The blockchain industry has faced significant challenges such as scalability, sustainability, and interoperability. Over the past few years, numerous projects have emerged to address these problems.
One such project is “Nervos.” A blockchain network secured by Proof-of-work and built on the RISC-V.
In this article, we will dive deep into the features of Nervos, its history, and how to buy its native token, CKB.
What Is Nervos Network?
In 2018, the Nervos project was initially started to solve the scalability problems related to the Layer-1 networks, smart contract platforms in particular. The goal was to develop a blockchain capable of meeting the strict performance requirements imposed by enterprise use cases.
Nervos went live on Mainnet in November, 2019.
It is a public blockchain that implements an alternative design by splitting its infrastructure into two layers: a single foundation layer known as Layer-1 and a high-performance application layer-2 known as Godwoken. The developers working on Nervos are assembling a collection of protocols to provide the scalability and ecosystem essential to the support of applications.
What Is CKB?
The Nervos Common Knowledge Base (CKB) is built on RISC-V, secured by Proof-of-Work (PoW) and serves as the foundational layer. The consensus engine for Nervos-based applications and application layers is a generalizable blockchain that uses the PoW consensus mechanism.
The CKByte (CKB) is the native utility and governance token incorporated into this base layer. The holder of a CKByte has the right to allot state storage space on the CKB blockchain. This cryptocurrency is employed for resource management and miner incentives. Locking tokens in the Nervos DAO is another option for participants, which makes it possible for investors to earn a return (also known as a "yield") on their holdings.
The total supply of CKB token’s primary issuance was 33.6 billion. The base issuance of coins is set at 33.6 billion per year, and it reduces by half every four years, eventually reaching zero, whereas the fixed secondary issuance is 1.344 billion.
As of the time of writing, the CKB is trading at $0.002724. Its market cap is around $114.27 million, and the total supply of CKB tokens is 42.98 billion.
What Makes Nervos Network Different?
Security
While a new blockchain and crypto project must have scalability and interoperability, their top-notch security keeps networks like Bitcoin leading the industry. The Nervos Network, based on the tried and tested Proof-of-Work (PoW) consensus algorithm, offers a high level of security. It ensures the safety and security of the decentralized apps and tokens built on the platform.
In addition, the Nervos Network has undergone third-party auditing and is secure. The network has even held hackathon competitions with cash rewards for those who uncover loopholes in the underlying protocol of the project.
Decentralization
CKB uses the Proof-of-Work consensus mechanism. It has maintained an exceptionally high level of security and decentralization. It is entirely decentralized and requires no permissions. It has one-of-a-kind security measures so no hackers or third parties can affect the blockchain.
Interoperability
The Nervos Network intends to connect many blockchain networks and make it easier to move assets and data without interruption. As a result of its support for numerous virtual machines and its provision of cross-chain capabilities, Nervos makes it possible for users and developers to benefit from the remarkable features offered by various platforms. This helps to boost innovation and collaboration within the blockchain ecosystem.
Scalability
The Nervos Network employs a unique consensus method, the Nervos DAO, to solve the scalability problem. It employs Proof of Work (PoW) and a fresh crypto-economic model. This method keeps the network safe and decentralized while letting the platform adjust to users' and developers' changing needs, ensuring steady growth.
Developer Friendly
Nervos Network provides an ecosystem where developers can create user-friendly decentralized applications and smart contracts. The Nervos Network makes it easy for developers to create applications. It supports mainstream programming languages, tools, and frameworks, so developers don't have to learn new skills. The platform offers many guides, an active community's help, and many resources.
Self-Sustainable
The goal behind developing Nervos Network was to make it self-sustainable over the long run. The platform guarantees that resources are distributed effectively using a unique crypto-economic model, ensuring the network remains secure and scalable. Additionally, the NervosDAO features a built-in mechanism that combats the impacts of token dilution. This helps to maintain the value of CKBytes and provides a strong foundation for the expansion of the network.
How to Buy CKB Tokens?
CoinEx is a global cryptocurrency exchange trusted by 5+ million users worldwide with 100% reserve. With its 900+ tokens supported, including CKB, users can now trade quickly and seamlessly. To purchase CKB tokens on CoinEx, follow the steps below.
- Create an Account: Start by signing up for a CoinEx account.
- Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
- Navigate to CKB Trading Page: Once your account is funded, go to the dedicated CKB trading page on CoinEx. Here, you can find various trading pairs involving CKB tokens.
- Choose a Trading Pair: Select the desired trading pair that matches CKB with another cryptocurrency. For instance, you may choose CKB/USDT if you wish to trade CKB against USDT (Tether).
- Specify the Purchase Amount: Determine the quantity of CKB tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
- Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order.
By following these comprehensive steps, you can easily trade CKB on CoinEx, taking advantage of the available trading pairs.
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