The Nervos Network is a blockchain platform designed to address some of the scalability and interoperability challenges facing existing blockchain networks.
The Nervos Network was founded by Jan Xie and Kevin Wang. Jan Xie is a co-founder and the Chief Architect of Nervos Network. He is known for his expertise in blockchain technology and has been involved in various blockchain-related projects prior to Nervos. Kevin Wang is also a co-founder of Nervos Network. He has a background in finance and technology and has been actively involved in the blockchain space for several years.
Nervos Network was founded with the vision of creating a layered blockchain ecosystem that addresses the scalability, security, and interoperability challenges faced by existing blockchain networks. The project officially launched in 2018 with the goal of providing a sustainable infrastructure for decentralized applications and digital assets.
Nervos aims to address the scalability trilemma (security, scalability, and decentralization) by prioritizing decentralization and security while exploring innovative scaling solutions, such as layer 2 protocols and state channels.
Nervos adopts a layered architecture consisting of two main layers: the Common Knowledge Base (CKB) and the Nervos AppChain. This architecture aims to separate the store of value from the execution environment, providing scalability while maintaining security.
CKB is the layer responsible for storing and securing assets on the Nervos Network. It serves as the foundational layer for the entire network, offering a secure and decentralized store of value.
Nervos utilizes a unique cell model for its transactions and smart contracts. In this model, transactions consume and produce cells, which are analogous to UTXOs (Unspent Transaction Outputs) in Bitcoin. This design allows for greater flexibility and composability of smart contracts.
Nervos initially employed a proof-of-work consensus mechanism similar to Bitcoin to secure its blockchain. However, it aims to transition to a hybrid consensus mechanism in the future to improve scalability and energy efficiency.
Nervos aims to facilitate interoperability between different blockchains through its AppChain framework. AppChains are application-specific blockchains that can connect to the Nervos main chain, enabling seamless asset transfer and communication between different blockchain networks.
The economic model of the Nervos Network is designed for scalability, allowing participants to contribute to the project's growth by utilizing its platform features. In return, they gain access to a decentralized, open, and censorship-resistant platform. Users have the ability to store their assets on the platform, with pricing determined by the amount of space they require and the duration of their storage needs.
The native token of the Nervos Network is called CKB (Common Knowledge Byte). CKB is used for various purposes within the network, including transaction fees, storage fees, and as a store of value.
Nervos addresses scalability concerns through various solutions, including layer 2 protocols and state channels. These solutions aim to improve transaction throughput and reduce congestion on the main chain.
Nervos has a growing ecosystem of developers and projects building on its platform. This includes decentralized finance (DeFi) applications, non-fungible token (NFT) platforms, and various other decentralized applications (dApps).
Developers can build decentralized applications (dApps) on the Nervos Network using programming languages such as Rust and JavaScript. These dApps leverage the network's infrastructure and features to create innovative solutions across various industries.
The CKB token has a total supply of 44,318,183,661 CKB, and as of February 28, 2024, the circulating supply is 43,624,489,697 CKB.
The CKB tokens are distributed as follows:
- 21.5% allocated to public token sale investors.
- 17% allocated to the ecosystem fund.
- 15% allocated to the team, with vesting for 4 years.
- 14% allocated to private sale investors in 2018 and certain institutional investors, with unlocking over 2 years.
- 5% allocated to the founding partners, with unlocking over 3 years.
- 2% allocated to the foundation.
- 0.5% allocated to the platform's testnet incentives.
- 25% of the Genesis tokens were burned and never circulated.
The Average Fees on the Nervos Network
On the Nervos Network, fees are primarily associated with transaction processing and storage usage. Users pay transaction fees to include their transactions in blocks on the Nervos blockchain. These fees incentivize miners to include transactions in blocks and secure the network. The transaction fee amount may vary depending on factors such as transaction size, network congestion, and the priority set by users.
Since the Nervos Network utilizes a cell model for transactions and smart contracts, users may incur storage fees for storing data on the blockchain. These fees are typically based on the amount of data stored and the duration of storage. Users who store data on the blockchain must pay these fees to maintain their data on the network.
Depending on the specific features and services offered on the Nervos Network, there may be additional fees associated with certain actions or interactions within the ecosystem. For example, interacting with decentralized applications (dApps) built on the Nervos Network may involve fees for executing smart contracts or accessing specific functionalities.
The CKB token wallets
The CKB tokens can be stored in numerous popular crypto wallets, including Meta Mask, TrustWallet, Exodus, Neuron Wallet, the wallet made by the Nervos network team, CKBull, JoyID, Portal Wallet, SafePal, Ledger, Opera Wallet, imToken, etc.
