Nervos Network is a blockchain project focused on value storing. It tries to solve the specific challenges of renowned public blockchains like Bitcoin and Ethereum by providing a first of its kind solution.
By combining multiple protocols and solutions, Nervos tries to offer a reliable solution for value storing via blockchain. The project, launched in 2018, uses a store of value crypto-economic design.
The development team behind Nervos has considerable experience in the crypto industry. Each of them has participated in developing various blockchain projects, especially in the Ethereum ecosystem. Terry Tai, Daniel Lv, and Kevin Wang are co-founders of Nervos.
What is Nervos Network?
A combination of protocols, blockchain tools, and public blockchains, create the Nervos Network. CKB or Common Knowledge Base works as layer 1 in this combination and acts as the proof-of-work blockchain within the ecosystem.
There are multiple layer 2s in this network, providing useful solutions like smart contracts to developers and users.
Side-chains, plasma chains, and state channels are some of layer 2 solutions in Nervos Network that help scale the overall ecosystem. They act as complementary components next to the secure layer 1 blockchain.
The layered structure in nervos Network makes it easier to keep the security and decentralized nature and provide scalability to the users and developers, too.
Layer 2 technologies play a vital role in the scalability of this structure. Nervos offers the opportunity to configure different layer 2 protocols within the network. Each solution can address a specific use case.
Common Knowledge Base or CKB is the first layer in Nervos Network. Layer 2 solutions are built on this layer which is a public blockchain. They rely on and maximize the security and certainty of CKB.
Therefore not all of the nodes have to know about each transaction in the network. This increases the speed and efficiency in transaction management within Nervos blockchain.
Free Transactions at Light-speed
Upper layers manage most of the work for handling transactions ans other applications. This increase scalability.
After all, transactions will be processed off-chain and fees are paid when the transaction settles on CKB. The overall result is less latency and higher privacy.
The main blockchain layer in Nervos (CKB) offers a reliable consensus service to developers. Besides, it lets all of the layer 2 blockchains to have their consensus algorithm.
So various decentralized applications have the chance to run on Nervos and benefit from speed and security while maintaining their proprietary consensus guidelines.
Nervos CKByte [Common Knowledge Byte]
Every blockchain project has a native token as a value transfer means. Nervos introduces CKByte as its native token that next to CKB, creates the underlying technology needed for the blockchain. CKByte directly connects to CKB, the basal layer of Nervos. Resource management procedures can use this token, too.
CKByte acts like owning land for users. They can use the token to store value, manage smart contracts, and even they have the option to rent it out.
Multiple applications and use-cases in Nervos have a direct impact on the scale of CKByte. The development team believes that the demand for this token will increase when the network grows.
The fundamental properties of CKByte are created around the crypto-economic design of Nervos. This token has a crucial role in showcasing the store of asset aspect in the network.
Nervos it focuses on some significant challenges in the blockchain industry that need lots of effort and resources to solve. The development team consisted of multiple experienced developers, have chosen some significant milestones for the road ahead.
Development, research, and community are the basic categories of growth for Nervos. Muta Framework is one of the most critical milestones in the development category that will help every user launch their blockchain using CKB.
Nervos also wants to support user-defined tokens (UDT) on CKB and will edit the critical standard specifications for that. Improving Neuron wallet, multilingual smart contracts, CKB-VM optimization, CKB explorer, and light client protocol are other important milestones for Nervos development team.
Layer 2 in Nervos Network is the component with the most need for research and development. The Nervos team tries to continue studies on three directions for this part. Channels, chain-based protocols, and zkp-based protocols are essential parts of future researches.
Nervos tries t gro the developer community in the blockchain, as it is the crucial part for growing usage for any blockchain project. The team will try grants program, regional community lead program and improving documentation to attract as more developers as possible.
Nervos provides all of the necessary tools for developers to make dApps and even blockchains in the network. All of the documentation and resource codes are available through its official website or GitHub page.
Neuron Wallet is the base wallet in CKB that has a CKB mainnet integrated into it, too. The resources for running this wallet is published in Nervos’s GitHub. Users can run this wallet with running a CKB mainnet node, too. The wallet connects to other store-of-asset solutions in Nervos ecosystem like DAO.
CKB Mainnet Node is the tool for users interested in participating in the network. They can download and install the node using the command line, but first, have to download the package from GitHub.
There are also CKB Testnet Node and CKB Dev Blockchain ready for interested users that each have specific use-cases.
Nervos DAO is another solution in the economic side of the network. It acts as an inflation shelter and also a financial incentive for miners. Other users can also store their holdings in Nervos DAO and receive shares based on inflation.
Conclusion about Nervos Network
Nervos network suggests a layered structure for public blockchains. It combines the security and decentralized nature of Bitcoin with various use-cases of smart contracts in Ethereum.
The layered structure has considerable potential for scaling. But the project is still in the beginning phases and surely needs to attract more developers to grow significantly.