Nervos Network is an open-source, public blockchain ecosystem that leverages a unique dual-layer architecture to improve scalability, sustainability, and interoperability.
CKByte (CKB) is the native token that fuels the Nervos Network. CKB can be used as a medium of exchange and store of value. With a single CKByte token, developers can occupy one byte of data storage on Nervos.
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Read on to learn everything you need to know about Nervos Network and the CKByte (CKB) token.
What Is CKB?
Nervos Network aims to lay the groundwork for a universal internet-like public network by providing a solution for the lack of scalability, sustainability, and interoperability that plagues most Layer 1 blockchain networks.
Named after the body’s nervous system, Nervos Network has a similar layered structure that acts as an intermediary chain for trustless multichain interoperability. The CKB (Common Knowledge Base) is its verification layer (Layer 1) that serves as a consensus generation layer and smart custodian for the network. It offers a public permissionless blockchain based on the Proof-of-Work consensus mechanism that operates as the consensus engine for applications that launch on the Nervos ecosystem. This layer features its native CKB token.
The generation layer, or Layer 2, is the computation layer, where the off-chain processing of transactions takes place. This layer is designed for high-performance transactions and privacy protection. It can host several decentralized applications DApps and lets developers execute the functions of their DApps.
The CKB ensures the network's security, and Layer 2 focuses on scalability and interoperability.
The Nervos Network provides a system as secure, immutable, and permissionless as Layer 1 networks such as Bitcoin while enabling smart contracts and Layer 2 scaling functions.
The protocol allows developers to create and deploy low-level functionalities such as Virtual Machines (VMs), Code Libraries, and new cryptography, customize their DApps and run them across the entire blockchain ecosystem. They can use programming languages like JavaScript, Rust, and C to deploy smart contracts on CKB.
How Does CKB Work?
Nervos Network achieves parallel processing of transactions and application activities, allowing scalability to be attained without compromising network security. It also reaches interoperability by letting various Layer 2 blockchains launch and leverage the storage and processing capabilities of the mainnet.
The Nervos Network features an economic model designed to incentivize users to pay for the network's resources based on the capacity and time of occupation. Nervos Network's layered design brings about flexibility, which allows developers to build DApps that can run on any blockchain network.
Nervos CKB fuels the ecosystem and has several use cases, such as being a store of value and a means for smart contract execution. The crypto asset also serves to collect value created on the CKB chain and use it to manage resources between network participants, including users, miners, developers, and node operators.
Locking CKB tokens in the Nervos DAO, users are rewarded with block rewards and transaction fees.
One fact about CKByte tokens is that 1 CKByte = 1 Byte, so 1M CKBytes equals 1 megabyte of space. When data is stored on them, CKBytes turn into cells. This structure allows developers to rent a space on the Nervos blockchain paying with CKB tokens.
The Nervos Network price is volatile and depends on several factors, including supply and demand and general market trends. The CKB price reached its all-time high of $0.04412 on March 31, 2021. At present, it ranks 162 by market cap among more than 18,600 cryptocurrencies.
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CKB Founders
Terry Tai, Kevin Wang, and Daniel Lv founded the Nervos Network in 2018.
How to Buy CKB?
You can buy CKB tokens on various cryptocurrency exchanges, including Binance, MXC, Bkex, KuCoin, Mexc, BigOne, Huobi Global, WazirX, etc.
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