Nano is delegated proof-of-stake (DPoS) blockchain with directed acyclic graphs (DAG) designed to service instant, fee-less payments without offering a robust smart contract platform or reliable store of value. Nano targets a popularized market niche by working to build a protocol to with record transactions processing speeds, low latencies, and easy scalability. Nano is built to decentralize ownership of on-chain assets primarily via a captcha-solving distribution event without mining rewards or a coin offering.
In February 2018, The Nano Core team were informed by the owner of BitGrail, a fifth exchange by Nano-trading volume, Francesco “The Bomber” Firano of the loss of $170 million worth of Nano due to a software mishap. In a blog update they report that the fault appears to be related to BitGrail’s software.
This quite predictably sent a shockwave of accusations and uncertainty through the community and their coin price, which had already fallen from its January ATH, continued to slide. The epilogue of the saga is that Firano is convicted in Italian courts
and ordered to repay the $170 million worth of cryptocurrency that went “missing” early last year. And this was the event that marked the whole year for NANO or XRB as it was called at the time.