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The Nervos Network (CKB) is an open-source public blockchain ecosystem. The network leverages a unique dual-layer architecture to improve interoperability across the entire market. This design also provides the platform with added functionality and scalability. Notably, the platform was named after the nervous system because it serves a similar purpose in the market, as a way for separate systems to communicate.
What Problems Does Nervos Network (CKB) Solve?
The Nervous Network was built to combat one of the largest problems facing the blockchain community today, a lack of interoperability. The current state of the market is compartmentalized. There are thousands of networks, all with their unique niches, operating completely alone. Sadly, these networks lack the capability to exchange data in a streamlined manner.
As such, developers often waste time recreating features that are readily available on other platforms. By providing a way for these systems to communicate, the Nervos Network eliminates the need to start from scratch for developers. It also eliminates the need to use multiple wallets, exchanges, and remember a bunch of passwords.
Nearly all early blockchains suffer from scalability concerns. These issues are due to many factors. In early blockchains, it’s the way the consensus mechanism operates. For example, the Proof-of-Work system is the most secure but also requires the most resources and time to complete transactions.
Nervos reduces scalability concerns through the use of a second layer. By placing computational requirements of the primary blockchain, Nervos is able to scale vertically to meet the needs of the masses. This strategy provides the network with high performance and the security of a PoW network.
Lack of Programmability
Another issue that Nervos developers wanted to reduce was developer restrictions. Currently, developers must choose a network to create their Dapps on. The downside to using a single network is that you are then restricted to the network's technical capabilities. This issue becomes a major hold-up for developers when they require different services or consensus mechanisms for their applications to function properly.
Nervos has a collection of protocols that are designed to empower developers to create universal apps. This strategy allows developers to sort through multiple solutions and find the option that provides the best user experience. Notably, developers can build and leverage any virtual machine using the Nervos Network (CKB).
Benefits of Nervos Network (CKB)
The Nervos Network provides the market with a host of benefits that make it an interesting project. The developers structured the network in a decentralized and permissionless manner. In this way, the platform can operate as a “Store of Assets” blockchain according to developers. The goal of the project is to lay the foundation for a universal public network that provides access to all blockchain services and features. The developers want to ensure it's globally accessible and censorship-resistant.
The tokenomics and design of the Nervos Network make it sustainable. The developers integrate common-sense crypto-economics to add value to the project's token over time. Additionally, the platform serves a valuable niche in the market that developers have long desired. These factors coupled with the layered structure of the network make it well prepared for the future.
The Nervos Network integrates sophisticated security protocols to keep your projects and tokens safe. The network has been vetted by third parties and is open source. Additionally, the platform is hosting a Hackathon with $150K in cash prizes. Participants earn to find weaknesses in projects and listings on the network.
Nervos provides flexibility to the market on an entirely new level. The second layer enables scaling and interoperability that can power a market full of applications. The developers introduced a suite of integrated solutions that allow the developer to build Universal Apps. This approach enables applications to choose the appropriate generation methods based on their particular needs.
How Does Nervos Network (CKB) Work?
The Nervos Network combines the security of a PoW blockchain with the scalability of an off-chain scaling solution. This multilayered approach uses the Nervos Network CBK (Common Knowledge Base). This public blockchain separates state and computation. Here is how Nervos is able to provide full interoperability across the market.
The Common Knowledge Base operates as a layer 1 blockchain. This blockchain provides common knowledge custody for the network. It ensures the blockchain's state is stored and defined. The Common Knowledge Base is an immutable distributed ledger.
The second layer in this equation is the computation layer. This off-chain solution processes most transactions and generates new states. Developers can program and execute their functions on this layer.
Nervos Network (CKB) Consensus
CKB PoW consensus is a variant of the SHA-256 system first introduced by Satoshi Nakamoto, Bitcoin's anonymous founder. The PoW consensus mechanism utilized by Nervos is optimized to provide faster transaction times and ensure decentralization. Notably, this system introduces a tri-node structure to the market.
Miners verify blocks via the PoW mechanism. Notably, the network supports ASIC mining to improve hashing power. For their efforts, miners earn rewards in the form of CKB tokens.
Full nodes also serve an important role in keeping Nervos valid. Their primary role is to verify new blocks and relay transactions across the network. These transactions are then picked up by miners and approved or denied. Full nodes also receive rewards in CKB tokens.
Light nodes primarily operate on mobile devices. These nodes only hold a subset of cells due to the minimum amount of resources found on mobile devices. Light nodes make it possible for nearly anyone to participate in maintaining the Nervos network.
CKB is the primary utility token for the Nervos network. The token lives on the Common Knowledge Base blockchain. Consequently, it has excellent scalability. Anyone can send value across the world in seconds using this token. Additionally, the developers structured the token to hold some store-of-value properties as well.
How to Buy Nervos Network (CKB)
You can find Nervos Network (CKB) on a number of top exchanges.
Uphold – This is one of the top exchanges for USA & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.
Uphold Disclaimer: Terms Apply. Cryptoassets are highly volatile. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong..
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens. USA Residents are Prohibited.
Binance – Accepts Australia, Singapore, UK and most of the world. Canada & USA residents are prohibited. Use Discount Code: EE59L0QP for 10% cashback on all trading fees.
WazirX – This exchange is part of the Binance Group, which ensures a high standard of quality. It is the best exchange for residents of India.
Do You Feel the Nervos Network (CKB)?
The Nervos Network represents a change in developer’s strategies. This project isn't about trying to compete with other blockchains. Instead, it seeks to exemplify the best characteristics of every network. As such, it’s a valuable addition to the market that is sure to see continued adoption moving forward.
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