Block Lattice (Nano) Definition
The Block Lattice, also known as Nano (formerly RaiBlocks), is a type of digital cryptocurrency and its underlying infrastructure that employs a unique block-lattice architecture. Unlike traditional blockchain systems, where a single, sequential blockchain is shared by all participants, in a block lattice setup, every account holder commands their own blockchain, termed as an account-chain.
Block Lattice (Nano) Key Points
- The Block Lattice was designed to overcome problems like scalability and performance issues present in traditional blockchains.
- It employs a distributed ledger system with individual account-chains for each user.
- Together these account-chains form the ‘block lattice.’
- Transactions are instant and lack fees due to the individual account-chains and delegated proof-of-stake consensus mechanism.
- Nano, formerly known as RaiBlocks, operates on this architecture.
What is the Block Lattice (Nano)?
The Block Lattice is fundamentally an innovative kind of blockchain architecture. Its uniqueness lies in the fact that every user or account holder possesses their own blockchain called an account-chain. This approach empowers every individual to control and manage their own transactions and balances, eliminating the need for miners and thereby vastly simplifying the process.
Why was the Block Lattice (Nano) created?
The Block Lattice (Nano) was created as a solution to overcome efficiency issues inherent in standard blockchain technologies. Traditional blockchain systems often suffer from prolonged transaction times and scalability issues, as all transactions must be processed on a single, shared blockchain. Nano’s block lattice setup addresses these shortcomings, allowing for faster transaction times due to parallel processing and the complete elimination of transaction fees.
How does the Block Lattice (Nano) work?
Within the Block Lattice (Nano) system, each individual account-chain can only be updated by the account owner. This allows for simultaneous updates across the system, which drastically speeds up transaction times. When a transaction is initiated, two blocks are created: a sender block, which is deducted from the sender’s account-chain, and a receiver block, added to the recipient’s account-chain. The entire network does not need to acknowledge these transactions immediately, a sharp contrast to traditional blockchain systems.
Who uses Block Lattice (Nano) and why?
Block Lattice (Nano) is utilized by those who appreciate its advantages, namely its speedy transactions, zero transaction charges, and enhanced scalability. This makes it very desirable for applications that demand high transaction speeds and throughput, like financial transactions and decentralized applications. In such scenarios, Nano’s block lattice architecture becomes a preferred alternative to traditional blockchains.
Where can the Block Lattice (Nano) be used?
The Block Lattice (Nano) can be used in any digital application requiring a cryptocurrency for financial transactions. Because of its efficient nature, it is a compelling choice for peer-to-peer transactions, streaming payment services, micropayments, and other real-time digital services.
When was the Block Lattice (Nano) developed?
The Block Lattice (Nano) was developed by software engineer Colin LeMahieu who launched the cryptocurrency and the underpinning block lattice infrastructure in 2015.
