Block Lattice (Nano)
The block lattice is a data structure that replaces the traditional blockchain used by most cryptocurrencies with a network of individual blockchains, one for each user.
What Is Block Lattice (Nano)?
The block lattice is a data structure that replaces the traditional blockchain used by most cryptocurrencies with a network of individual blockchains, one for each user.
Each user's individual blockchain is referred to as an "account chain," and it keeps a record of all the transactions made by that user. This allows for near-instantaneous transactions, as each account chain can be updated independently of the others, eliminating the need for a central authority to
validate transactions.
Additionally, the block lattice enables users to send and receive transactions directly, rather than through a central intermediary like a bank or payment processor. This makes
Nano one of the fastest, most scalable and most efficient cryptocurrencies.
How Does Block Lattice (Nano) Work?
With block lattice, each transaction must be approved by the account owner and requires two separate transactions: a send
transaction and a receive transaction.
When users want to send funds, they create a send transaction and sign it with their
private key. This transaction is then broadcasted to the network and included in the sender's blockchain. The receiver also has to sign a receive transaction, which is then added to their blockchain. These two transactions are then combined to form a new block in each of the sender and receiver's blockchains, updating their account balances.
Updating the block lattice is faster than traditional
blockchain systems because each account has its own blockchain, and transactions are processed in parallel. This also allows for near-instantaneous confirmation of transactions.
In addition to its unique architecture, Nano uses a
consensus algorithm called Open Representative Voting (ORV) to maintain network consensus and prevent
double-spending. In ORV, each account can vote for a representative
node, which is responsible for verifying transactions and adding them to the block lattice. This representative node is selected based on the weight of the account's balance, allowing the network to reach consensus more quickly and efficiently compared to traditional
proof-of-work (PoW) or
proof-of-stake (PoS) consensus algorithms.
What Is the Nano Crypto Block Size?
The
block size of the Nano cryptocurrency is not fixed and is determined by the number of transactions included in each
block. Each transaction in Nano is processed independently and added to its own block, resulting in the block-lattice structure where each account has its own blockchain. The size of each block is therefore determined by the number of transactions included. It is typically very small, on the order of a few kilobytes. This allows for fast and efficient processing of transactions with minimal network overhead.
Why Does Nano Have a Block Lattice Structure?
Nano has a block-lattice structure to address some of the
scalability issues faced by traditional blockchains. Usually, transactions are stored in a single chain, leading to slow transaction processing times and high fees. The block-lattice structure solves this problem by allowing each account to have its own "account chain" that only records transactions related to that account.
It enables fast and efficient transactions because there is no need for each transaction to be verified by the entire
network. Instead, each transaction is verified by only the two accounts involved.