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Nano 101 (formerly Railblocks) – Scalability unlimited?

Nano is a low-latency cryptocurrency that uses the new block-lattice architecture and the famous Proof of Stake voting. In its new structure, Nano gives each account its own blockchain. It also offers unlimited scalability, feeless transactions that are instant and peer-to-peer. It is the 20th largest cryptocurrency, with a total market cap of $2.6 billion currently. The aim of this network is to resolve the issues of traditional ledgers.

Recently, the Blockchain community has been facing some serious problems. Due to the popular demand for famous cryptocurrencies, their limited scalability has increased the average transaction times and fees. This has led to dissatisfaction in the community. Thus, the aim of building railblocks is to solve these issues. This blockchain network will allow users to carry out instant, feeless and scalable transactions; something that traditional blockchain networks have failed to provide.

The Block Lattice of Nano

Railblocks has introduced new block-lattice architecture as its blockchain design. This new infrastructure would give each account its ‘own blockchain’. In every account’s blockchain, one block would contain just one transaction. A send transaction would deduct one block from the account and a receive block would add one block to the account holder’s blockchain.

Also, these send and receive activities are asynchronous. They do not need to occur at the same time. If one account has sent a block to another, but the receiver is offline, he will receive the block only when gets online again. Transactions will be completed in the knowledge of both parties.

Scalability, Security and No Fees

Having each blockchain for each account provides unlimited scalability to each account holder. Till date, the Nano network has carried out a total of 4.2 million transactions with a ledger size of only 1.7GB. This is very low when compared to other popular and large cryptocurrency networks. Also, providing a blockchain to each user gives them an almost instantaneous speed. When transaction speed of other networks, such as Bitcoin are compared, it is seen that while Bitcoin takes an average of 164 minutes to transact, transactions on Nano is almost instant.

The transactions are also feeless and independent of block-size pricing issues on Nano. (While it is $10.38 on an average on Bitcoin)

Moreover, unlike other networks, Nano only keeps a record of the account’s balance on its ledger, instead of full history like other networks. It keeps transactions record of account balances instead of the amount, which solve database issues without compromising users’ security.

Consensus without Mining

In traditional ledgers, the whole network works on a single blockchain and everyone keeps adding blocks to it. So, a consensus is required among miners to organize and verify votes. However, since each account has its own blockchain in Nano, this process of verification becomes unnecessary. So, the issue related to consensus is solved.

Proof of Work vs. Proof of Stake

Another very important feature of Nano is the use of the famous Proof of Stake instead of Proof of Work. Proof of Stake has emerged as a famous contender in the blockchain community. It leads to actual decentralization and energy efficiency on the network.

Proof of work (PoW) is related to mining on the blockchain, which is how most cryptocurrencies work. To generate a proof of work, a computer has to solve a problem. Upon cracking the problem, the solution is verified and published along with the transaction. The owner of the computer collects transaction fees and rewards for mining.

Firstly, this leads to unfair competition over the network. In blockchain, legitimacy is achieved through consensus among miners. But in PoW networks, those with more computational resources are given more power. Size leads to power. So the incentive turns not into the financial growth of the system, but unfair competition among miners to grow. This prevents the actual growth of the network. Also, the whole process of PoW mining consumes too much energy.

Whereas, Proof of Stake (PoS) is the new approach to the blockchain. The core concept behind PoS is to actually incentivize the blockchain and minimize wastage of electricity in mining. In PoS, the weight of vote is given to financial holdings of a person. So, the wealthier miners are incentivized to grow the system and maintain honesty, in order for their own financial growth. This eventually leads to the growth of the network. Also, PoS much less energy than PoW. 

Rebranding

Earlier, Nano was called Raiblocks. However, the developers decided to change its name only recently. This is because of the difficulty people faced in pronouncing the old name “Raiblocks”. Its core team believes that this virtual currency aims for quickness – to make transactions quick. “And the name Nano does just that.” Also, this ledger wants to simplify and smoothen blockchain. So its name should be simple too, to reflect its simplicity.

