What is Nervos Network? Definition from Digimagg

The blockchain sector has encountered considerable obstacles like scalability, sustainability, and interoperability. In recent years, several initiatives have arisen to tackle these issues.

Among these is "Nervos," a blockchain network secured by Proof-of-Work and developed on the RISC-V architecture.

This article delves into Nervos' features, its evolution, and provides guidance on purchasing its native token, CKB.

What is Nervos Network?

In 2018, the Nervos project was initiated to address scalability issues affecting Layer-1 networks, especially those of smart contract platforms. The aim was to develop a blockchain capable of meeting the stringent performance requirements demanded by enterprise applications.

Nervos launched its Mainnet in November 2019.

Nervos is a public blockchain that adopts an innovative architecture by dividing its infrastructure into two layers: a foundational Layer-1 and a high-performance Layer-2 called Godwoken. Developers at Nervos are assembling a suite of protocols to deliver the scalability and ecosystem necessary to support diverse applications.

What is CKB?

The Nervos Common Knowledge Base (CKB) is constructed on the RISC-V architecture and secured by Proof-of-Work (PoW), serving as its foundational layer. The consensus mechanism for Nervos applications and layers is a versatile blockchain utilizing PoW.

CKByte (CKB) functions as the native utility and governance token within this foundational layer. Holders of CKBytes have the ability to allocate state storage space on the CKB blockchain. This cryptocurrency is utilized for resource management and to incentivize miners. Another option available to participants is locking tokens in the Nervos DAO, enabling investors to earn yields on their holdings.

The initial total supply of CKB tokens was 33.6 billion. Primary issuance is set at 33.6 billion coins annually, halving every four years until reaching zero, while fixed secondary issuance stands at 1.344 billion.

At the time of writing, CKB is trading at $0.002724, with a market capitalization of approximately $114.27 million. The total supply of CKB tokens is 42.98 billion.

What makes Nervos Network different?

Security

While scalability and interoperability are crucial for new blockchain and crypto projects, robust security is what sets leading networks like Bitcoin apart. The Nervos Network, leveraging the proven Proof-of-Work (PoW) consensus algorithm, offers a high level of security. This ensures the safety and integrity of decentralized applications and tokens built on its platform.

Furthermore, the Nervos Network has undergone rigorous third-party audits to enhance its security. It has also conducted hackathon competitions with cash rewards to identify and address potential vulnerabilities in its underlying protocol.

Decentralization

CKB utilizes the Proof-of-Work consensus mechanism, maintaining a high level of security and decentralization. It operates in a completely permissionless manner with robust security measures in place to protect the blockchain from external threats.

Interoperability

The Nervos Network aims to connect various blockchain networks, facilitating seamless asset and data transfers. Through support for multiple virtual machines and cross-chain capabilities, Nervos enables users and developers to leverage unique features across different platforms, fostering innovation and collaboration within the blockchain ecosystem.

Scalability

The Nervos Network addresses scalability challenges through its innovative consensus mechanism, Nervos DAO, coupled with Proof of Work and a novel crypto-economic model. This approach ensures network security and decentralization while adapting to evolving user and developer needs, thereby promoting sustainable growth.

Developer friendly

Nervos Network provides an ecosystem that supports the creation of user-friendly decentralized applications and smart contracts. It accommodates mainstream programming languages, tools, and frameworks, minimizing the learning curve for developers. The platform offers extensive documentation, community support, and resources to empower developers in building applications on Nervos.

Self-sustainability

Designed for long-term sustainability, Nervos Network efficiently allocates resources through its unique crypto-economic model. This ensures ongoing network security and scalability. Additionally, the NervosDAO features a built-in mechanism to mitigate token dilution effects, preserving the value of CKBytes and laying a solid foundation for network expansion.