Up-close Introduction with RaiBlocks – Now known as NANO
When we think of all the various issues cryptocurrency world is facing, scalability is one which is listed as one of the most prominent among all and can be divided into two parts. One – completing a set of transactions and placing the same into a block, and second – time is taken to reach a consensus.
After all, while the visa is successfully handing 1667 transaction per second and PayPal manages to cross 193 operations per second. Ethereum with its 20 transactions per second and Bitcoin with its seven only needs to work harder, if they plan on becomes next significant currency accepted worldwide for transactions.
This is the situation where RaiBlocks comes into the picture, as its team has tried to elemental as many issues as possible and bring Cryptocurrency transactions as close as possible to the perfect. Nevertheless, while there is still no reason we can guarantee that this project will gain success in solving this issue of scalability and more, the same has succeeded to grab the attention of all.
Also, read… Complete guide to nano coin.
How does Raiblocks (Nano) work?
Use of – DAG – direct acyclic graph algorithm and block-lattice mode
Serving solutions with a different approach is what Colin LeMahieu creator of RaiBlocks tried to accomplish with ‘Block Lattice’ format which allows each account to have its blockchain and each block contains just one transaction. For example, when one tries to send RaiBlocks tokens to someone else, two transactions are required to accomplish the task, one send transaction which deducts from senders account and one receive transaction which adds to the recipient account. Also, with the added feature of asynchronous, it is not essential that both the transactions get completed in the direct sequence.
To explain it better in case recipient is offline and creation and sign of receive transaction cannot be done on instant basis. In this case, sending transaction would take place. However the same will remain unsettled, and once the recipient is online and can create corresponding receive block, the transaction will get settled.
Every transaction which is made is sent to UDP (User Datagram Protocol), which enable offline transfers as well.
Major improvements proposed by RaiBlock Project
An instant transaction for no fee – just like Bitcoin, most Cryptocurrency ask for a transaction fee (for miners). However, RaiBlocks does not follow the same procedure, as the same does not rely on miners for the authentication of transactions or to create a block.
Smaller ledger – because every account works on a separate blockchain and it is not necessary to keep a record of every transaction, the ledger is lower compared to other cryptocurrencies ledger. In fact, this is the reason that even after millions of transactions have been sent across, the ledger of RaiBlocks is still less than 2GB.
Improved latency – be it account chains or account, this new unsynchronised model serves with the possibility of uploading them at any moment. Also how we cannot mention that this model helps with the satisfaction because of its faster and immediate fee-free transactions.
Scalability solutions – as we know RaiBlocks transactions are managed separately, which means transactions are executed independently from the main chain on the network. UDP packets record transactions on separate blocks, which on the one hand decreases particular block size problem while recording only personal balance instead of updating the whole ledger.
Energy efficient and decentralized – RaiBlocks has secured itself from mining attackers and influencers, by using blockchain system which works without any contribution of miners and working on delegated proof-of-stake model.
The project needs enough users to run the full blockchain and create a decentralized ledger, which is on other Cryptocurrency blockchain is being managed by miners. Nevertheless, we cannot ignore the fact that RaiBlocks has successfully pinpointed the issues users face while working with Bitcoin and alike. Thence it will not be wrong to say that there is a possibility that with its capability of solving latency and scalability issues, RaiBlocks might emerge as a serious rival for most.
What are your thoughts about Rai blocks, NANO Coin? Let us know in comments.