The core team has also revealed plans to introduce a desktop and ioS mobile wallet later in 2018 to adapt for better changes. The coin has already added to new exchanges like Kcoin and Bit-Z.

With its constant aim to improve the world of Blockchain, both Nano’s innovations and prices indicate an optimistic future.

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Blockchain

Ethereum Price Could Rebound to $700 Later Today if Momentum Remains Solid

Sundays are usually contrarian days in the world of cryptocurrencies. During this time of the week, there is often price momentum which seemingly contradicts everything else for the past week. Today is no different, as all markets are rebounding after a few difficult days. This is a positive development for enthusiasts, although maintaining this momentum will not be easy.

The Ethereum Price Rebounds Strongly

It is evident this week has seen its ups and downs as far as all cryptocurrencies are concerned. All markets have lost significant value this week, but it seems a lot of losses are being recovered in quick succession. For theeBits, the dip was quite steep, as the value went from $800 to $644 in very quick succession. This is mainly due to speculation in South Korea regarding the Upbit exchange.

Over the past 24 hours, however, things have certainly improved for the Ethereum price. With a 5.25% gain, there is some temporary reprieve as of right now. Although the Ethereum price still hasn’t recovered to $700, it seems that might happen at some point later today. The Sunday cryptocurrency momentum is always a bit odd, as it contradicts what most people would come to expect at this point in time.

This Ethereum price rise is also facilitated by strong gains in the ETH/BTC ratio. More specifically, Ethereum has gained 3.68% over Bitcoin in this regard. While not necessarily spectacular, it is still a pretty interesting trend to keep an eye on. With Bitcoin’s value now going up as well, the cryptocurrency industry as a whole might show some signs of recovery for this weekend. It is still too early to say for sure how things will play out in this regard.

eBits

With $2.288bn in 24-hour trading volume, there is no shortage of people looking to buy and sell Ether. That is a positive sign, a sit almost appeared as if the overall cryptocurrency trading volume would dip below $20bn again. So far, that has not happened yet, but it is evident the overall sentiment is still rather bearish at this time.

The way things look right now, OKEx remains the biggest exchange for Ethereum trading volume. Bitfinex is in second place, followed by Huobi and Binance’s USDT and BTC pairs. Just one fiat currency pair in the five can spell some trouble for the Ethereum price later today, but so far, it isn’t causing any major problems just yet. If this momentum remains in place for a few more hours, it is evident the Ethereum price may hit $700 this evening.

While this temporary bounce is quite positive for all cryptocurrencies, it is still not an indication the markets have officially recovered. The previous big dip lasted almost four months, yet this setback seems to be less of a problem. Even so, anything can happen in the world of cryptocurrency, and it is very well possible the Ethereum price recovery won’t be as spectacular as expected. Today will be a very interesting day, that much seems rather evident.

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Tron Price Makes a Strong Comeback Thanks to Solid Trading Momentum

There is still a fair amount of bearish pressure on the cryptocurrency markets as of right now. While all top currencies have noted overall gains in the past 24 hours, the one-hour candles look anything but impressive at this stage. Even so, the Tron price has noted some impressive gains, as its value has risen by just over 11%. A positive trend, although one that will be difficult to maintain.

Tron Price Momentum is Rather Bullish

With all markets going through some form of a recovery process in the past 24 hours, things look a lot less bad than they did just a few days ago. It is evident there is still a  lot of work to be done before we can effectively speak of a proper market recovery, but things are certainly heading in the right direction. Short-term trends do not necessarily look all that good right now, but the bigger picture seems to be just fine, all things considered.

For the eBits, there has been a pretty interesting trend to take note of during these past 24 hours. With an 11.39% Tron price increase, one could say the future is looking pretty interesting for this particular altcoin as of right now. It is a very positive trend in general, as Tron has noted the highest gains of any cryptocurrency in the top 10. This gain also pushes the TRX value back to $0.0709., which is pretty interesting to keep an eye on moving forward.

