Consensus algorithms based on the blockchain allow the ledger systems to operate without the need for a high degree of trust between specific parties within the ecosystem. Such is the case with the Nano innovation that seeks to implement its blockchain lattice approach.
Instead of the existing blockchain technology backing bitcoin, Nano runs as an independent blockchain that could help bring lasting solutions to the challenges facing other models of Blockchains.
Nano's Blockchain Lattice Explained
The perspective with Nano's objective to offer an alternative to the altcoins utilizing the Proof of Work consensus mechanism. Cryptocurrencies using this model face myriad of challenges with the bloated network experiencing slow transactions and excessive fees.
With the block-lattice, Nano overcomes these challenges since its skips the mining process eliminating the need for fees. Its blockchain consensus algorithm operates much differently by running many blockchains running alongside one another. The system links the blockchains to the users in under one structured network.
Additionally, Nano's blockchain lattice system will see the users own their blockchain with a private key for access. Any transaction from the user's chain is recorded on its foundation. Transaction recipients will create a receiving block on their chain from where they can access the funds. Overall, the individual blockchains will reduce the bloat often witness with other blockchain structures.
Why Use Blockchain Lattice Consensus Algorithm Basics
The Nano network enlists the blockchain lattice approach as a way to explore the accompanying benefits featuring within the innovation. For instance, a significant gain is the elimination of miners, resulting in instant transactions with zero fees. Blockchain lattice also allows operations to operate independently maintaining a lighter network potentially reducing issues of scalability that plague traditional blockchains.
Perhaps another advantage to using the blockchain lattice ecosystem is that it uses a delegated proof of stake consensus algorithm that does not need mining. Consequently, this results in much fewer efforts necessary such as reduced power consumption. Such scenarios would reportedly mean the Nano nodes are energy sufficient enough to ensure reduced power use for crypto mining.
Potential Outlook For Blockchain Lattice
In a nutshell, Nano's approach with the blockchain lattice could help reduce the issues of network clogging. The blockchain lattice could also make a solid base to manage issues such as scalability and energy consumption. Still, the project is in its early development stages, and it would be tricky to ascertain if it could indeed live up to its expectations.