Nano (NANO), formerly RaiBlocks (XRB), is a peer-to-peer digital currency. It is a decentralized, open-source cryptocurrency based on directed acyclic graph (DAG) architecture, and released under the FreeBSD License. It operates without intermediaries by utilizing a distributed ledger with a block-lattice data structure.[unreliable source?]
Nano was launched in October 2015 by Colin LeMahieu, with the aim of addressing blockchain scalability limitations that can result in restrictive fees and increased transaction confirmation times under load. It has feeless transactions that typically achieve full confirmation in under one second.
Development of Nano began in 2014 by Colin LeMahieu, under its original name of RaiBlocks. On 31 January 2018, RaiBlocks rebranded to Nano.
On 9 February 2018, the Italian cryptocurrency exchange BitGrail announced its shutdown after being hacked. There were unaccounted losses of 17 million Nano from its wallets, preventing users from accessing assets stored on the platform. The victims sought recoupment through the Italian court system, and supported by the Nano Foundation, launched a class-action suit against BitGrail owner Francesco Firano. In January 2019, the Court of Florence found Firano liable for the losses after discovering that the exchange had failed to implement any meaningful safeguards to ensure the safety of their customers' funds and failed to report losses from as early as July 2017.
Nano uses a block-lattice data structure, where every account has its own blockchain (account-chain).[non-primary source needed] It is the first cryptocurrency created on a directed acyclic graph (DAG),[unreliable source?] where a "block" is just one transaction, and each transaction contains the account's current balance.[unreliable source?]
^ Bencic, Federico; Zarko, Ivana (2018). "Distributed Ledger Technology: Blockchain Compared to Dir...