Have
you heard about Nexty? Have you heard about Nano? Have you heard about Raiblocks? Well, Nano and raiblocks are the same. If you have heard about them, you know they are cryptocurrencies and if you haven’t about them, they are digital forms of money.
If this is the first time you are hearing about cryptocurrencies, they evolved for issues that were plaguing traditional financial transactions. Their creators seek to facilitate instant transactions and get rid of high transaction fees. We can also say they have come with positive side effects like convenience with doing transactions anytime and anywhere, easier ways to source funds and definitely investment opportunities. Pioneer cryptocurrencies were doing well until users started increasing, leading to the rescuscitation of the very issues they killed. Fees have gone as high as about $10 per transaction, and for some platforms speed of transfers are like forever - hours. Oops! Well, for those of us who have experienced instant transfers, that is utterly unacceptable. It looked like cryptocurrencies were setting themselves up to be ostracised and then we would return to the tyranny of our rickety traditional systems. But for the sake of second chances, we have lived to see new platforms that promise redemption.
The surprising thing is that the emerging platforms still echo “instant transfer, zero fees.” It gets tough when we have to compare and contrast. We can only take a deep breath and assess how they will do it differently from their predecessors. Lets consider NTY and NANO and examine the key features of each coin.
Nano was once raiblocks, and it faces the failing future of cryptocurrencies with a varied ledger system. This is simply its foundation for correcting the mistakes of pioneer cryptocurrencies. A ledger is a record of transactions, and every transaction is called a block. Consequently, a ledger is also a blockchain. Pioneer cryptos maintain distributed ledgers - records of transactions that are not in one location but are coordinated. When a transaction is made, its information is sent to the network of the computers that maintain the ledger and a new block is created and added. Thus transactions are stored on the network. Nano believes this slows down transactions so it implements a system called block-lattice where every account is responsible for storing its transactions and updating the main network accordingly. Whilst this initially
seems like it could burden user devices, Nano makes it lightweight by storing only the account balance instead of an entire record of transactions. The result is zero fees because the account maintains its record and it’s faster because it is peer to peer. In other words the transaction verification is independent of the network and involves only the parties involved.
Nexty also keeps maintains a system that is different from the usual. But unlike Nano it keeps account verification away from the everyday user delegating it to special accounts that hold NTF. Nexty maintains two coins running at the same time; NTF and NTY. NTY is the main currency for transactions, if that makes it easier to understand, and NTF is used to verify and store transactions. Like Nano, Nexty does not rely on the usual heavy computations because of how it has streamlined a separate confirmation system from everyday transactions. Unlike Nano, it mainstains a record of all transactions.
Nexty and Nano are similar in how they intend to achieve their goals. I like to see them as two sides of the same coin. What I usually question is the implications of storing only account balances for accounts and getting tid of transactionhistories.
Isn’t transaction history as important as the convenience of transactions? What if there is a need to reconcile for issues arising? If the goal is getting transactions speedy and costless then they are all probably doing well for now but if we want real financial system then there are questions lingering.
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