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Nervos Network

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Discover Nervos Network's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Nervos Network?

Nervos Network (CKB) is an open-source public blockchain ecosystem designed to provide a secure, scalable, and efficient infrastructure for decentralized applications and digital asset management. It features a unique dual-layer architecture, combining the security of a Proof-of-Work (PoW) blockchain with the scalability of an off-chain scaling solution. The network's native utility token, CKByte (CKB), is used for resource management and mining incentives, allowing users to access state storage space on the blockchain.

How is Nervos Network used?

The Nervos Network, also known as the Common Knowledge Base (CKB), is an open-source public blockchain project designed to provide a secure, scalable, and efficient infrastructure for decentralized applications and digital asset management. Here are some key ways it is used:

  1. Digital Asset Management: The network features a built-in digital asset management system, allowing users to securely store, transfer, and trade their digital assets. It also includes an integrated digital asset exchange for buying, selling, and trading digital assets.

  2. Decentralized Applications: The CKB consensus mechanism allows for flexible application development. Developers can use the Nervos SDK, an open-source framework, to build decentralized applications on the network. These applications can seamlessly interoperate with other blockchains and Layer 2 networks, providing a high level of user experience.

  3. Security and Consensus: The CKB consensus mechanism is a hybrid Proof-of-Work (PoW) and Proof-of-Stake (PoS) model, ensuring both security and energy efficiency. This mechanism is designed to be more secure and energy-efficient than other blockchain networks.

  1. Layer 2 Networks and Scalability: Nervos is built as a modular blockchain network, allowing it to scale to millions of transactions per second through diverse Layer 2 networks without sacrificing security or decentralization. This is achieved by separating state verification and state generation on different layers, making it more scalable and flexible than monolithic architectures.

  2. Tokenomics and Governance: The CKByte (CKB) is the native utility and governance token. Token holders can allot state storage space on the CKB blockchain and participate in the NervosDAO to earn a return on their holdings. The tokenomics model ensures that miners are incentivized to provide security and that token holders are protected from inflation.

Overall, the Nervos Network provides a robust and flexible platform for decentralized applications, digital asset management, and scalable blockchain infrastructure.

How do I store Nervos Network?

To store Nervos Network (CKB) tokens, you can use various wallets and methods. Here are some options:

  1. MetaMask:

    • Install MetaMask as a browser extension.
    • Open ckb.pw in a browser with MetaMask installed.
    • Sign in to MetaMask and authorize the connection.
    • This will set up a Nervos wallet address for you.
  2. Portal Wallet:

    • Access the Portal Wallet through ckb.pw.
    • It supports multiple wallets like MetaMask, imToken, and others.
    • You can check your Ethereum and CKB addresses, view balances, and lock CKB in the Nervos DAO.
  3. Bitget Wallet:

  • Download the Bitget Wallet on iOS, Android, or as a Chrome extension.
  • Create a Nervos Network wallet within Bitget Wallet.
  • Use this wallet to send, receive, and swap CKB tokens on the Nervos Network mainnet.
  1. imToken:

    • imToken supports CKB and allows you to obtain CKB through PoW mining or trading on the main network.
  2. Ledger:

    • Install the Nervos app on your Ledger device.
    • Open My Ledger in Ledger Live, connect and unlock your device.
    • Allow My Ledger to access your device if prompted.

These wallets provide secure and convenient ways to manage your CKB tokens.

How to buy Nervos Network?

To buy Nervos Network (CKB) tokens, you can follow these steps:

  1. Choose a Cryptocurrency Exchange:

    • Kriptomat: Trusted by over 400,000 users across Europe, Kriptomat offers a simple and secure way to buy CKB. You can create an account, add funds via bank deposit or credit card, and then purchase CKB.
    • Crypto.com: This platform allows you to buy CKB based on market price, which is a mix of different order book prices.
    • Securities.io: This site lists the top 5 exchanges that offer the ability to buy CKB with a credit card, debit card, or Bitcoin (BTC). You can compare exchanges, create an account, make a deposit, and then buy CKB.
    • KuCoin: KuCoin offers a four-step process to buy CKB, including creating an account, securing and verifying it, adding a payment method, and then purchasing CKB.
    • Pionex: Pionex provides a step-by-step guide to buy CKB, including creating an account, passing KYC verification, and choosing a payment method such as credit card, debit card, bank wire, or ACH transfer.
  2. Create and Verify Your Account:

    • Sign up with your preferred exchange using your email, Google, or Apple account.
    • Verify your email, phone number, and identity to unlock the full potential of the platform.
  3. Add Funds:

  • Deposit funds using your preferred method, such as bank deposit, credit card, debit card, or wire transfer.
  1. Buy Nervos Network:
    • Select Nervos Network from the list of cryptocurrencies.
    • Enter the amount you want to purchase.
    • Preview the transaction and confirm your purchase.

