Nervos Network (CKB) Research

Nervos Network (CKB) Research Details

Nervos Network (CKB) Nervos Network

INTRODUCTION

The Nervos Network is a public blockchain and set of agreements aimed at resolving measurement barriers facing traditional networks such as Bitcoin and Ethereum. The Nervos blockchain is a layer-1 protocol that uses Proof-of-Work(PoW) compliance and supports smart contract development. It also contains a series of 2-level measurement solutions to facilitate the use of high volume.Nervos native token (CKByte or CKB) allows users and developers to maintain storage space in the Nervos blockchain in proportion to their assets.

The native Nervos Network token is called CKB, also known as CKByte among traders.


HISTORY AND FOUNDER

The co-founders of the platform are Terry Tai - a leading developer in the cryptocurrency trade of Yunbi and Peatio, and the founder of Teahour.fm, a well-known Chinese podcast in China, Kevin Wang – who has previously worked on solving business data at IBM Silicon Valley Lab, and Daniel Lv - the former CTO of imToken (the world's most popular Ethereum wallet), and the former CTO of Yunbi.

The Nervos project was launched in 2018 and its mainnet was launched in Nov 2019. A community blockchain that uses a different architectural design by dividing its infrastructure into two layers: a single foundation layer (Layer-1) and a highly efficient application layer (Layer-2).Nervous engineers are developing a set of standards for the scalability and environment required to support applications.


REASON TO BUILD THE PROJECT

The reason to build Nervos network was to search for a solution to the scalability problems troubling 1-layer networks, especially smart contract forums, at the time. The older blockchain networks like Bitcoin, Ethereum, and some more.  Nervos seeks to build a blockchain that can meet the performance requirements of business usecases.


BASE OF PROJECT

The main goal of Nervos design is that 2-layer solutions such as side chains, plasma chains and state channels are the best way to measure a blockchain system. Instead of jeopardizing the separation and security of the base layer by using multiple untested and novel compliant methods to achieve high performance with TPS, we use Layer 2 solutions that offer almost unlimited purchasing power and minimal cost of blockchain design 1 protected, unlicensed and fragmented.


USE CASE

The NervosDAO Nervos CKB includes a special smart contract called the NervosDAO. Users who invest in DAO receive a portion of the second network release (the basic release is the reward for PoW miners' blocks). Using CKBs to store data on CKBs creates cost savings for CKByte owners; they will not be able to apply the CKBs used in the NervosDAO to obtain a second release.

Miners' Rewards-Miners are compensated for both block prizes and operating expenses. With the block prizes, when the miner digs the block, you will receive a full reward for the block foundation and part of the second release. Part is based on state function. Therefore, if half of all native tokens are used to maintain status, the miner will receive a portion of the reward for the second release of the block. When the Nervos mining awards finally run out, miners will still receive a “country rent” income that does not depend on jobs.


MAJOR NEWS AND EVENTS

DATE

NEWS/EVENTS

IMPACT

02/06/2022

Cardano partners with Nervos blockchain to bridge the gap with China

+35% Increase

26/11/2021

MEXC Global to support Nervos Network token standard to expand its presence in Asia

+28% Increase

13/05/2021

Tesla will no longer accept Bitcoin as a mode of payment, which crashes the cryptocurrency market

-34% Decrease

10/02/2021

Nervos Network launched a $5 million fund to support projects to build decentralized exchanges and other DeFistyle protocols

+40% Increase


CONCLUSION

Nervos Network's unique horizontal structures put it in a beneficial position for both users and developers, as users are encouraged by multiple network applications and developer work is made much easier with layer2 applications and tools.

In the few years since the launch of the Nervos Network, it has managed to skip a few significant milestones, even gaining relationships with many of the world's biggest names in the crypto world, Huobi Global and China's National Blockchain Network (BSN) to name a few. . If it keeps up with its plans for the future, it is fair to expect that Nervos will continue to grow and expand in the future, operating a powerful blockchain and completely different in its operations.


DISCLAIMER

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto products are currently unregulated and subject to market risk. Please seek independent financial advice or do your own research before investing.