In the context of an increasingly vibrant blockchain market, many new projects have emerged to address issues of scalability, security, and decentralization. One of the standout platforms with a unique and flexible approach is Nervos Network, with its native token CKB (Common Knowledge Base). So what is Nervos? How does it differ from other blockchains? Let's explore in the article below.

What is Nervos Network?

Nervos Network is an open-source blockchain platform designed to address scalability, security, and decentralization issues in current blockchain systems. Nervos is built with a layered architecture, where each layer performs a specialized function to optimize performance and interoperability.

In which:

  • Layer 1 is Nervos CKB (Common Knowledge Base) – a public, decentralized blockchain that uses the Proof-of-Work (PoW) consensus mechanism, allowing for secure and long-term storage of cryptocurrency asset states. CKB supports smart contracts and allows programming in a customizable language.

  • Layer 2 and other scaling solutions allow for fast, low-cost transaction processing, improving overall performance without compromising the security or decentralization of the network.

Additionally, Nervos supports Ethereum compatibility through projects like Godwoken (an optimistic rollup) and Force Bridge (cross-chain bridge), thus enabling Ethereum dApps to deploy on Nervos easily.

What is CKB Coin?

CKB Coin (short for Common Knowledge Byte) is the native cryptocurrency of the Nervos Network, playing a central role in this ecosystem. CKB is used to pay transaction fees, incentivize miners, and represent the right to use state storage space on Layer 1 blockchain (CKB – Common Knowledge Base). CKB uses a "store of value" model, where users pay a storage fee when writing data to the blockchain. When there is no longer a need for storage, they can "burn" the data and reclaim a portion of CKB – helping to combat inflation and create incentives for rational use.

Where to buy and sell CKB Coin?

Currently, you can buy and sell CKB coin on the exchange Binance.com, which is currently ranked #1 in the world for coin trading.

If you don't have an account on this exchange, you can register an account at the link below.

Register a Binance account to reduce transaction fees by 20%: https://accounts.binance.com/register?

Overview of Nervos Network

  • Name: Nervos Network

  • Launched: 2018

  • Main blockchain: CKB (Common Knowledge Base)

  • Native token: CKB

  • Notable features: Distinct layer 1 and layer 2 architecture, supporting smart contracts

  • and compatibility with Ethereum.

  • Total Supply: 47,036,475,404.71 CKB

  • Maximum Supply: Unlimited.

  • Algorithm used: Proof of Work (PoW)

  • Mining: Can be mined with GPU.

What is the CKB token used for?

  • Pay transaction fees on the CKB network.

  • Used to store data on Layer 1.

  • Can be staked or locked to benefit from the Nervos economy.

Practical applications of Nervos Network:

  • DApps and DeFi can be built on Godwoken (Layer 2).

  • NFTs and smart contracts can operate compatible with Ethereum.

  • Deployed projects include YokaiSwap, JoyID (decentralized wallet), etc.

Total supply and issuance of the CKB token:

There is no hard cap on the total supply of CKB, but there is a dual issuance mechanism:

  • Base issuance: decreasing over time (similar to Bitcoin halving).

  • Secondary issuance: stable to fund the ecosystem and encourage security.

Goals & Mission

Nervos was built to address three major issues that current blockchains face – known as the "Blockchain Trilemma":

  • Security

  • Scalability

  • Decentralization

While many projects can only optimize 2 out of 3 factors, Nervos chooses a layered approach, allowing each layer to take on a distinct role – thereby optimizing all three factors simultaneously.

Outstanding Advantages of Nervos Network

  • Ethereum (EVM) compatible through Godwoken – a Layer 2 solution supporting Ethereum DApps.

  • Unique Cell Model architecture (similar to Bitcoin's UTXO model), enhancing security and flexibility.

  • The ecosystem is thriving with many development tools, cross-chain bridges, and decentralized wallets.

  • A reputable development team, having worked at Ethereum Foundation, Spark Pool, imToken…

Applications & Future of Nervos Network

Nervos Network is developing many products and integrating with a multi-chain ecosystem. With Ethereum compatibility and an open architecture, Nervos has the potential to become the 'Internet of Blockchains' – where every blockchain can communicate and share value.

Additionally, the development of bridges like Force Bridge and the integration of various SDK tools, wallets, is also driving Nervos to become an ideal platform for Web3 developers.

Who created Nervos Network (CKB)?

Nervos Network was created by a team of top blockchain experts in China, with extensive technical background and rich experience in the industry. Below are some of the founders and key figures behind the project:

Jan Xie – Chief Architect, co-founder

  • He is a founding member of Nervos Network.

  • Former core engineer at Ethereum Foundation, contributed to the Ethereum Virtual Machine (EVM).

  • Has deep experience in distributed systems development and security.

  • Jan Xie proposed the 'Cell model' of Nervos, inspired by Bitcoin's UTXO but more flexible.

Kevin Wang – Co-founder

  • An expert in distributed systems and blockchain.

  • Before Nervos, he worked at IBM Silicon Valley Lab and has many years of experience in enterprise technology.

  • Kevin Wang plays a strategic and communication role in developing the Nervos ecosystem.

Daniel Lv – Co-founder

  • Former CTO of imToken, one of the most popular cryptocurrency wallets in Asia.

  • Has a strong background in decentralized application (DApps) development and wallet technology.

  • Plays a crucial role in developing the community and supporting tools for developers of Nervos.

Conclusion

Nervos Network is not just a new blockchain, but a holistic solution for a decentralized future, with a deep technical approach and a clear development strategy. With the CKB token playing a central role in the ecosystem, Nervos is gradually asserting its position in the competitive blockchain world.

If you are an investor, developer, or simply a technology enthusiast, Nervos deserves to be tracked and explored further.