Nervos Network
CKB
£0.009626
£429.57M
Nervos Network (CKB) is a modular blockchain network built around a secure and adaptable Layer 1, known as the Common Knowledge Base (CKB). Utilizing a Proof-of-Work (PoW) consensus mechanism, CKB supports a variety of cryptographic operations and is designed for seamless interoperability with other blockchains, sidechains, and Layer 2 networks. This interoperability is enhanced by protocol-level account abstraction, allowing developers to create decentralized applications with greater flexibility.
Launched in 2018, Nervos aimed to address scalability issues found in existing Layer 1 networks, particularly those affecting smart contract platforms. The Nervos mainnet went live in November 2019, featuring a unique two-layer architecture: a secure base layer (Layer-1) and a high-performance application layer (Layer-2). The project's development includes a suite of protocols designed to provide the scalability and environment needed for decentralized applications (dApps).
CKB, or CKByte, is the native utility token of the Nervos Network. It serves several critical functions within the ecosystem. First, CKB tokens are used to pay for transaction fees and incentivize miners who maintain the network's security and operation. Second, each CKB token represents an allocation of storage space on the CKB blockchain, allowing holders to store data, execute smart contracts, and utilize blockchain resources. Third, participants can lock their CKB tokens in the Nervos DAO, which enables them to receive compensation or yield on their holdings over time.
Technically, CKB employs a generalized version of Bitcoin’s UTXO (Unspent Transaction Output) model for accounting and a RISC-V instruction set-based virtual machine for executing transactions and smart contracts. This model, known as the Cell model, extends Bitcoin’s UTXO structure, enabling complex and Turing-complete smart contract functionality. The consensus mechanism, NC-MAX, is an optimized version of Bitcoin’s Nakamoto consensus, enhancing efficiency, throughput, and security per unit of energy expended.
CKB distinguishes itself with several unique features. Isomorphic binding technology maps Bitcoin UTXOs to Cells on CKB, enabling the trustless transfer of assets between the Bitcoin and CKB blockchains without compromising security. The multi-layered design of CKB supports various scalability solutions, including state channels, payment channels, and sidechains, and can deploy EVM-compatible rollups. Native account abstraction allows for flexible cryptographic operations without requiring protocol-level changes, making the blockchain more user-friendly and accessible.
CKB supports a wide range of applications, including decentralized identities (DIDs), passkey wallets, and Spore digital objects (DOBs), which ensure true on-chain ownership and value-backed digital objects. The RGB++ protocol facilitates seamless asset transfers between Bitcoin L1 and the CKB blockchain.
Nervos Network continues to evolve with initiatives such as the UTXO Stack, which aims to launch high-performance Bitcoin Layer 2 chains secured by CKB, and integration with Bitcoin’s Lightning Network for enhanced asset flow between the two networks. The CKB token's multifaceted utility and unique technical features position it as a significant player in the blockchain ecosystem, particularly as an ideal Bitcoin Layer 2 solution.
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📣 New Listing Friday! 📣
As of today, $CKB is available for strategies on ICONOMI!
$CKB is Nervos Network's native utility token. Designed for seamless interoperability and high-performance applications, it supports a wide range of decentralized applications and ensures enhanced security with its unique technical features.
