Blockchain technology has experienced mass adoption over recent years. The developers are now thinking outside the box and introducing some innovative solutions they couldn’t offer before. A number of blockchain projects are now available with several parameters and consensus mechanisms that are primarily designed to meet the needs of developers. Read what is Nervos Network (CKB) that aims to simplify the DApp development.
Most of these projects solve the scalability issue by processing transactions faster than before. However, interoperability is still a common issue that users have to face in the blockchain industry. It prevents users from taking full benefits of decentralized ledger technology. Thus, it limits the mass adoption of the blockchain industry.
Nervos Network (CKB) is a new project that is focused on resolving these problems by establishing a peer-to-peer crypto-economy network.
What is Nervos Network (CKB)?
Nervos Network is named after the body’s nervous system because it connects different blockchain networks to ensure smooth operations. It offers privacy protection and high-performance transactions while resolving scalability and interoperability issues. The platform has a common knowledge base layer (CKB) that ensures successful operations for applications that are built on the network.
The computation layer is designed to process transactions off-chain. The developers can take advantage of this layer to successfully execute the functions of their DApps.
Nervos Network was introduced by Kevin Wang and Jan Xie in January 2018. They identified the limitations of Bitcoin, Ethereum, and other blockchain networks with a team of developers and researchers. The team raised $28 million through an initial coin offering in October 2018.
The platform became quite popular for its Common Known Base (CKB) layer. Nervos Network introduced its hybrid consensus mechanism Proof-of-Work, Capacity to enhance security while minimizing energy consumption. The Testnet was introduced at the beginning of 2019 and the mainnet was officially launched in November 2019.
The team also introduced its native token “CKByte” to successfully run its operations. Over the years, Nervos Network has introduced several updates such as “Godwoken”, NervosDAO”, and more.
Nervos Network (CKB) – Important Features
With its innovative layered design, Nervos Network has established its reputation as a trailblazer in the blockchain industry. The network provides access to a wide range of blockchain services as it can function as a universal store-of-value network. It enables developers to build decentralization applications (DApps) that can serve users on several blockchain networks seamlessly.
Nervos Network creates a robust ecosystem with its multi-layer infrastructure. Thus, it can accommodate the needs of businesses and developers in various categories. With this feature, Nervos Network offers a more democratic and inclusive financial system.
Nervos Network can support various blockchain services including decentralized applications, smart contracts, and digital asset storage. The developers no longer need to restrict themselves to a specific network as they can now create innovative applications that can be used across various networks.
The flexible layered design also encourages innovation and growth with its wide range of tools, resources, and collaborations.
With its innovative economic model, Nervos Network encourages all participants to help with securing the platform. The CKB token provides the required power for this model. Nervos Network offers a dynamic and incentivized approach to state storage by allowing developers, users, and node operators to store states on the CKB mainnet.
Although the users are required to pay for the network’s resources, they’re incentivized alternatively. Thus, the platform successfully maintains the cost and demand on the network. The platform achieves efficient allocation and utilization of network capacity with this dynamic payment mechanism.
It also encourages participants to actively contribute to the platform’s growth. Similarly, the Nervos Network has devised economic incentives for node operators because they help with maintaining the network’s security and stability. The purpose of establishing a sustainable economic model is to maximize the utility of blockchain technology.
The network can accommodate an increasing number of users and applications with this model. Thus, all stakeholders can take advantage of the robust and vibrant ecosystem of Nervos Network.
The integrity and reliability of a blockchain network are directly associated with its security standards. Nervos Network provides a solid foundation for decentralized applications with its hybrid Proof-of-Work, Capacity consensus mechanism. This consensus mechanism consistently ensures the integrity and immutability of the network.
The platform has also used the services of third-party auditing firms to assess the overall architecture, security protocols, and codebase. It shows that the Nervos Network is dedicated to providing a high level of security and transparency.
Over time, Nervos Network has also organized several hackathon events to identify weaknesses in its protocol. Thus, the team actively resolves the potential vulnerabilities before time. It doesn’t only establish the reputation of Nervos Network but also enhances the trust and credibility of blockchain technology as a whole.
Nervos Network uses two different layers to smoothly run its operations. The transactions are processed on layer 2 while the account balances and application activities are stored on layer 1. The developers can also access the network’s virtual machine on Layer1 to deploy smart contracts.
The virtual machine is responsible for storing and tracking changes in state on the blockchain. The base layer can also process multiple transactions in parallel without compromising the security of the network.
CKB is the native token of Nervos Network that is used to pay transaction fees. The CKB tokens are also offered as a reward to the node operators for their contribution. With a circulating supply of 41 billion tokens, CKB has a market cap of $130.9 million. It ranks among the 200 best cryptocurrencies in terms of market.
Nervos Network is revolutionizing the blockchain industry by tackling scalability and interoperability challenges. With its innovative layered design, sustainable economic model, and impressive security measures, Nervos Network provides a robust platform for developers to build decentralized applications.
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