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What is Nano (NANO)?
Nano is a peer-to-peer digital currency. It is a decentralized, open-source cryptocurrency based on directed acyclic graph (DAG) architecture with an Open Representative Voting (ORV) consensus mechanism. It operates without intermediaries by using a distributed ledger with a block-lattice data structure.
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.
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History of Nano (NANO)
Development of Nano began in 2014 by Colin LeMahieu, under its original name of RaiBlocks. On 31 January 2018, RaiBlocks rebranded to Nano.
Nano was distributed for free through a Captcha-based faucet which started in 2015. The faucet was shut down in 2017 after 126,248,289 NANO were distributed. Along with a 7,000,000 NANO developer fund, this fixed the total supply to 133,248,297 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.
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