What is Raiblocks
Raiblocks, now known as Nano, is a feeless and scalable cryptocurrency network that operates through a crypto-architecture known as “Block lattice.” Through this block design, every transaction on the ledger will have its own blockchain, usually called account-chain. Each transaction is recorded under a single block, unlike other blockchains where everything is put together.
This blockchain-based technology was founded in 2015 by Colin LeMahieu, a software engineer together with a robust team of developers, entrepreneurs, and investment managers. Two transactions are needed to send Raiblocks; the send transaction is initiated by the sender while the recipient writes the “receive” part. These transactions will result in a deduction from the sender’s account and deposit in the recipient’s wallet.
Transactions on Raiblocks network are asynchronous, which basically means two actions don’t necessarily have to occur at the same time. If several transactions come in concurrently, the recipient will decide which transaction to let in first. If a wallet is offline and transactions have already been dispatched, they will remain unsettled unless the receiver activates receive blocks for them to get through.
Pros of Raiblocks
Instant, no fee transactions – Bitcoin (BTC) charges a fee which goes to miners to keep them motivated in maintaining the blockchain. There is no mining in Raiblocks ecosystem, and hence transaction is fee-free. Also, the absence of miners to determine transaction timing leads to the network’s faster execution of deals-usually within a few seconds.
Personal control – on this platform, only an account user can verify, validate or modify their own transactions. This removes the need to heavily rely on other individuals as it is the case with Bitcoin network.
Energy efficient – Raiblocks use DPOS (delegated proof of stake) model to keep its platform secure. DPOS uses less energy since it runs only when there is a conflicted transaction unlike in Bitcoin ecosystem where it runs throughout.
Cons of Raiblocks
Less adoption – the success of a cryptocurrency technology depends on mass buying enthusiastic investors. While this digital asset has a considerable backing from individuals, there are no records of its ties with renowned corporations.
Block lattice isn’t known widely – many developers haven’t toyed around with this technology, so it’s hard to conclude how valuable it really is.
Where to buy Raiblocks
You can buy this cryptocurrency from Bitgrail, a dedicated exchange for this virtual currency. The currency is listed under XRB ticker. The other option would be to buy Bitcoin or Ether and exchange it with XRB from exchanges like Bitflip and Mercatox.
Raiblock has a tasty market cap, an amazing tech and marketing team and ultimately a promising future. Bitgrail is already overloaded with traffic from cryptocurrency enthusiasts looking to have a bite of this currency. Soon, other exchanges might welcome it aboard and make it even more valuable.
Raiblocks’ ability to leverage free and fast transactions as well as allowing each account to have its own blockchain will make it a strong competitor of cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum (ETH).
In the meantime, it’s probably a good time to invest a few shekels in this technology as a way to test the waters as you wait to see how things turn around for it in the coming days.