NanoCurrency is emerging as a strong competition to bitcoin

There is no doubt that Bitcoin (BTC) has been successful as a first implementation of a crypto currency based on the blockchain concept but it also has some limitations. This has left doors open to many other crypto currencies which have been fiercely battling for the mind-share in the last few years.

Many of them such as LTC (litecoin), ETH (Ethereum), DOGE (Dogecoin), etc. deserve a notable mention but another new comer called NANO (NanoCurrency) (previously called RailBlocks or XRB) has rapidly gained traction in last couple of years almost surpassing the popularity of all of them. What Nano brings to the table is something unique and something which bitcoin critics have been patiently waiting for since a very long time.

The biggest problem with bitcoin is the sheer size of the blockchain. It keeps growing at such an astronomical rate that its already approaching terabytes, at a time when the average technically savvy dude doesn't even possess much knowledge about crypto currencies. Think about what will happen when more and more people start learning about them (which is bound to happen given present circumstances and political conditions).

To add to the problem, the cost of computing storage devices isn't decreasing as substantially as it did at the time of PC revolution. Once the blockchain size of BTC starts running into petabytes, it could no longer be stored by the average common individual (which defeats the whole point of having a decentralized crypto currency).

Another problem is the design of BTC, the sheer mechanism of generating consensus by miners burning electricity through their GPU based mining rigs worldwide isn't sustainable in the long run, nor is it good for the environment.

NANO solves both these problems by introducing something called Block Lattice, a data structure in which the individual accounts control their own blockchains. This means there is no one single large blockchain that keeps growing into terabytes in size, and each individual can maintain their own blockchain on their own devices.

Another thing that Nano brings to the table is Open Representative Voting (ORV) which is a much improved method of generating consensus compared to bitcoin's which involves constantly burning electricity through mining rigs.

Powered by these two advantages, the NanoCurrency is increasingly gaining both mind-share and market-share in the crypto currencies world and you shouldn't be surprised if there is a massive increase in its usage over the coming years.