Article Summary, Automatically Generated By AI
About Nervos Network
Key Points
- Nervos Network (CKB) is an open-source public blockchain ecosystem.
- Launched in November 2019 with a dual-layer architecture.
- Base layer (Common Knowledge Base) uses Proof-of-Work (PoW) consensus mechanism.
- CKByte (CKB) is the native token with a total supply of 43,510,781,425 coins.
- CKB holders have access to state storage space on the platform’s mainnet.
- Nervos Network uses a PoW-based Nakamoto consensus mechanism for security.
- CKB is listed on various exchanges, including Binance, KuCoin,
Introducing Nervos Network: A Pioneering Blockchain Ecosystem
Introducing Nervos Network (CKB): A Next-Generation Blockchain Ecosystem
Nervos Network (CKB) is an open-source, decentralized public blockchain ecosystem, poised to establish a peer-to-peer (P2P) crypto-economy network, where users can seamlessly access a diverse array of provably secure blockchain services and capabilities.
The Nervos mainnet debuted in November 2019, introducing a pioneering dual-layer architecture. This innovative framework comprises a base layer, where the consensus mechanism is executed and smart assets are securely stored, and a computation layer, responsible for processing transactions.
The foundation of the Nervos ecosystem, the base layer, also referred to as the Common Knowledge Base, boasts its own proprietary cryptocurrency, CKByte (CKB). This decentralized network employs the Proof-of-Work (PoW) consensus mechanism, thereby driving the Nervos ecosystem forward. The primary function of CKByte is to incentivize miners for their crucial role in maintaining network security, allocating network resources, and facilitating user data storage.
The Nervos Network empowers developers to craft decentralized applications (dApps) that seamlessly operate across diverse blockchain ecosystems. Furthermore, any layer of the network can be leveraged to deploy both decentralized applications and smart contracts.
The Visionary Founders Behind Nervos Network
In 2018, the Nervos Foundation embarked on an ambitious project, bringing together a diverse team of researchers, engineers, and developers who formed the core nucleus of the initiative.
At the helm of the platform’s creation were three visionaries: Terry Tai, the mastermind behind the Yunbi cryptocurrency exchange and co-founder of Teahour.fm; Daniel Lv, a seasoned entrepreneur who co-founded ruby-china.org and served as the chief technology officer (CTO) for both imToken and Yunbi; and Kevin Wang, a seasoned engineer who lent his expertise to IBM Silicon Valley Lab and co-founded the Launch School.
Unveiling the Distinctive Characteristics of Nervos Network (CKB)
The development team’s unorthodox approach is manifest in the Nervos Network’s innovative design, which boasts an open-source blockchain, multi-asset support, and a modular architecture comprising multiple layers and protocols.
Nervos’ innovative dual-layer architecture comprises two distinct tiers. The layer-1 base layer, also referred to as the Common Knowledge Base, is where the network achieves consensus through the proof-of-work (PoW) mechanism. This foundational layer is powered by its native cryptocurrency, CKByte (CKB), which serves as the lifeblood of the Nervos ecosystem. The second tier, the computational layer, is where transactions are executed in real-time, and developers can focus on programming tasks.
Nervos Network seeks to facilitate the creation and utilization of decentralized applications (dApps) by synergistically combining the robust security of the Proof of Work (PoW) algorithm with enhanced scalability and seamless data sharing capabilities across layers.
Nervos Network’s economic model is inherently scalable, empowering participants to contribute to the project’s growth by leveraging its platform features. In return, they gain access to a decentralized, open, and censorship-resistant ecosystem. Users can utilize the platform to store their assets, with pricing determined by their specific storage needs and duration requirements.
Associated Resources:
Delve into the world of Quant (QNT), Cosmos (ATOM), and Polkadot (DOT), and discover the intricacies of these innovative cryptocurrencies.
Delve into the distinctions between Proof-of-Work and Proof-of-Stake, two pivotal consensus mechanisms that underpin the blockchain ecosystem.
Delve into the world of blockchain technology and discover the essence of a layer-1 blockchain, expertly defined in our comprehensive crypto glossary.
What are Decentralized Applications (dApps)? Explore the World of Blockchain Innovation with CMC Alexandria.
The Circulating Supply of Nervos Network (CKB) Coins: An Overview
CKByte (Common Knowledge Base), abbreviated as CKB, serves as the network’s native cryptocurrency. The total supply of CKB is capped at 43,510,781,425 coins, with the following allocation:
A total of 21.5% allocation is designated for public token sale, catering to investors participating in the public sale.
Seventeen percent will be allocated to the ecosystem fund;
Fifteen percent of the allocation is reserved for the team, with a vesting period of four years.
In 2018, 14% was allocated to private sale participants, comprising select institutional investors, with a 2-year vesting period.
A 5% allocation to the founding partners, vested over a three-year period.
A 2% allocation to the foundation;
Allocated at 0.5% is a dedicated portion reserved for the platform’s testnet incentives;
A quarter of the Genesis tokens were ceremoniously consigned to oblivion, never to circulate in the market.
As of March 2023, the circulating supply of CKB tokens stands at an impressive 39,936,460,802.
CKB serves as a versatile utility token, imbuing the entire ecosystem with flexibility. Notably, it functions as a reserve asset on layer 2, while also facilitating payments for block rewards, staking rewards, and transaction fees.
By holding CKB, users gain access to state storage space on the platform’s mainnet, thereby securing the right to store 1 byte of data on the layer 1 blockchain, with storage capacity directly proportional to their asset holdings.
The Nervos Network’s Security Mechanisms: A Robust Framework
Nervos Network employs a proof-of-work (PoW) based Nakamoto consensus mechanism to ensure the security and integrity of decentralized applications (dApps) and digital assets. The CKB token is deployed on a PoW blockchain, leveraging the robust security and decentralization inherent to this architecture, and is protected and mined through an ASIC-backed PoW function.
The network boasts an open-source architecture, which has undergone rigorous auditing by the esteemed third-party firm, CertiK. Furthermore, the team periodically organizes hackathons, offering lucrative cash prizes to incentivize individuals to identify and report security vulnerabilities within the network.
Where to Acquire Nervos Network (CKB) Tokens
As of March 2023, the premier platforms for trading CKB are Binance, KuCoin, Bithumb, Bittrex, Gate.io, Huobi, Crypto.com Exchange, Coinone, BKEX, MEXC, CoinEx, Indodax, WazirX, Tokocrypto, Bitrue, and CoinDCX, among others.
Stay ahead of the curve with the CMC mobile app, where you can monitor the real-time price fluctuations of CKB with precision and ease.
Stay informed with the latest cryptocurrency news and in-depth educational articles on CMC Alexandria.