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Update deprecated protocol design introduction and links #711

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Update deprecated protocol design introduction and links #711

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Update introduction.md
qwahzi Oct 11, 2024
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Update introduction.md
qwahzi Oct 11, 2024
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7 changes: 4 additions & 3 deletions docs/protocol-design/introduction.md
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Expand Up @@ -22,7 +22,7 @@ Since Bitcoin's release in 2009, there has been a growing shift away from tradit

Nano is a low-latency, feeless, scalable, and environmentally friendly cryptocurrency that improves on many of Bitcoin's core properties via unique design decisions. For example, each Nano user has their own blockchain, allowing them to update their chain asynchronously vs other transactions on the network, resulting in fast transactions with minimal overhead. Transactions keep track of account balances rather than transaction amounts, allowing aggressive database pruning without compromising security. Consensus is maintained by [Open Representative Voting (ORV)](../protocol-design/orv-consensus.md), which facilitates irreversible finality (full-settlement). User-selected representative nodes vote on each transaction, and every node independently [cements](../glossary.md#cementing) each transaction after seeing enough representative votes to achieve [quorum](../glossary.md#quorum).

To date, the Nano network has processed more than 118 million transactions with an unpruned ledger size of only 68GB. Average transaction confirmation time during typical network conditions is 0.2 seconds [^2]. The production network has seen traffic as high as 161 CPS (80.5-161 TPS), while the beta network has achieved >1800 CPS (900-1800 TPS) [^3]. Nano’s feeless, split-second transactions make it an ideal cryptocurrency for consumer transactions, while also maintaining decentralization, censorship-resistance, and self-sovereignty.
As of October 2024, the Nano network has processed more than 200 million transactions [^13]. Average transaction confirmation time during typical network conditions is <0.5 seconds [^2]. The production network has seen traffic as high as 161 CPS (80.5-161 TPS), while the beta network has achieved >1800 CPS (900-1800 TPS) [^3]. Nano’s feeless, split-second transactions make it an ideal cryptocurrency for consumer transactions, while also maintaining decentralization, censorship-resistance, and self-sovereignty.

## Background

Expand All @@ -44,8 +44,8 @@ While Nano uses a weighted-voting system that can be compared to PoS, it differs
The original Nano (RaiBlocks) paper and first beta implementation were published in December, 2014, making it one of the first Directed Acyclic Graph (DAG) based cryptocurrencies [^9]. Soon after, other DAG cryptocurrencies began to develop, most notably DagCoin, Obyte (formerly Byteball) and IOTA [^10], [^11], [^12]. These DAG-based cryptocurrencies broke the blockchain mold, improving system performance and security. Obyte achieves consensus by relying on a “main-chain” comprised of honest, reputable and user-trusted “witnesses”, while IOTA achieves consensus via the cumulative PoW of stacked transactions. Nano achieves consensus via a balance-weighted vote on conflicting transactions. This consensus system provides quicker, more deterministic transactions while still maintaining a strong, decentralized system. Nano continues this development and has positioned itself as one of the highest performing cryptocurrencies.

[^1]: S. Nakamoto, “Bitcoin: A peer-to-peer electronic cash system,” 2008. [Online]. Available: http://bitcoin.org/bitcoin.pdf
[^2]: "Block Confirmation Times", 2021. [Online]. Available: https://nanoticker.info
[^3]: "Nano Stress Tests - Measuring BPS, CPS, & TPS in the real world", 2020. [Online]. Available: https://forum.nano.org/t/nano-stress-tests-measuring-bps-cps-tps-in-the-real-world/436
[^2]: "Confirmation Times", 2024. [Online]. Available: https://nanospeed.info
[^3]: "Nano Stress Tests - Measuring BPS, CPS, & TPS in the real world", 2020. [Online]. Available: https://www.reddit.com/user/Qwahzi/comments/1318nse/nano_stress_tests_measuring_bps_cps_tps_in_the/
[^4]: “Bitcoin median transaction fee historical chart.” [Online]. Available: https://bitinfocharts.com/comparison/bitcoin-median-transaction-fee.html
[^5]: “Bitcoin average confirmation time.” [Online]. Available: https://www.blockchain.com/charts/avg-confirmation-time
[^6]: "Irreversible Transactions - How many confirmation are required", 2020. [Online]. Available: https://en.bitcoin.it/wiki/Irreversible_Transactions#How_many_confirmations_are_required
Expand All @@ -55,6 +55,7 @@ The original Nano (RaiBlocks) paper and first beta implementation were published
[^10]: S. D. Lerner, “DagCoin Draft”, 2015. Available: https://bitslog.files.wordpress.com/2015/09/dagcoin-v41.pdf
[^11]: A. Churyumov, “Byteball: A Decentralized System for Storage and Transfer of Value”, 2016. Available: https://obyte.org/Byteball.pdf
[^12]: S. Popov, “The tangle”, 2016. Available: https://assets.ctfassets.net/r1dr6vzfxhev/2t4uxvsIqk0EUau6g2sw0g/45eae33637ca92f85dd9f4a3a218e1ec/iota1_4_3.pdf
[^13]: BlockLattice.io, "Nano Network Status" 2024. [Online]. Available: https://blocklattice.io/network-status

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