What Is Nervos Network (CKB)?
Nervos Network (CKB) is an open-source public blockchain ecosystem. Its goal is to create a peer-to-peer (P2P) crypto-economy network where users can access a wide range of provably secure blockchain services and capabilities.
The Nervos mainnet launched in November 2019 with a novel dual-layer architecture. There’s a base layer where the consensus mechanism operates and smart assets are stored, and a computation layer where transactions are processed.
The base layer, also known as the Common Knowledge Base, has its own cryptocurrency called CKByte (CKB). It uses the Proof-of-Work (PoW) consensus mechanism and drives the Nervos ecosystem. It is used to pay miners for keeping the network safe, managing network resources, and letting users store things on the network.
The Nervos Network allows developers to create decentralized applications (dApps) that can operate on various blockchain systems. Any of the network layers can be used to run both decentralized apps and smart contracts.
Who Are the Founders of Nervos Network?
The Nervos Foundation initiated the project in 2018, as researchers, engineers, and developers assembled to make up the core team.
Three people created the platform itself: Terry Tai, who developed the Yunbi cryptocurrency exchange and co-founded Teahour.fm; Daniel Lv, who co-founded ruby-china.org and served as the platform's chief technology officer (CTO) for both imToken and Yunbi; and Kevin Wang, an engineer who provided consulting services to IBM Silicon Valley Lab and co-founded the Launch School.
What Makes Nervos Network (CKB) Unique?
The development team's unconventional methodology is evident in the Nervos Network's design: the blockchain is open-source, the technology supports multiple assets, and the architecture is made up of several layers and a number of protocols.
Nervos’ dual-layer architecture involves two layers. (1) The layer-1 base layer, also called the Common Knowledge Base, is where the network achieves consensus using PoW. This layer has its own cryptocurrency called CKByte, or CKB, which fuels the Nervos ecosystem. Layer 2 is the computational layer, where transactions are processed in real time and where developers carry out programming tasks.
Nervos Network wants to make it easier to make and use decentralized apps (dApps) by combining the security of the Proof of Work (PoW) algorithm with scalability and the ability to share data between layers.
Nervos Network's economic model is scalable, which means that participants can help the project grow by using platform 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 for.
Related Pages:
Read about Quant (QNT), Cosmos (ATOM) and Polkadot (DOT).
Read about the difference between Proof-of-Work and Proof-of-Stake in blockchain.
What is a layer-1 blockchain? Find out with our crypto glossary.
What are dApps? Learn more with CMC Alexandria.
How Many Nervos Network (CKB) Coins Are There in Circulation?
CKByte (Common Knowledge Base) or CKB is the network's native token. It has a total supply of 43,510,781,425 coins, which are allocated as follows:
21.5% to public token sale (to public sale investors);
17% to the ecosystem fund;
15% to the team (vested over 4 years);
14% to private sale in 2018 / to certain institutional investors (unlocked over 2 years);
5% to the founding partners (unlocked over 3 years);
2% to the foundation;
0.5% to the platform's testnet incentives;
25% of the Genesis tokens were burned (and never circulated).
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’s a reserve asset on 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, getting the right to store 1 byte of data on the layer 1 blockchain (storage space is proportional to users' assets / their holdings);
How Is the Nervos Network Secured?
Nervos Network uses a PoW-based Nakamoto consensus mechanism to secure dApps and digital assets. The CKB token is deployed on a PoW blockchain for security and decentralization, so it's protected and mined with an ASIC-backed PoW function.
The network is open-source and has been audited by a third-party: CertiK. Also, the team regularly holds hackathons with cash prizes where people can win money for finding security flaws in the network.
Where Can You Buy Nervos Network (CKB)?
As of March 2023, the top exchanges for CKB trading are Binance, KuCoin, Bithumb, Bittrex, Gate.io, Huobi, Crypto.com Exchange, Coinone, BKEX, MEXC, CoinEx, Indodax, WazirX, Tokocrypto, Bitrue, CoinDCX and others.
Download the CMC mobile app to track the price of CKB in real-time.
Read up-to-date crypto news and educational articles on CMC Alexandria.