By following these steps, you can easily and securely buy Nervos Network (CKB) tokens.

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History of Nervos Network

The Nervos Network, also known as CKB, was founded in 2018 by a team of developers including Jan Xie, a former core developer at Ethereum, and Daniel Lv, a co-founder of imToken, a leading Ethereum wallet. The team aimed to solve the scalability and interoperability issues plaguing other blockchain networks. They raised $28 million in a public token sale, which enabled them to develop and launch the Nervos Network.

The network went live on Mainnet in November 2019. Since its launch, Nervos has gained significant attention in the blockchain community and has attracted partnerships with prominent players such as imToken, Binance, and Huobi. The network has seen substantial growth in terms of its user base and adoption, with developers and businesses using it to build decentralized applications (dApps) and other solutions.

Key Milestones
  • 2018: Nervos Network was founded by a team of developers including Jan Xie and Daniel Lv.
  • 2019: The network went live on Mainnet in November.
  • 2022: The NC-MAX consensus algorithm was presented at the Internet Society's Network and Distributed System Security (NDSS) Symposium.
Founders
  • Jan Xie: Former core developer at Ethereum.
  • Daniel Lv: Co-founder of imToken, a leading Ethereum wallet.
  • Terry Tai: Co-founder.
  • Kevin Wang: Co-founder.
  • Cipher Wang: Co-founder.
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How Nervos Network works

Nervos Network, also known as CKB, is a proof-of-work (PoW) blockchain designed to scale through Layer 2 (L2) networks. Here's a detailed overview of how it works:

Architecture

Nervos Network is built as a modular blockchain, meaning it consists of multiple layers designed for different functions. The base layer, called the Common Knowledge Base (CKB), is optimized for security and decentralization. It is responsible for verifying transactions and resolving disputes. Layer 2 and above are designed for smart contracts and decentralized applications.

Consensus Mechanism

CKB uses a modified version of Bitcoin's Nakamoto consensus algorithm called NC-MAX. This algorithm improves block propagation by introducing a two-step transaction process (propose, commit), dynamically adjusts block intervals based on network performance, and accounts for all blocks (including orphans) during difficulty adjustment to resist "selfish mining attacks".

Virtual Machine

The CKB-VM is built using the RISC-V instruction set, which provides stability and flexibility. This allows it to interoperate with different types of blockchains and Layer 2 networks easily. Developers can run different virtual machines, like the EVM, directly inside the CKB-VM, making it possible to build universal applications accessible by all types of blockchain users.

Tokenomics

The native utility and governance token is the CKByte (CKB). Token holders have the right to allot state storage space on the CKB blockchain. The token is used for resource management and miner incentives. The total supply of CKB tokens is capped at 33.6 billion, with a fixed secondary issuance of 1.344 billion.

Scalability

Nervos Network's layered architecture allows it to scale to millions of transactions per second through many diverse Layer 2 networks without sacrificing security or decentralization. Layer 1 (CKB) is designed for state verification, while Layer 2 networks are used for computation or state generation. This modular design enables Nervos to support and scale through Layer 2 networks without requiring difficult updates or technical compromises.

Security

CKB leverages the battle-tested Proof-of-Work consensus algorithm to ensure exceptional security and decentralization under all conditions. It is truly decentralized, permissionless, and resistant to capture by adversarial actors.

Interoperability

CKB supports all cryptographic primitives, making it possible to build all types of diverse Layer 2 networks on top of it. This allows for seamless interoperability with all heterogeneous blockchains and anchor all types of sidechains, state channels, and Layer 2 networks.

Token Management

Token holders can lock their tokens in the Nervos DAO to earn a return on their holdings. This helps maintain the value of CKBytes and provides a strong foundation for the expansion of the network.

Development

Nervos Network was founded in 2018 by Jan Xie, Terry Tai, Kevin Wang, Daniel Lv, and Cipher Wang. The network was initially released on November 19, 2019. It is actively developed and maintained by the Nervos Foundation, with its code repository available on GitHub.

Overall, Nervos Network is designed to provide a scalable, secure, and interoperable blockchain platform that supports a wide range of applications and use cases.

