Nano currency – An update to clarity

NANO currency which had announced the release of Nano Node version recently has in a statement confirmed that this upgrade includes support which can be turned on through a Canary block.

NANO is a currency that has zero fees, instant transactions and infinite scalability. It works on the principle of DAG systems which stand for directed acyclic graph currency.

It works on the principle that each account chain can only be updated by the account’s owner. Blocks can only be added to the account’s chain owner. This means that transferring funds from one account to another requires two transactions: one to send and another to receive transactions. The sent transactions deduct the amount from the sender’s balance, while the received transaction adds the amount to the receiver’s balance.

Snopx tweeted:

“The nanocurrency is real treath to ltc SatoshiLite .. im sure that NANO will bypass LTC in 2018.. thats for sure..”

This is updated asynchronously compared to the rest of the block-lattice. It means that if the receiver’s wallet is not online when the transaction is sent, the transaction will be settled once the receiver’s wallet comes online and the receiving block is created. This results in incredibly fast transactions.

In the updates, Blockchains accomplish consensus and consistency in the network by programming into the node software upgrade. All nodes which utilize the new software will have to switch over from the old protocol to the upgraded protocol.

Since Nano does not use exact block heights, they have established a different method of signaling for nodes to upgrade their protocol which is the canary transaction. All nodes that run the upgraded software will listen to the hash, which is the digital fingerprint of the block. This is used as the signal which is required to switch on the upgraded protocol.

There were few queries as well from the users, such as:

“Do I need to do something in my web wallet to recover coin?”

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