Nervos Network (CKB): Public Open-Source Blockchain Ecosystem

In the ever-evolving world of blockchain technology, Nervos Network (CKB) stands out as a promising innovation. As an open source public blockchain ecosystem, Nervos Network offers a unique and versatile platform, redefining the way we view interoperability and security in blockchain technology.

Tentang Nervos Network

What is Nervous Network (CKB)?

Nervos Network (CKB) is an open-source public blockchain ecosystem. The goal is to create a peer-to-peer (P2P) crypto-economic network where users can access a variety of provably secure blockchain services and capabilities.

Nervos mainnet launched in November 2019 with an innovative two-layer architecture. There is a base layer where consensus mechanisms operate and smart assets are stored, and a computing layer where transactions are processed.

The base layer, also known as the Common Knowledge Base, has its own crypto token called CKByte (CKB). Using a Proof-of-Work (PoW) consensus mechanism, CKByte powers the Nervos ecosystem. It is used to pay miners to maintain network security, manage network resources, and allow users to store items on the network.

Nervos Network allows developers to create decentralized applications (dApps) that can operate on various blockchain systems. Either layer of the network can be used to run both decentralized applications and smart contracts.

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Team and Investors

Who is the Founder of Nervos Network?

The Nervos Foundation started the project in 2018, with researchers, engineers and developers coming together to form a core team.

Three people created the platform themselves: Terry Tai, who developed the Yunbi crypto exchange and co-founded Teahour.fm; Daniel Lv, who co-founded ruby-china.org and served as chief technology officer (CTO) for imToken and Yunbi; and Kevin Wang, an engineer who provides consulting services for IBM Silicon Valley Lab and co-founded Launch School.

Individuals and Organizations

Terry This

CEO & Director at Nervos Foundation

Kevin Wang

Co-Founder & Peneliti of Nervos Foundation

Daniel Lv

Co-Founder & Community Development at Nervos Foundation

Supporting Organizations

• Nervos Foundation
• Cryptape

Investor

• Frees Fund
• Sequoia Capital
• CMS Holdings, LLC
• Huobi Capital
• Unity Ventures
• Breyer Capital LLC
• 500 Startups
• Pay Capital
• 1Confirmation
• Dragonfly Capital

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Unique Nervos Network (CKB)

Unusual Methodology of the Development Team

The development team's unconventional methodology is visible in the design of Nervos Network: the blockchain is open-source, the technology supports a wide range of assets, and the architecture consists of multiple layers and a number of protocols.

Nervos' two-layer architecture involves two layers. (1) Base layer or Common Knowledge Base, where the network reaches consensus using PoW. This layer has its own crypto asset called CKByte, or CKB, which powers the Nervos ecosystem. Layer 2 is the computing layer, where transactions are processed in real-time and where developers carry out programming tasks.

Nervos Network wants to make it easier to create and use decentralized applications (dApps) by combining the security of Proof of Work (PoW) algorithms with scalability and the ability to share data between layers.

Nervos Network's economic model is scalable, meaning participants can help projects grow by using the platform's features. In exchange, they get access to a decentralized, open, and censorship-resistant platform. Users can use the platform to store their assets; The price depends on how much space they need and how long they need it.

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

CKByte (Common Knowledge Base) or CKB is the network's native token. The total supply is 43,510,781,425 coins, allocated as follows:

• 21.5% for public token sales (to public sale investors);
• 17% for ecosystem funds;
• 15% for the team (divestment over 4 years);
• 14% for 2018 private sales / to certain institutional investors (open for 2 years);
• 5% for founding partners (open for 3 years);
• 2% for foundations;
• 0.5% for platform testnet incentives;
• 25% of Genesis tokens are burned (and never circulate).

As of March 2023, there are 39,936,460,802 CKB tokens in circulation.

CKB is a utility token that provides flexibility to the entire ecosystem. It is a reserve asset in layer 2, as well as a means of payment for block rewards, staking rewards and transaction fees.

CKB holders have access to state storage space on the platform's mainnet, gaining the right to store 1 byte of data on the layer 1 blockchain (storage space is proportional to the user's assets/their holdings);

Nervos Network Security

Securing dApps and Digital Assets

Nervos Network uses a PoW-based Nakamoto consensus mechanism to secure dApps and digital assets. The CKB token is implemented on the PoW blockchain for security and decentralization, so it is protected and mined with ASIC-powered PoW functionality.

The network is open-source and has been audited by a third party: CertiK. Additionally, the team regularly holds hackathons with cash prizes where people can win money by finding security flaws in the network.

Conclusion

With its innovative approach and experienced team, Nervos Network (CKB) is not only revolutionizing the way we view blockchain, but also opening up new opportunities in the ever-evolving crypto ecosystem.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.