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Nervos Network's strengths

Nervos Network (CKB) boasts several strengths that set it apart from other blockchain platforms:

  1. Security: CKB leverages the battle-tested Proof-of-Work consensus algorithm, ensuring exceptional security and decentralization under all conditions. It is truly decentralized, permissionless, and uniquely resistant to capture by adversarial actors.

  2. Flexibility and Interoperability: CKB supports all cryptographic primitives, allowing it to seamlessly interoperate with all heterogeneous blockchains and anchor all types of sidechains, state channels, and Layer 2 networks. It also features protocol-level account abstraction by default, enabling decentralized applications with unmatched user experience.

  3. Scalability: Nervos Network's modular architecture allows it to scale to millions of transactions per second through many diverse Layer 2 networks without sacrificing security or decentralization. This is achieved by separating state verification and state generation/computation into different layers.

  1. Tokenomics: CKB employs a novel tokenomic model that aligns the interests of all Nervos participants and stakeholders. It ensures miners are paid for providing security in perpetuity, while token holders are protected from inflation.

  2. Developer Friendliness: Nervos Network provides an ecosystem where developers can create user-friendly decentralized applications and smart contracts. It supports mainstream programming languages, tools, and frameworks, making it easy for developers to build applications without needing to learn new skills.

  3. Sustainability: The use of RISC-V and Proof-of-Work consensus mechanism makes Nervos Network an environmentally friendly and responsible choice for developers and users.

These strengths position Nervos Network as a robust and versatile platform for decentralized applications and a promising solution for the scalability and interoperability challenges faced by the blockchain industry.

Nervos Network's risks

Nervos Network (CKB) carries several risks that investors should consider:

  1. Market Volatility: CKB is a cryptocurrency and, like all cryptocurrencies, it is subject to significant price fluctuations. Market downturns can result in substantial losses, as seen in the past when the coin dropped by over 70% compared to its previous year's value.

  2. Risk of Failure: The success of Nervos Network is closely tied to the adoption of web3 technology. If web3 fails to gain widespread acceptance, the value of CKB could plummet.

  3. Competition: The cryptocurrency market is highly competitive, with numerous blockchain projects vying for attention and adoption. Nervos Network faces competition from other projects like Ethereum, Solana, and Cardano, which could impact its growth and value.

  1. Lack of Marketing: Some investors are concerned that the lack of effective marketing could hinder the growth and adoption of Nervos Network, making it harder for the project to succeed.

  2. Risk Assessment: According to InvestorsObserver, Nervos Network has a moderate risk rating, indicating that it is susceptible to price manipulation due to limited trading activity.

  3. General Crypto Risks: As with any cryptocurrency, investing in CKB carries inherent risks associated with the crypto market, including regulatory changes, security threats, and market sentiment shifts.

These risks highlight the importance of thorough research and careful consideration before investing in Nervos Network or any other cryptocurrency.

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Did Nervos Network raise funds?

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Nervos Network's ecosystem

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Nervos Network’s team

  • Jan Xie: Lead Architect and Researcher. He was a core researcher and developer at Ethereum and co-founded ethfans.org. He also founded Cryptape, a blockchain infrastructure company. Jan is a thought leader in the blockchain space, emphasizing the importance of storing value on the base layer of the blockchain while processing other activities on secondary layers for speed and scalability.

  • Kevin Wang: Researcher, Token Economics. He has held key roles in technology as a consultant and engineer, including working at IBM Silicon Valley Lab. Kevin focuses on token economic research and has been instrumental in Nervos' unique approach, ensuring a sustainable economic model that compensates service providers and maintains decentralization.

  • Terry Tai: Jack-of-all-Trades. Terry has been involved in software development since 2009 and got involved in blockchain in 2014. He co-founded Teahour.fm, one of China’s most popular tech podcasts. At Nervos, Terry emphasizes the Cell Model for decentralized applications, which will make development more flexible, scalable, and accessible to real businesses.

  • Daniel Lv: Community Building. Daniel focuses on community growth in China and internationally. He has co-founded several successful blockchain companies, including imToken, the world’s most popular Ethereum wallet. Daniel is also the host of the podcast Teahour.fm.

  • Cipher Wang: Co-founder of Nervos and leader of CELL Studio, a blockchain software company. Cipher is involved in the “BTCKB” initiative, which aims to connect the Bitcoin and CKB blockchains, leveraging their similarities in Proof-of-Work consensus and the UTXO model.

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