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— CH. 1 · ORIGINS AND LAUNCH —

Nano (cryptocurrency)

~2 min read · Ch. 1 of 5
5 sections

  • Colin LeMahieu began developing RaiBlocks in 2014 to solve Bitcoin's scalability issues. He launched the project publicly in October 2015 with a unique distribution strategy. A captcha-secured faucet distributed coins freely to early users without cost. This approach reached over 126 million units before closing in 2017. The total supply settled at 133,248,297 RaiBlocks after adding a developer fund of 7 million units.

  • Every account on the network maintains its own blockchain for storing transactions. This block-lattice structure allows each transaction to exist as a single block within that chain. Nodes vote on which transactions to confirm based on their currency holdings. Voting weight distributes according to how many coins an account possesses. When two contradictory transactions appear, nodes cast votes until one reaches 67% of total voting power.

  • The organization changed its name from RaiBlocks to Nano during 2018. This shift coincided with fixing the total supply cap at 133,248,297 units. The rebranding aimed to clarify the project's identity and long-term vision. Developers maintained the same underlying technology while updating public communications. The fixed supply ensured no new coins could ever enter circulation.

  • On the 9th of February 2018, Italian exchange BitGrail announced a massive security breach. Users lost access to assets worth 17 million Nano tokens. A class-action lawsuit followed in Florence Courthouse against owner Francesco Firano. Courts ruled the exchange guilty in January 2019 for failing safeguards. Police alleged fraud was committed by the founder. Prices dropped from around $10 before the hack to approximately $1 afterward.

  • Post-hack recovery efforts focused on rebuilding trust among investors and users. Adoption grew slowly within the broader cryptocurrency sector despite early challenges. Trading volumes fluctuated as markets reacted to legal outcomes and technical updates. Current status shows continued development of the block-lattice system. Projects explore integration possibilities while maintaining core design principles.

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Common questions

When did Colin LeMahieu begin developing RaiBlocks?

Colin LeMahieu began developing RaiBlocks in 2014 to solve Bitcoin's scalability issues. He launched the project publicly in October 2015 with a unique distribution strategy.

What is the total supply of Nano tokens after the developer fund was added?

The total supply settled at 133,248,297 RaiBlocks after adding a developer fund of 7 million units. The organization changed its name from RaiBlocks to Nano during 2018 and fixed this supply cap permanently.

How does the voting mechanism work on the Nano network?

Nodes vote on which transactions to confirm based on their currency holdings. When two contradictory transactions appear, nodes cast votes until one reaches 67% of total voting power.

What happened to Italian exchange BitGrail on the 9th of February 2018?

Italian exchange BitGrail announced a massive security breach on the 9th of February 2018 where users lost access to assets worth 17 million Nano tokens. Courts ruled the exchange guilty in January 2019 for failing safeguards and police alleged fraud was committed by the founder.

Why did the organization change its name from RaiBlocks to Nano?

The organization changed its name from RaiBlocks to Nano during 2018 to clarify the project's identity and long-term vision. Developers maintained the same underlying technology while updating public communications and fixing the total supply cap at 133,248,297 units.

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All sources

20 references cited across the entry

  1. 1journalDemystifying Distributed Ledger Technologies: Limits, Challenges, and Potentials in the Energy SectorAlen Hrga et al. — 2020
  2. 2book2018 IEEE 38th International Conference on Distributed Computing Systems (ICDCS)Federico Matteo Bencic et al. — 2018
  3. 3journalFrom mining to markets: The evolution of bitcoin transaction feesDavid Easley et al. — 2019
  4. 4book2020 IEEE International Conference on Decentralized Applications and Infrastructures (DAPPS)Rui Morais et al. — 2020
  5. 5inlineBaldwin, Rosecrans (2019-11-26). "Cryptocurrency Will Not Die ". GQ. Retrieved 2020-12-22.
  6. 6inlineGithub (2014-05-01). "
  7. 7book2018 32nd International Conference on Advanced Information Networking and Applications Workshops (WAINA)Michele Bottone et al. — 2018-07-23
  8. 8inlineWall Street Journal (2018-03-03). "Crypto Investing Comes With a Big Risk: The Exchanges
  9. 9webNano Price: Raiblocks Cryptocurrency Rebrands as XRB Price Soars2018-01-31
  10. 10webBitGrail Cryptocurrency Exchange Claims $195 Million Lost to HackersDavid Morris — 11 February 2018
  11. 11inlineVigna, Paul (2018-02-10). "Cryptocurrency Worth $170 Million Missing From Italian Exchange ". The Wall Street Journal. Retrieved 2019-12-18.
  12. 12inlineCanellis, David (2019-01-28). "Italian court forces BitGrail CEO to repay $170M in 'lost' cryptocurrency ". The Next Web. Retrieved 2019-12-18.
  13. 13webItalian police accuse cryptocurrency exchange boss of huge fraud21 December 2020
  14. 14webItalian cryptocurrency exchange gets hacked for $170 million in NanoTaylor Hatmaker — 12 February 2018
  15. 15journalApplicability and Appropriateness of Distributed Ledgers Consensus Protocols in Public and Private Sectors: A Systematic ReviewA. Shahaab et al. — 2019
  16. 16journalA Survey of Distributed Consensus Protocols for Blockchain NetworksY. Xiao et al. — 2020
  17. 17book2018 4th International Conference on Computing Communication and Automation (ICCCA)Faraz Masood et al. — 2018
  18. 18magazineCryptocurrency Solutions to Enable Micro-payments in Consumer IoTSuat Mercan et al. — 2021
  19. 19conferenceBlockchain and its Alternative Distributed Ledgers - A SurveyAmr Khalifa et al. — 2019
  20. 20webProtocol Design - ORV ConsensusNano