, and Dash. The market cap increases from $153 million to $23.8 billion (+15,416%), and transactions per day increase from 24,329 to 1,823,479 (+7,395%). Nano can cope with this growth for several reasons:
Increased Market Cap: A higher market cap in Nano makes it harder to attack by buying up large portions of the supply due to its decentralized nature. It also increases the distribution of voting power among more holders.
Increased Transaction Rate: Nano is stress-tested to handle far above the current transaction rate of 0.28 transactions per second (TPS). The increased transaction rate does not lead to any issues as stronger hardware is able to manage it without software changes.
New Services and Exchanges: As more people try out Nano and new services and exchanges implement it, more nodes come online. This leads to increased decentralization and capacity without any software changes or inflation.
Optimizations: New developers and node runners entering Nano find optimizations that make their nodes run more efficiently, causing further increased TPS without any fees or inflation.
Security: The network becomes even more secure as the value increases and users withdraw their Nano from exchanges to use it for instant and fee-less transactions. Spammers trying to attack the network realize that they would need to buy up immense amounts of Nano, making it impractical.
In conclusion, Nano can cope with exponential growth due to its unique design that eliminates fees and incentivizes decentralization through external motivations rather than built-in incentives in the network itself. This allows for a positive feedback loop where businesses, developers, and users benefit from each other’s participation in the network while maintaining security and scalability
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Comparison in Watts per Single Transaction:
Bitcoin (BTC): 707 kWh per transaction
Nano (XNO): 0.00112 kWh per transaction
Global Average Cost for 1 kWh of Electricity:... $0.173
Bitcoin (BTC): $122.311 per transaction
Nano (XNO): $0.000019376 per transaction
Nano’s Blocklattice structure enables significantly lower energy consumption per transaction compared to Bitcoin’s blockchain due to its innovative consensus mechanism and lightweight design.
Nano (XNO) Blocklattice:
Nano operates on a different consensus mechanism called Delegated Proof of Stake (DPoS), which does not require mining like Bitcoin.
Nano’s architecture allows for faster and more energy-efficient transactions compared to traditional blockchain networks.
Due to its design, Nano transactions are extremely lightweight in terms of energy consumption.
A single transaction on the Nano network typically consumes only a fraction of the energy compared to Bitcoin, with estimates of about 0.00112 kWh per transaction.
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When building the Nano protocol, the goal has always been to create the most efficient network possible without sacrificing security. By making the cost of reaching consensus trivial, requiring only minimal amounts of storage, bandwidth, and computing power, Nano offers the opportunity for anyone to participate in network security.
The prevailing thought among those in the cryptocurrency space is that achieving consensus while adequately decentralizing a network requires validators to be directly rewarded. These rewards or incentives, however, come as a charge to other network participants through transaction fees or inflation. This approach can often lead to a phenomenon called emergent-centralization, where entities benefit from economies of scale, leading to fewer producers and larger scale production which is in opposition to the goal of decentralization.
By offering fast and fee-less transactions, the Nano network offers natural economic incentives to those participating. Incentives in cryptocurrency are typically viewed as a revenue stream or way to generate passive income, but profit can be increased by both increasing revenue or reducing operating costs. While businesses and services are free to utilize the benefits of the network without running a node, those who choose to function as representatives can interact directly with the network without having to rely on a third party. There are several examples of this currently, as businesses such as exchanges, wallets developers and payment processors comprise a significant portion of the voting weight.
Additionally, businesses or services can leverage their representative nodes as a form of marketing. Current lists displaying top representatives typically use aliases when referring to public accounts and there are community-run sites where representatives are able to verify themselves and create full profiles. As these profiles continue to be built out and integrated with other network services, businesses will be able to highlight their contribution to network security while advertising ongoing sales and promotions, all at a relatively negligible cost.