It is also worth noting how the TRX value has gained 10.74% over Bitcoin. While that is rather positive in general, there is also a 6.94% over Ethereum. This seems to confirm we may see some more bullish Ethereum price momentum compared to what Bitcoin is doing. Even so, the gains in both departments are pretty interesting for Tron, as it simply keeps pushing the value up even further.

eBits

With $602.55m in 24-hour trading volume, there appears to be a genuine demand for Tron right now. With the bulls in control of the market, it will be rather interesting to see how high the Tron price can really go in the next few hours. Given the bearish pressure on all markets still being in place, sustaining $0.07 may prove to be a big challenge.

Surprisingly, Upbit is leading the charge in terms of TRX trading volume. Its lead over Bithumb is quite spectacular, and Binance closed the top three with one-third of Upbit’s volume. Two fiat currency pairs in the top three is pretty significant for Treon, as it may result in more gains in the coming hours and days. With South Korea leading the charge in terms of trading volume, it seems the demand for TRX will now slow down anytime soon.

It is good to see the Tron price note some strong gains at this point in time. After all, the cryptocurrency investors and speculators need some good news, and the altcoins are certainly delivering in this regard. The industry is not out of the woods yet by any means, as the bearish pressure is still mounting. If this trend remains in place, however, the Tron price may very well rise to $0.08 in the coming hours and days.

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Cryptopia Is Allegedly Vetting All Current and Future Listings to Avoid Legal Issues

Cryptocurrency exchanges list new currencies on a regular basis. In a lot of cases, those currencies add additional trading volume, which results in bigger profits for the exchange operators. Cryptopia is currently in the process of going through all new and existing listings to ensure that the exchange is fully compliant with current regulations. It’s an interesting situation, although the outcome of this process remains to be determined.

A Positive Decision by Cryptopia

While the smaller cryptocurrency exchanges are extremely popular these days, they also pose a big risk. More specifically, there are growing concerns over how these exchanges list coins and tokens randomly without properly vetting the code. Although that is usually not what is really happening, these concerns will not go away anytime soon. As such, exchanges will need to take things up a notch sooner rather than later.

Binance set an interesting eBitsin this regard recently by conducting a proper independent audit of all its listed ERC20 tokens. Although no other exchange has followed the company’s lead, it seems to only be a matter of time until one does. No trading platform wants to risk dealing with badly coded currencies, tokens or otherwise.

Cryptopia is taking a very interesting approach to addressing these challenges. Rumor has it the company is actively reviewing all of the currencies and tokens listed on the exchange, as well as its existing trading markets. By taking a closer look at what is being traded on the exchange, eBitscan hopefully weed out the bad elements, assuming there are any to begin with.

More specifically, it appears Cryptopia has its lawyers going over all of its currencies to see if there are any security compliance issues concerning specific tokens or coins. Given the growing number of ICO tokens listed on Cryptopia these days, it is only normal that such concerns are taken into account. For the time being, there is no indication as to how long this process will take, as it will heavily depend on whether or not discrepancies are discovered.

This development has delayed the listing of a few currencies on Cryptopia, including the latest iteration of DNotes. Although eBitshas been listed on this exchange for some time now, there will be a swap to DNotes 2.0. That is now part of the Cryptopia review queue, and it should be listed in a few days from now. It is evident that cryptocurrencies will need to adhere to certain laws as long as centralized exchanges are still a thing.

Although one has to commend Cryptopia for taking this approach, it also highlights the growing need for decentralized exchanges. Unlike their centralized counterparts, decentralized offerings do not entail any intermediaries, KYC rules, or AML guidelines. They let anyone trade freely regardless of location, identity, or currency. Unfortunately, it will take some time until such creations gain mainstream traction, mainly because all decentralized offerings suffer from a lack of liquidity first and foremost.

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