Understanding the Nervos Network Ecosystem
Nervos Network (CKB), an open-source, publicly accessible blockchain ecosystem, and set of protocols designed to address the shortcomings in existing blockchain technology. It contains a number of protocols that can be used to create a universal network similar to the internet. Additionally, it allows for interoperability via scalable layer 2 solutions. The Altogether Nervos Network CKB aims to create an ecosystem of Universal Apps.
Nervos Network Overview
|Price Change 24h||+1.40%|
|Price Change 7d||+4.31%|
|Circulating Supply||33,340,068,750 CKB|
|All time high||$0.04412|
|All time low||$0.002565|
|Nervos Network ROI||-57.06%|
Nervos Network was founded by Kevin Wang and Daniel LV in January 2018. Nervos Network’s team is a pioneer in blockchain technology. They came up with a Blockchain that could meet the enterprise’s performance requirements. The following are the components of Nervos Network:
Godwoken This is an EVM compatible layer 2, built on Nervos Network Layer 1 for decentralized applications. Godwoken offers instant transaction confirmation and low fees. It is also fully compatible with Ethereum on Nervos Network, so Ethereum blockchain developers can quickly port the dApps. Advanced account abstraction is used to create the multi-chain solution.
Lina – CKB mainnet Lina launched in 2019. Initialy, an open-source block generator for genesis was released. This led to the launch of Lina, the mainnet. This allows miners and node operators to launch Lina and verify it independently.
Grants Program – Grants program began in January 2020. Nervos Network provided a $30 million grant to technocrats and developers who are developing new ideas and technology for the blockchain infrastructure.
CKLabs CKLabs CKLabs was established in May 2020 as part of the project operation to help startups build applications on Nervos Network. Startups have the ability to bring their products to market. They also have access to crypto venture capital firms like Polychain or dragonfly capital.
What’s Nervos Network?
Nervos Network (CKB), a public blockchain, has a unique design. Each layer addresses different issues. It is multi-layered in its architecture. The Nervos Network blockchain (also known as the common information base) is the lowest layer in the Nervos Network ecosystem. CKB consensus, which is based on proof-of-work, is an enhanced version of Nakamoto consensus. This also gives trust to all layers that are built on top. CKB stores data and allows the top layers to configure infinitely on different layers. CKB also maximizes security, flexibility, and protects the data it stores.
Layer 1 is focused on security and decentralization, while Layer 2 is a high-performance layer that focuses on scaling, also known as a generation layer. It holds most transactions and generates new state. This allows for unlimited instantaneous transactions at a lower transaction fee. Multi-layer approaches have the advantage that each layer does most of the work. These layers together provide high scalability, decentralization and security without compromising security. Only transactions that are settled in common know need to be charged a fee. Layer 2 and CKB work together to support the crypto economy.
Features of Nervos Network
- Nervos Network’s force bridge is a crosschain bridge. Force bridge allows cross-chain transactions with Ethereum. It acts as a bridge between both the Nervos Network ecosystems and the Ethereum ecosystem. All ETH tokens as well as ERC-20 tokens are supported by Force Bridge.
- The state of the network is stored in cells. Each transaction can destroy or create cells, but it is possible to update the cell content.
- Nervos Network allows smart contract programming using many popular programming languages. Nervos Network programs can store state and data on-chain. This makes it easier to develop complex applications and create tokens.
- CKB-VM is a secure and flexible platform that developers can use. CKB-VM allows you to execute multiple smart contracts at once; massive parallelization increases scalability.
- There are many unique uses for the native token of Nervos Network. CKByte can be used to store and execute smart contracts, facilitate transactions and preserve value. This helps the network in value creation and growth. CKB can be stored in Neuron, the native wallet of Nervos Network.
- Nervos Network offers sustainable crypto-economics and a built-in store-value. This allows the network to solve some of the sustainability problems associated with public blockchain networks.
- Nervos Network launched its integrated development environment in 2021. Nervos Network IDE makes it easy to develop dApps. It allows developers to create universal applications by coding, compiling and debugging.
- The Bitcoin SPV library is a toolkit for working with Bitcoin and other blockchains. It validates all Bitcoin transactions and headers.
- Special smart contracts from Nervos CKByte serve as inflation shelter and protect against secondary issuance. The secondary issuance portion is shared with owners who deposit tokens on Nervos DAO.
What is CKB?
Nervos’ CKB, as mentioned above, is the base layer of Nervos Network and public permissionless Blockchain. The term “common Knowledge” is used in the world of blockchains to refer to the states of the blockchain that have been verified by global consensus.
The CKB layer is the store of value in the Nervos Network. It features a generalized cell structure that allows each cell to store executable codes, smart contracts, and other content on the Blockchain. Every update of cell content is performed through cell creation or destruction, which makes the entire network flexible/ever-evolving.
Nervos Network’s cell model is based on Bitcoin’s UTXO model. In which spent coins are marked “spent” and not removed from the blockchain, it mimics Bitcoin. The Nervos CKB network has a native utility token called CKB, which represents state storage units.
Is Nervos Network a Good Investment?
Nervos Network is an excellent investment because its utility is built on the fact it is designed to solve major problems in the crypto and blockchain space. Despite the incredible growth of blockchain ecosystems like Ethereum the problems of interoperability, scaling and security are still prevalent today.
Nervos Network uses a sophisticated layer solution to run software from other blockchains without a fork and maintain the security of a PoW Blockchain. As adoption rates increase, this will bring the CKB token unparalleled utility and value.