Crypto projects without mining
There are recent projects in crypto that seek instant transactions with no fees using a technology called DAG.
Notable projects include IOTA, currently ranked #9 in marketcap across all projects and NANO ranked #30.
These projects do not “unlock” blocks using mining like most other projects, instead IOTA’s transactions require every new transaction to confirm 2 of the most recent transactions in a giant registry called the “Tangle”. Blockchains are linear structures that are built to mine a new block every X minutes as specified by the network, but DAG methods allow transactions to instantly enter into the global ledger automatically requiring new trasactions to confirm old ones. This approach for IOTA has proven difficult to implement although IOTA developers assure that network nodes become more efficient when there is more popularity and more transactions confirm old ones instantly.
NANO has a simpler approach. Each receiving address in NANO has its own public blockchain where funds are stored and the network as a whole has a DAG that keeps track of all those blockchains. When someone wants to transfer funds, they have to mine a block in their own blockchain that marks a “send” function to the network and similarly mine a block on the receiver that marks a “receive” function to the network. The way it works so instantly is that each mined block contains the signature of both the sender and receiver, so confirmation is immediate and does not require anyone else in the network. The only