CKB RATE

About Nervos Network

What Is Nervos Network (CKB)?

Nervos Network (CKB) is an open-source public blockchain designed to power a peer-to-peer (P2P) crypto-economy. By offering a diverse array of provably secure blockchain capabilities and services, it aims to provide users with a comprehensive decentralized ecosystem.

Launched in November 2019, the Nervos mainnet features a unique dual-layer architecture. The base layer, known as the Common Knowledge Base, handles the network's consensus and securely stores smart assets. On the other hand, the computation layer processes transactions and powers decentralized applications.

The Common Knowledge Base operates using its native cryptocurrency, CKByte (CKB), which relies on a Proof-of-Work (PoW) consensus mechanism. CKB plays a vital role in the Nervos ecosystem by compensating miners, managing network resources, and enabling users to store data on the blockchain. Together, these features ensure the Nervos Network remains secure, efficient, and decentralized.

How Nervos Network (CKB) works？

The Nervos blockchain integrates the robust security of a PoW blockchain with the scalability offered by off-chain scaling solutions. By separating state and computation, the Nervos Network employs a multi-layered approach, utilizing the Common Knowledge Base to achieve full market interoperability.

At its core, the Common Knowledge Base functions as a Layer-1 blockchain. This immutable distributed ledger secures the network's shared knowledge, ensuring that the blockchain's state is accurately stored and defined. Complementing this is the computational layer, a Layer-2 solution designed to process the majority of transactions off-chain. This layer is where developers can program and execute routines, generating new states efficiently.

This dual-layer architecture fosters growth and enables seamless interoperability, supporting a diverse ecosystem of applications. To further empower developers, Nervos provides integrated tools for building Universal Apps, allowing each app to optimize its methods based on specific needs and use cases.

FAQ

What Makes Nervos Network (CKB) Unique?

The Nervos Network showcases the development team's unconventional approach through its open-source blockchain design, multi-asset support, and layered architecture powered by diverse protocols. This structure underpins the ecosystem’s functionality and innovation.

At the core of Nervos’ dual-layer architecture is the base layer, known as the Common Knowledge Base (CKB). Operating with its native cryptocurrency, CKByte (CKB), this layer achieves consensus using the Proof-of-Work (PoW) algorithm and ensures the network's security. The second layer focuses on computation, enabling real-time transaction processing and providing developers with a platform for programming and building decentralized applications (dApps).

The network’s goal is to simplify the creation and use of dApps by integrating the robust security of PoW with scalability and seamless data sharing between layers. This design offers a balance between security and efficiency, fostering a user-friendly environment for developers and participants alike.

Nervos Network’s economic model promotes scalability, allowing participants to contribute to the platform's growth through its features. In return, users gain access to a decentralized, censorship-resistant ecosystem where they can securely store assets. The cost for storage depends on the required space and duration, making the platform adaptable to varying user needs.

What is Nervos Network (CKB) used for?

The developers describe Nervos Network as a "store of assets" blockchain, designed to lay the foundation for a global public network. Its goal is to provide universal access to blockchain services and capabilities, creating a robust infrastructure for the decentralized economy.

Targeting a crucial market niche that has long been sought after by developers, the platform leverages its layered architecture to prepare for future demands. Nervos Network ensures the security of users’ projects and tokens through advanced security protocols. Being open-source and validated by third parties further enhances its reliability.

The network’s native utility token, CKByte (CKB), plays a vital role in managing resources and rewarding miners. Token holders gain access to state storage space on the CKB blockchain, while miners rely on a PoW mechanism, with support for ASIC mining to boost hashing power. Additionally, participants can lock their tokens in the NervosDAO, earning rewards or yields on their holdings as part of the network's innovative investment options.

How Many Nervos Network (CKB) Coins Are There in Circulation?

CKByte (CKB), the native token of the Common Knowledge Base, serves as a cornerstone of the Nervos Network ecosystem. With a total supply of 43,510,781,425 tokens, its allocation is strategically divided to ensure network growth and sustainability. Specifically, 21.5% of the tokens were allocated to public sale investors, while 17% were reserved for the ecosystem fund to support development initiatives. The team received 15% of the tokens, distributed over a four-year vesting period, and 14% went to institutional investors through a private sale in 2018, unlocked over two years. Additionally, 5% of the tokens were granted to founding partners, released over three years, 2% were assigned to the foundation, and 0.5% were used for testnet incentives. To further enhance the network’s sustainability, 25% of the Genesis tokens were burned and permanently removed from circulation. By March 2023, the circulating supply stood at 39,936,460,802 CKB tokens.

CKB functions as a versatile utility token, enabling key operations within the Nervos Network. It acts as a reserve asset on layer 2, facilitates payments for block rewards, staking incentives, and transaction fees, and grants users access to state storage on the platform’s mainnet. Specifically, each CKB token provides the right to store 1 byte of data on the layer 1 blockchain, ensuring secure, scalable, and proportional data management for all participants in the ecosystem.

How Is the Nervos Network Secured?

The Nervos Network employs a PoW-based Nakamoto consensus mechanism to ensure the security and decentralization of its dApps and digital assets. Its native token, CKB, operates on a PoW blockchain, leveraging an ASIC-backed PoW function to maintain robust protection and reliable mining capabilities.

As an open-source network, Nervos prioritizes transparency and security. It has undergone a thorough audit by the third-party firm CertiK. Additionally, the team actively promotes network security by organizing hackathons with cash prizes, encouraging participants to identify and address potential vulnerabilities.