The first in a series of articles about Nano / Raiblocks / XRB / the block lattice.
It's a 7 part series in which we take a deep dive into the block lattice, how it works and why it is a true innovation of blockchain technology. Don't worry, this article is light and just gives you a high level overview with some pros and cons as well as a video demonstration (not my video) of how fast it really works.
I've split it into 7 parts just to keep the topics light (since they can be complicated) while still being able to provide a good in depth view, happy reading!
The block lattice is a different and relatively new approach to blockchain technology, developed by the team that launched Nano (formally known as RaiBlocks).
The main reason I like this approach is because of their use of the double entry accounting principle that has been tried and tested for many years, which results in a lot of added advantages to traditional blockchain technologies, as well as the block lattice’s scalability and speed.
This blog post outlines the basic principles and characteristics, while subsequent posts will take a deep dive into the block lattice, it’s inner workings, long term adoption possibilities and attack resistance.
For every transaction on the network, two blocks are created. A send transaction subtracts from your current account balance and then a receive transaction, confirmed by the recipient, adds to the receiver’s balance.
For the transaction to be completed, the recipient will need to sign the block and broadcast to the network (where voting blocks confirm until you reach 50% vote quorum). These two actions do not have to happen at the same time as the block lattice operates completely asynchronously.
Nano completely cuts out the need of miners by requiring the sender and receiver to verify the transactions which gives tremendous speed advantages. They do have a consensus mechanism in case of conflict, through representative voting, but even this process only takes a matter of seconds and only kicks in at times of conflict, the rest of the time this is dormant (99% o/t time).
Intrigued? Read my upcoming blog posts for details on how it works exactly, in the mean time take a quick look at their transaction speed from a Nano wallet (Canoe) to a desktop wallet (also Canoe), the video shows you the use of the wallet as well as the transaction speed, don’t blink!
You can contact me here with any questions, suggestions and / or to discuss the topic of this document:
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I write these papers to - hopefully - help make blockchain more accessible to people new to the technology, I don't get paid, nor sponsored to write these papers. If you absolutely feel inclined to donate something to the writing of this document, you can do so at the following address:
Blockchain – Decrypted is written as a series of chapters, aimed at demystifying the various workings of blockchain technology. Where appropriate I use examples from existing or to-be cryptocurrencies, these examples are just that, examples, and do not aim at promoting or otherwise endorsing any given cryptocurrency.
This document does not constitute legal or financial advice and I do not make any guarantees or promises as to any results that may be obtained from using my content. No one should make any investment decisions without first consulting his or her own financial advisor and conducting his or her own research and due diligence. I disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable, or result in any investment or other losses.
