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From RaiBlocks to Nano || A Beginner’s Intro

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The cryptocurrency known for free and instant transactions called RaiBlocks have seen a meteoric rise in value the latest months. Hovering around $0.15 in November the prices peaked around $37 when we left 2017 behind and ventured into the new year. If that didn’t catch everyone’s attention, the latest news from the core team might do the trick.

The rebrand to Nano 🎉

On the 31 of January, a rebrand of RaiBlocks was announced through a Medium post. The reasoning behind it was cited as being a willingness from the community to change the name to something more pleasing to the public, mainly the name RaiBlocks could be seen as confusing to pronounce and spell. This did also not align with the team’s ambition to make the currency and brand known globally, so the solution and the new name on the currency is Nano.  A name hinting at the almost instant transactions and non-existing fees.

However, the name was not the only change made through the rebrand. The whole design got a makeover including the logo as well as the user interfaces of the wallets and the different social media accounts.

The new wallets user interface

The feedback was not slow to pour in from the community cheering on and gratulating the team for a great job on the rebrand. The news spread quickly and even massive media houses like Forbes was quick to pick up the story with an article with the title –  “XRB Price Has Surged 41% In 24 Hours”.  So it’s pretty safe to say that the rebrand was a successful one. However, with the whole market going down, so did also the value of Nano, and at the writing of this article, the price is down 20% the last 24 hours.

Nano down 20% after a big rise
Nano down 20% after a big rise
History of RaiBlocks 📜

RaiBlocks was founded in the year of 2014 to solve some of the struggles Bitcoin has encountered as a currency, that one day potentially will handle all the worlds transactions,  such as scalability and not so environment-friendly mining. With the promise of free, instant transactions while at the same time being less energy intensive than Bitcoin, the team behind RaiBlocks had no small task set out for them.  The way they wanted to solve these problems was by,  instead of using the standard blockchain structure that most cryptocurrencies are based on,  relying on something called directed acyclic graph algorithm.  A technology used by another well-known currency, namely IOTA.

We’re not going to dive into the technicals here, but shortly described the block-lattice infrastructure, (the algorithm), works in a way that every user in the network maintains their own blockchain, called the account-chain. This means that the sender and receiver of each transaction do the verifying instead of miners, which present a solution to the scaling and energy consumption problems.

The Team 👬

Even though the project has been around for a couple of years the team behind it has mainly consisted of the founder himself, Colin LeMahieu. But when the project started getting more attention and taking up more of the founders time he quit his other projects to fully dedicate himself to the RaiBlock project. While the coins value saw exponential growth so did the core team behind it and now it consists of multiple developers, marketers, legal team and a designer.

The future 📅

The announcement of the rebrand to Nano also mentioned what lies next for the cryptocurrency. The team is currently spending most of its time and energy on releasing the desktop wallet and iOS mobile wallet that now are open for Beta sign-ups.

Resources 💡

Website – https://nano.org/en

Community – https://www.reddit.com/r/nanocurrency

Wallet – https://nanowallet.io/

Where to Buy – https://binance.com/

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