Nervos Network [CKB] The multi-asset and value storage blockchain
Nervos Network is a blockchain project focused on storing value. It attempts to solve the specific challenges of renowned public blockchains like Bitcoin and Ethereum by providing a one-of-a-kind solution.
By combining multiple protocols and solutions, Nervos tries to offer a reliable solution for the storage of value through blockchain. The project, launched in 2018, uses crypto-economically designed value storage.
The development team behind Nervos has considerable experience in the crypto industry. Each of them has participated in the development of various blockchain projects, especially in the Ethereum ecosystem. Terry Tai, Daniel Lv and Kevin Wang are cofounders of Nervos.
What is the Nervos network?
A combination of protocols, blockchain tools, and public blockchains create the Nervos Network. CKB or Common Knowledge Base works as layer 1 in this combination and acts as the proof-of-work blockchain within the ecosystem.
There are multiple layers 2 in this network, which provide useful solutions like smart contracts for developers and users.
Sidechains, plasma chains and status channels are some of the layer 2 solutions in the Nervos network that help scale the overall ecosystem. They act as complementary components alongside the secure layer 1 blockchain.
The layered structure in the nervos network makes it easier to maintain security and decentralized nature and also provides scalability for users and developers.
Layer 2 technologies play a vital role in the scalability of this structure. Nervos offers the opportunity to configure different Layer 2 protocols within the network. Each solution can address a specific use case.
Common Knowledge Base or CKB is the first layer in Nervos Network. Layer 2 solutions are based on this layer, which is a public blockchain. They trust and maximize the safety and certainty of CKB.
Thus, not all nodes have to know about every transaction on the network. This increases speed and efficiency in the management of transactions within the Nervos blockchain.
Free transactions at the speed of light
The upper layers manage most of the work to handle transactions and other applications. This increases scalability.
After all, transactions will be processed off-chain and fees will be paid when the transaction is settled at CKB. The overall result is less latency and more privacy.
The main blockchain layer in Nervos (CKB) offers a reliable consensus service for developers. Furthermore, it allows all layer 2 blockchains to have their consensus algorithm.
Thus, several decentralized applications have the opportunity to run on Nervos and benefit from speed and security while maintaining their proprietary consensus guidelines.
Nervos CKByte (Common Knowledge Byte)
Each blockchain project has a native token as a means of transferring value. Nervos presents CKByte as its native token which, together with CKB, creates the underlying technology necessary for the blockchain. CKByte connects directly to CKB, the Nervos basal layer. Resource management procedures can also use this token.
CKByte can be used to store value, manage smart contracts, and even have the option to rent it.
Multiple applications and use cases in Nervos have a direct impact on the CKByte scale. The development team believes that the demand for this token will increase as the network grows.
CKByte's fundamental properties are created around Nervos' crypto-economic design. This token plays a crucial role in showing the appearance of the online asset store.
Nervos focuses on some major challenges in the blockchain industry that need a lot of effort and resources to solve. The team is made up of multiple experienced developers.
Development, research and community are the basic growth categories for Nervos. Muta Framework is one of the most critical milestones in the development category that will help each user launch their blockchain using CKB.
Nervos also wants to support User Defined Tokens (UDT) in CKB and will edit the critical standard specs for that.
The enhancement of the Neuron wallet, multilingual smart contracts, CKB-VM optimization, CKB browser and thin client protocol are other important milestones for the Nervos development team.
Layer 2 in the Nervos network is the component with the greatest need for research and development. The Nervos team tries to continue the studies in three directions for this part. Channels, chain-based protocols, and zkp-based protocols are essential parts of future research.
Nervos tries to establish the community of developers in blockchain, as it is the crucial part for the increasing use of any blockchain project. The team will test the grant program, the community-leading regional program, and documentation enhancement to attract as many developers as possible.
Nervos provides all the necessary tools for developers to create dApps and even blockchains on the network. All documentation and resource codes are available on their official website or on the GitHub page.
Neuron Wallet is the base wallet at CKB It also has an integrated CKB core network. The resources to run this wallet are published on Nervos GitHub.
Users can also run this wallet by running a CKB core network node. The wallet connects to other asset storage solutions in the Nervos ecosystem such as DAO.
CKB Mainnet Node is the tool for users interested in participating in the network. They can download and install the node using the command line, but first, they have to download the package from GitHub.
There are also CKB Testnet Node and CKB Dev Blockchain ready for interested users who have specific use cases.
Nervos DAO is another solution on the economic side of the network. It acts as a haven against inflation and also as a financial incentive for miners. Other users can also store their holdings in Nervos DAO and receive shares based on inflation.
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Conclusion on the Nervos network
The Nervos network suggests a layered structure for public blockchains. It combines the security and decentralized nature of Bitcoin with various smart contract use cases on Ethereum.
The layered structure has considerable scaling potential. But the project is still in the early stages and surely needs to attract more developers to grow significantly.