Since the Cryptocurrency community is rather fresh and fairly petite compared to other sectors of technology, there are a few active names who are fairly recognizable. Litecoin creator Charlie Lee is among one of thesis people. Litecoin&rsquo,s Charlie Lee has voiced rente and concern about various matters ter the world of cryptocurrencies ter the past. Charlie Lee has now voiced rente ter Nano.
Formerly known spil RaiBlocks, Nano is a cryptocurrency which has bot ter the news everzwijn since they rebranded earlier this month. However, February hasn&rsquo,t indeed bot a fine month for the currency spil just days after they switched the name and the branding from RaiBlocks to Nano, $150 Million worth of Nano were stolen from BitGrail, an Italian cryptocurrency exchange under shady circumstances.
Lee has raised a few questions te a Reddit thread about the currency&rsquo,s nature of operations. Nano, which has bot a rising name ter the world of cryptocurrencies caught the rente of Lee, who went through Nano&rsquo,s whitepapers. On being asked why Lee went through Nano, he replied telling someone told him to check it out – and he liked what he eyed! This is a big statement coming from one of the most influential names ter cryptocurrency! Lee also admitted to have attempted Nano payments to check the speeds.
He noticed that Nano claims of high scalability, decentralized nature, no fees, and instant transactions – however, Lee points out that for all of this, there need to be some tradeoffs. However, he also mentions that so far, there aren&rsquo,t any &lsquo,glaring crevices&rsquo, ter Nano&rsquo,s treatment. He asked five questions to Nano developers which were answered by Colin LeMahieu, the Lead Developer of Nano.
Here are the questions from Lee and answers from LeMahieu:
Question: What happens when there is a netsplit and Two halves of the network have voted ter conflicting blocks? How will the Two sides everzwijn converge when they embark communicating with each other?
Reaction: If the network had split and a transaction wasgoed somehow confirmed te both partitions, the knots have a proces to find ledger differences. They would then request a vote on the conflicting transaction.
Question: I know that validators are not presently incentivized. This is a centralization force. Are there plans to address this concern?
Response: Nano&rsquo,s aim is to make the validation process spil inexpensive spil possible, spil higher cost validation requires stronger incentives. Wij have seen that if validation cost is adequately low, vendors &, other service providers will be glad to run validation knots spil an inexpensive operating cost te terugwedstrijd for lower payment processing fees.
Te addition, wij have some truly cool projects that are being developed which will drive users to run their own knots and provide turn-key solutions for anyone who wishes to do so.
Question: When are coins considered confirmed? Can coins that have bot received still be flipped back if a conflicting send is seen ter the network and the validators vote ter that send?
Reaction: A transaction is confirmed when a quorum of the online vote weight has voted for it and all knots are programmed to bandwagon to the winning transaction. If a conflicting send is published after quorum has bot reached, knots won&rsquo,t vote on the fresh send since a different conflicting one has already reached critical mass.
Question: Spil computers get more powerful, the PoW becomes lighter to compute. Will the system adjust the difficulty of computing the work accordingly? If not, DoS attacks becomes lighter.
Question: Transaction flooding attack seems fairly cheap to pull off. This will make it tighter for people to run utter knots, resulting te centralization. Any plans to address this?
Reaction: Wij&rsquo,re exploring a combination of improving our overeenstemming protocol te order to prioritize validating transactions, spil well spil either enhancing our PoW difficulty and/or permitting prioritization partially based on higher-order PoW solutions.
A rekentuig engineer by education. Have Five years of practice te web and mobile application architecture vormgeving. And now cryptocurrency and blockchain enthusiast.