It is important to note that the Open Representative Voting (ORV)system implemented in Nano does not limit users to particular delegates or require token lockups, anyone is able to run a representative node and move their voting weight around freely. Nodes on the network with voting weight over 0.1% of the total online stake are referred to as “principal representatives”, their votes are broadcast across the network and contribute to consensus. Their incentive is to contribute to the decentralization of the network to maximize the security of their funds while taking advantage of the natural economic incentives of the network.
The Nano network is open and accessible to everyone in the world and compared to the market incentives offered by operating on the network, the resources required to operate a node are trivial. Providing fast and fee-less transactions is an unmatched value proposition, allowing businesses to reduce overhead and increase profits while giving access to the unbanked to participate freely in local and global economies.
Natrium Wallet: The Ultimate Feeless Solution for Nano (XNO) Crypto Currency
https://natrium.io/
Are you tired of high transaction fees eating into your crypto investments? Look no further! Introducing the Natrium Wallet, the premier wallet solution for the feeless Nano (XNO) cryptocurrency.
Unleash the Power of Feeless Transactions
With Natrium Wallet, you can enjoy feeless transactions when dealing with Nano (XNO). Say goodbye to traditional transaction fees that slow you down and eat away at your profits. Natrium Wallet empowers you to make seamless, instant transactions without worrying about additional costs.
Cutting-Edge Security Features
Rest assured that your funds are safe and secure with Natrium Wallet’s cutting-edge security features. Utilizing state-of-the-art encryption technology, Natrium Wallet provides a secure environment for all your Nano (XNO) transactions. Your peace of mind is our top priority.
User-Friendly Interface
Navigating the world of cryptocurrencies can be daunting, but with Natrium Wallet’s intuitive user interface, managing your Nano (XNO) holdings has never been easier. Whether you’re a seasoned investor or just starting out, Natrium Wallet offers a seamless user experience for all levels of expertise.
Experience the Future of Crypto Transactions with Natrium Wallet Today!
Make the switch to Natrium Wallet and experience the future of feeless crypto transactions with Nano (XNO). Join the revolution and take control of your finances like never before.
Nano (XNO) offers several advantages over Bitcoin’s Lightning Network (LN) in various aspects, including transaction speed, fee structure, ease of setup, and reliability.
Transaction Speed: Nano processes transactions instantly due to its unique consensus algorithm called “representative democracy with proof-stake.” This algorithm allows for near-instantaneous confirmation of transactions without the need for miners or blocks. In contrast, Bitcoin’s LN relies on off-chain transactions that can take longer to confirm due to the complex routing process and channel management.
Fee Structure: Nano is a completely fee-less cryptocurrency because it does not rely on mining or transaction fees. Transactions are validated through a representative election process, ensuring that no fees are required for users. On the other hand, Bitcoin’s LN requires fees for opening and closing channels as well as for routing transactions through intermediaries. These fees can add up and make using LN less cost-effective compared to Nano.
Ease of Setup: Setting up a Nano wallet is relatively straightforward and user-friendly. Users can download the official Nano wallet application or use hardware wallets like Ledger or Trezor to secure their funds. In comparison, setting up a Bitcoin LN node requires more technical expertise and resources due to the complexities involved in managing channels and routing transactions.
Reliability: Nano’s consensus algorithm ensures high reliability by allowing users to delegate their voting power to representatives who validate transactions on their behalf. This system minimizes the risk of double-spending attacks and provides a more stable network compared to Bitcoin’s LN, which can experience issues with channel management and routing delays leading to potential loss of funds.
In conclusion, Nano (XNO) offers several advantages over Bitcoin’s Lightning Network in terms of transaction speed, fee structure, ease of setup, and reliability. These features make Nano an attractive alternative for users seeking fast, cost-effective, and secure cryptocurrency transactions without the added complexities associated with LN. https://image.nostr.build/f43da5bfd9bfbc8591f4e98291cdde6bff65a3748f2dfd0636613544ee43ffb1.jpg
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