NANO universal blocks create a miracle

The Twitter-account of Colin LeMahieu has informed that NANO universal block canary has been released. What does it mean for users? Previously Colin LeMahieu made it clear that “this will signal wallets to start generating universal blocks instead of the old style. Universal blocks will allow higher TPS, simplify code, and simplify hardware wallet integration”. This means simpler, faster and more understandable code.

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So universal blocks’ feature makes NANO even speeder, enjoyed more scalability, more secure, and less expensive to run the network. Prior to universal blocks a run a node incurred costs about $5 per month. The new rules appeared at GitHub. Let’s remind that a node is an entity used to decentralize control and verify contracts within NANO network that as a rule is without any fee. Nowadays there is no incentive to run nodes other than to secure the network. The NANO team has revealed they are working on incentives for running nodes.

This also makes NANO and it’s network even more green as electricity for to perform single transaction on the NANO network consumes 1,12 Wh (0,00112 KWh), while Bitcoin uses over 200 KWh per a deal. So NANO’s network consumed 99,99% less electricity than Bitcoin’s network. Due to universal blocks the bandwidth usage should decrease even more. NANO network also posses well-equipped spam-defense since NANO transactions require a PoW approval beforehand and this makes it computationally expensive to spam this network. But of course feeless NANO network is still vulnerable to some enduring spam attacks. For to ultimately address this issue the NANO team that is concerned over this issue may start prioritizing larger transactions over small transactions since a few spammers has a lot money to make big transfers of NANO.

The introduction of universal blocks also implies the release of official and ultimate version of mobile and desktop wallets, along with NANO Ledger hardware integration and all inventions are slated to come in near future. Once things got done, the NANO team is likely to enforce its marketing efforts for to spread NANO adoption that will at long last to lead a pump. Unfortunately the adoption is still close to zero. NANO ranks at 32 position of CoinMarketCap capitalization rating and cost $5,76 (up 3,29% for last 24-hour). NANO has inspired to be forked by Gary Tan, early seed investor of Coinbase and partner at Y Combinator who released fresh altcoin Taraxa that supports smart-contracts similar to ones of IOTA. At the beginning of May for this project Gray Tan started hiring developers.

2018-05-21T09:58:32+00:00 21 May 2018|Tags: |0 Comments

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