Block Lattice (Nano) Definition
Block Lattice, also known as Nano, is a type of blockchain architecture that offers each user their own blockchain. It is a decentralized, peer-to-peer digital currency that operates without intermediaries like banks or governments. The Block Lattice structure allows for faster transaction times and lower fees than traditional blockchain technologies.
Block Lattice (Nano) Key Points
- Block Lattice is a unique form of blockchain architecture where each account has its own blockchain.
- Nano, previously known as RaiBlocks, is the digital currency that uses Block Lattice architecture.
- Block Lattice allows for faster transaction times and lower fees compared to traditional blockchain technologies.
- It is a decentralized, peer-to-peer digital currency that operates without intermediaries.
What is Block Lattice (Nano)?
Block Lattice, also known as Nano, is a type of blockchain architecture that differs from the traditional blockchain. In a Block Lattice structure, each user or account has its own blockchain, known as an account-chain, that tracks the transaction history of that account. This allows for faster transaction times and lower fees, as transactions can be processed simultaneously rather than sequentially.
Who uses Block Lattice (Nano)?
Block Lattice is used by anyone who uses the Nano digital currency. This includes individuals, businesses, and organizations that want to take advantage of the benefits of blockchain technology, such as decentralization, security, and transparency, but also want faster transaction times and lower fees.
When was Block Lattice (Nano) created?
Nano, the digital currency that uses Block Lattice architecture, was first introduced in 2015 by Colin LeMahieu. It was initially known as RaiBlocks, but was rebranded as Nano in 2018.
Where is Block Lattice (Nano) used?
Block Lattice is used wherever the Nano digital currency is accepted. This includes online and physical stores, as well as peer-to-peer transactions. Because of its fast transaction times and low fees, it is particularly useful for microtransactions and international transactions.
Why is Block Lattice (Nano) significant?
Block Lattice is significant because it offers a solution to some of the problems associated with traditional blockchain technologies. By giving each account its own blockchain, it allows for faster transaction times and lower fees. This makes it a viable option for everyday transactions, not just large-scale transfers of value.
How does Block Lattice (Nano) work?
In a Block Lattice structure, each account has its own blockchain, known as an account-chain. When a transaction is made, two blocks are created: a send block on the sender’s account-chain, and a receive block on the receiver’s account-chain. These blocks are then processed simultaneously, allowing for faster transaction times. Because each account-chain operates independently, the Block Lattice structure also allows for greater scalability than traditional blockchain technologies.
