What is Nervos Network (CKB)?
Nervos Network (CKB) is an open-source project, bringing together public blockchain protocols and ecosystems. The Nervos network addresses the major challenges facing platforms like Ethereum or Bitcoin.
The core design principle of Nervos is that Layer 2 will run many different solutions, including the Nervos App Chain to focus on scalability and Dapps for users. Instead of decentralizing into protecting base classes through consensus mechanisms, most have not been verified and refreshed to achieve ultimate performance as well as TPS. The Nervos network uses layer 2 with almost unlimited transaction capabilities and minimal transaction costs for blockchain layer 1 with a secure and decentralized design.
The Nervos network is considered a decentralized application network with a layered architecture. CKB (Common Knowledge Base) is a blockchain protocol designed to serve an entire ecosystem. Consistent to build a hierarchical arbitration architecture for all higher levels and allow the deployment of infinite possibilities of the configurations of various Layer 2 protocols.
As mentioned, the Nervos Network consists of 2 layers:
Layer 1: CKB an open public blockchain structure based on Proof of Work (PoW) mechanism.
Layer 2: Nervos expands focusing capabilities with Side-chains, State Channel and Plasma Chains solutions.
CKB is the Utility Token within Nervos’ Blockchain network. CKB stands for “CK Byte” or “Common Knowledge Byte”. If users hold 1000 CK Bytes, they will be entitled to store 1,000 data bytes on the Nervos Common Knowledge Base.
The Nervos Network is being built by a team of developers with deep roots in the crypto space. Past projects built by core team members include Ethereum clients (ruby-ethereum and pyethereum), creators of imToken – world’s largest Ethereum wallet, Spark Pool – largest ETH mining pool, Cryptape – leading blockchain engineering team, CITA, Peatio and core protocol research and development for Ethereum and Bitcoin.
Co-Founders of Nervos Network | Source: Nervos Network
Terry Tai: Core developer at cryptocurrency exchange Yunbi & Peatio, co-founder of Teahour.fm, one of China’s most popular technology podcasts.
Daniel Lv: Former CTO of imToken (the world’s most popular Ethereum wallet), Yunbi’s old CTO and co-founders ruby-china.org and KOL.
Kevin Wang: Co-founder of Launch School. Previously, Kevin studied enterprise lab data solutions, an IBM Sillicon Valley engineer.
What is the problem that Nervos (CKB) poses to solve?
Nervos’ dev team (CKB) presents some of the problems Blockchain platforms face:
- Previous generations of blockchains like Bitcoin and Ethereum are facing scalability issues.
- Some technologies are applied to expand scalability, such as Sharding. However, this technology still has its problems in terms of complex structure and not so good performance as the number of shards increases.
- Off-chain scaling solutions, the cost of a consensus mechanism is often expensive for Publicission Permissionless.
- As the number of users and applications running on Blockchain increases, the amount of data stored on it is increasing.
- Blockchain solutions now pay much attention to the cost of Consensus and calculation. It also allows users to pay a portion for their data to be stored and select the package on the storage nodes. But the price of Cryptocurrency is always changing, and users will have difficulty when the price of Crypto increases.
Currently, CKB Token has not been opened for sale yet, so there is little information. However, observing the platform structure as well as the projects launched on CKB, this token could bring potential in the future. The demand for CKB use increases as the number of dApps increases and the number of data increases, the number of users increases. To be able to assess this token accurately, you have to wait after the Mainnet is successful, and it is open for sale to be considered.