Nano (NANO) Evolution Continues With Universal Blocks Upgrade
It began life as RaiBlocks (XRB) before rebranding to become the less mouthful Nano (NANO). And it seems the cryptocurrency isn’t done with its evolution yet.
Nano is marketed as the true digital currency that will revolutionize the real-world use of cryptocurrency in transactions.
It is fast, and it’s free. With it, you can easily and securely pay for whatever there is you need to pay for in life. The instant transactions capability, zero fees (this could prove key), and the fact that its platform is infinitely scalable, make it a very attractive project.
No wonder it was warmly received by the crypto community. Well, at least until the BitGrail insolvency controversy surfaced. That and the general crypto slump affected its value.
As we speak, cryptocurrencies continue to grapple with an unforgiving bear run. Investors have nothing to go for but to rely on market sentiment and hope for an upturn.
However, that hasn’t prevented the team at the heart of this fascinating blockchain concept from going at it again. Remember what Charlie said about Nano coin sometime ago? It irked Litecoin supporters, but he was right. Let me remind you what he said; have a look at this tweet.
Take note: Every account has its own blockchain…fast and free. So why does the team want universal blocks, when one of the main voices in cryptocurrency circles thought everything was perfect? Let’s find out.
It can be summarized as what the team knows is best for the network, must be good for us too. That’s partly why the update is titled “Benefits of Universal Blocks”. We could say that the outcome will only be as the team puts it: beneficial to the network. This is what part of the blog post states:
“As Nano has evolved and we have learned how developers and exchanges use the network and RPCs, we started thinking about ways that we could improve the network in terms of security and throughput. One of the keys to Nano’s success has been eliminating waste to make the network operate as efficiently as possible.” Benefits of Universal Blocks
Why was it necessary to have this new evolution on the blockchain?
The explanation is that the team wants to consolidate the various types of blocks on the network into one. There are four types of blocks on the Nano network- open, change, send and receive.
The universal block, therefore, is intended to have all four manifests in the same shape. The end result is to have a network that is efficient, secure, and simple enough for developers and exchanges to handle.
Here are the benefits of the protocol upgrade.
Signature Checking Performance Improvement
This feature will help check for performance drawbacks related to the main ledger. The upgrade allows the network to check unlimited transaction signatures. All these will happen without affecting input/output operations.
Pruned Ledger Support
This feature allows for the process of pruning ledgers to be easier and thorough than when the blocks manifest in different shapes. So the change will help the nodes keep a consistent record of whatever data is stored in the block.
Efficient Balance and Representative Lookups
Universal blocks will make the process of finding out account balances for each block easier. All send records will be available for quick checks, meaning nodes won’t have to go back to the last send block to find the account balance.
The Nano team plans to roll out the upgrades in two phases that will be added to the network’s version 11 release. The two phases are “parse canary” and “generate canary”. If you are a Nano node or account holder, look out for the rollout. This is because once universal blocks are generated; you will need to upgrade so as to continue.
How does this impact Nano (NANO)? It is expected that the network will become faster, developers will be able to interact with the protocol easily and exchanges will be able to facilitate quicker transactions. The end result is that the network’s scalability will improve.
This has the potential to make the currency less speculative and more applicable to real-world use. Where this evolution takes this exciting project can only be summed as forward!