Raiblocks Wallet - Step By Step Setup Guide

Anisa Batabyal
| 24 March, 2020 | 2 min

Rail wallet is in the form of an online wallet where you save your cryptocurrency. You create an account for the same, set up the wallet ad start transactions. It was managed by RAI Blocks which is now rebranded to be known as Nano. 

Table of Contents

What is Raiblocks Wallet?

Raiblocks is a cryptocurrency that uses the combo of blockchains and acyclic graph technology that offers fee-less and instant transactions with unlimited scalability. They work on a block-lattice as they call their architecture. Here each user is allotted a specific blockchain only they will have access to. As an added security, there would also be a ‘seed’ which they need to have a backup of. Without the seed, the user will be unable to trace his history in case the credentials are lost. 

The lack of fee instantly attracted many into this Rai blocks community and the brand grew in popularity. They now offer instant transactions as well as micropayments between the users.

How Does it Work?

As mentioned, Raiblock or Nano work on a block-lattice with directed acyclic graphic technology. According to this, each user is provided with a unique blockchain, password, and seed to do the transactions. The biography of the account and transactions are all stored in this blockchain. This is precisely known account-chain, of which only the account holder has control over. 

The user sends currency through a ‘send block’ which is created automatically by the system when there is a transaction. On the other hand, when the user wants to receive, a ‘receive block’ comes as an addition to the account-chain. 

The balance amount is also added to the last transaction block. So, whenever you want to check the balance, have a look at the last block. 

Since all the updates on the account are done by the users, the account updates and the transactions happen instantaneously. While the sender adds a send block, the receiver block is created when he/she receives it. 

The pocketing system of Raiblocks allows the receiver to ‘pocket’ their money even while offline. When the user comes online the next time, the account will automatically update the outstanding amount by pocketing it. This happens when the user uses the private key to access the account. This way, it is added to the user’s blockchain. 

It takes very little time to confirm or sign each transaction through Raiblocks which helps with quicker trades. The remaining time is better utilized for the verification and other proof of work related to the transactions. 

Where It Is Used For?

Nano wallet is useful in all fields of life. One can use it to pay the bills, send money to family, or even pay for the restaurant bill. 

This is quite suitable for payment of smaller amounts as there are no fees for the transactions. You can easily trade any cryptocurrency in the form of tokens or coins.

The faster working, instant transfer, and zero-fess make it ideal for business transactions. The account is easily accessible for both, making it convenient anywhere. There are mobile apps available for Nano Wallet so that you can use it anywhere, anytime. 

How to Set Up a Nano Wallet?

Creating a Nano Wallet is very simple. You need to sign up for the wallet using your email ID and password, as you do for most of the websites. Once you have signed up, next comes the registration that will provide you with an Identifier and a Seed. Both of these will be encrypted numbers that you need to save for later use.

The Identifier is the number that lets you log in to your account to do the transaction. At the same time, you may create an alias for this number so that it is easier to remember and log-in conveniently. 

In the case of the Seed, this is permanent and must be kept safe somewhere. It is imperative that only you know about it. Consider it as the key to your treasure box. Anyone with this Seed will be able to access your account. The seed is also useful when you forgot your password. You can log in using either the usual way or with the seed.

After login, you will reach your dashboard where you can track and control your funds.

You can buy a Nano from KuCoin.

The Bottom Line

Raiblocks or Nano has the potential to become the true face of cryptocurrency because of its instant transaction ability and unlimited scalability. Both of these are lacking in the Bitcoin scenario. This is useful with low energy consumption as well. Overall, what drives nano to its success and its users is its simplicity and non-complex methods, making it far too user-friendly which made it an instant success.

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