As the adoption and awareness of blockchain technology increases, so does the number of applications launched on the various emerging blockchain networks. Multiple blockchains have emerged, each built with different parameters and consensus models, not to mention varying transaction schemes and smart contract functions to serve different purposes.
While increasing adoption is a good sign for out-of-the-box developers, it also brings scalability and interoperability challenges. Simply put, chains operating in isolation limit the possibility of mass adoption as well as the capacity of people to take full advantage of decentralized ledger technology.
In response to these challenges, Nervos Network was founded in 2018 to create a truly peer-to-peer crypto-economy network. A multi-asset store of value blockchain ecosystem leverages a unique dual-layer architecture to improve scalability and interoperability.
What is Nervos Network (CKB) Coin?
Nervos Network is a solution to the lack of scalability and interoperability that plagues most Tier 1 blockchain networks. Named after the body’s nervous system, the network shares a similar layered structure with a consensus generation layer and a separate layer that serves as the intelligent protector, as well as another layer designed for high-performance operations and privacy protection.
Nervos Network, Layer 1 is designed to be a common knowledge base (CKB) layer that provides common information surveillance for the network. This is the core layer of the platform and offers a general purpose proof-of-work (PoW) blockchain that acts as a consensus engine for applications launched in the Nervos ecosystem. Also, this tier has a native utility token called CKB.
The second layer is the computational layer where off-chain processing of transactions takes place. This layer is also designed to create new states of the blockchain and can host several decentralized applications (DApps) as developers can use it to run the functions of their DApps.
What is CKB Coin?
As mentioned, Nervos’ CKB is the core layer of the Nervos Network and is the public permissionless blockchain. In the blockchain world, the term “common knowledge” refers to states of the blockchain that are validated by global consensus.
As the store of value across the Nervos Network, the CKB layer has a generalized cell model where each cell can store an executable code, smart contract or other piece of content on the blockchain. Each update of cell content is accomplished through cell creation or destruction, which makes the entire network flexible/evolving.
Nervos Network’s cell model mimics the UTXO model, where Bitcoin is marked as “spent” rather than being completely removed from the blockchain. To facilitate this economy, the Nervos CKB network has a native utility token called CKB, which represents state storage units.
What Is CKB Used For?
CKB is the native token of the Nervos Network. With CKB, a token holder is entitled to a portion of the network’s total state storage. For example, an owner with 1,000 CKB tokens can create a 1,000-byte cell, or have multiple cells on the Nervos blockchain that all add up to 1,000 bytes. Given that CKB runs on a PoW blockchain, it is issued using an ASIC-neutral PoW function designed to distribute tokens as evenly as possible to guarantee the security of the network.
In addition to using cells in the base layer of Nervos CKB to purchase storage, the CKB token also brings flexibility to the entire ecosystem. The fact that CKB tokens are exchanged for cells (and vice versa) creates an economic model in which government storage fees apply to both the area and time of occupation.
How Does the Nervos Network Work?
Nervos’ first layer and mainnet has a PoW blockchain that provides security and stores the network’s application activity and account balances in cells. The Layer 2 protocol, on the other hand, is responsible for processing transactions and creating new states (i.e. application activities and other additional data storage requests).
The base layer of the network, the Nervos CBK mainnet, also provides a stateful “Turing Complete” virtual machine that supports application processing requirements using smart contracts. This virtual machine system is based on Bitcoin’s UTXO accounting model to store and monitor state changes on the blockchain.
Nervos CBK’s cell model enables parallel processing of transactions and application activities, providing scalability without compromising network security.
Furthermore, using the Nervous CKB general purpose common knowledge base model ensures interoperability because various Layer 2 blockchains can initiate and leverage the storage and processing capabilities of the mainnet.
Key Features
Sustainable Economic Model
Nervos Network, an economic model designed to enable all participants to contribute to the success of the platform while maximizing the benefit of blockchain technology. Thanks to the CKB token, platform users, developers and node operators can work towards a common goal through the creation and storage of states on the CKB mainnet.
Compared to existing blockchains, where state storage is a one-time operation where the state is occupied indefinitely, Nervos Network’s model encourages users to pay for the network’s resources based on capacity and occupation time. This model allows the platform to scale and grow organically.
Flexible Layered Design
Nervos Network’s layered design gives it great flexibility. The network’s decentralized and permissionless framework allows the platform to operate as an accessible universal store of value network for all types of blockchain services. Nervos offers an entirely new level of flexibility to the blockchain and crypto space, allowing developers to create universal applications that can run on any blockchain network.
High Security Level
While scalability and interoperability are essential for greater adoption of blockchain technology, security is the reason why blockchain networks like Bitcoin maintain their peak state.
Nervos Network is built on a tried and tested PoW consensus protocol that keeps decentralized applications and tokens built on its platform safe and secure. What’s more, Nervos Network has been vetted by third-party auditing and proven to be secure, even going so far as to host cash-winning hackathon events for participants who find weaknesses in the project’s underlying protocol.
How much is CKB Coin?
According to current crypto money market data, 1 CKB Coin 0.118215 TL TL is traded. CKB Coin price has fluctuated between -6.86% in the last 24 hours. The trading volume of CKB Coin in the last 24 hours is 9,224,578 $ dollars, its total market cap is 265,258,392 $ dollars.
How much is CKB Coin?
According to current crypto money market data, 1 CKB Coin 0.007910 $ is traded at $.
Nervos Network (CKB) Coin Review and Future 2022
Nervos Network is a good investment because its utility is based on the fact that it is geared towards solving major challenges in the blockchain and crypto space. Despite the unprecedented growth of blockchain ecosystems like Ethereum, interoperability and scalability issues are still prevalent today.
Nervos Network implements a complex layered solution that can run software from other blockchains without a hard fork while maintaining the security of one PoW blockchain. This will give the CKB token an unprecedented level of utility and value as adoption rates continue to increase into the future.
Nervos Network brings flexibility, interoperability and scalability to the blockchain and crypto space. Unlike most blockchain-related projects that try to compete with existing platforms, Nervos takes a different approach, combining the best features of each network to make a valuable contribution to mass adoption of blockchain technology.
With the network’s use of a common knowledge base approach, Nervos can encourage the participation of every user, miner and node operator to facilitate the continued growth of the platform. With CKB, the decentralized trust root of the Nervos Network crypto economy, the security of the upper layers is guaranteed without sacrificing scalability, flexibility, and interoperability.
Also, with Nervos Network moving towards a DAO, users and developers will have full autonomy to define the network’s protocol and create digital identities for the burgeoning crypto economy. Going forward, imagination will be the only limitation in the use of the Nervos Network.
