What is the Nervos Network ($CKB)?

Diving into a new network can be nerve-racking.

But, with the @NervosNetwork, there’s no need to be nervous.

This is one of the most secure, interoperable and scalable networks in #Web3.

Join us as we journey through the nervous system of the @NervosNetwork. 🧵

What is Nervos Network ($CKB)?

Nervos Network was first launched in 2018 after raising over $28M from major VCs such as Sequoia and Polychain. The Nervos Network is a modular Layer 1 Proof-of-Work (PoW) blockchain that runs on a unique dual-layer architecture, but how does it work?

The network is made up of two distinctive layers. First is the Layer 1 base layer, aka the Common Knowledge Base (CKB) where smart assets are stored and the PoW consensus operates. Second is Layer 2, the computational layer where transactions are processed.

By separating the two layers, the Nervos Network can achieve superior scalability while maintaining pure interoperability as the two layers can seamlessly share data. In essence, the Nervos Network is on a mission to become the Layer 1 for all Layer 2 protocols.

Nervos Network Ecosystem

Nervos has seen a tremendous rise in development on the network with over 127 different dApps in their ecosystem ranging from DEXs to mining pools, Nervos has it all. Excluding the native dApps, many popular protocols such as Chainlink and Arweave are now on Nervos.

$CKB Token

Powering the entire Nervos system is the $CKB token, also known as CKByte and is the gas token of the Layer 1 (CKB). $CKB is also used to reward miners based on the amount of GPU power they provide, the transactions they process and the amount of storage space they provide.

Conclusion

As we speak, the Nervos Network already has over 3.86M unique addresses on the network with over 13M conducted transactions. On average, Nervos CKB facilitates over 20K transactions a day and this figure is steadily rising as more discover the potential within the ecosystem.

Just like Bitcoin, Nervos is a network that runs on the PoW consensus which requires miners to secure the network and are rewarded with $CKB for doing so. Nonetheless, every 4 years a $CKB halving occurs to decrease the rewards miners earn to steadily manage token inflation.

At the time of writing, $CKB is currently priced at $0.0155 with a market cap of $686.18M. $CKB has achieved an ATH of $0.044 in the previous bull run of 2021 and with the development it has made in that time, it could very well exceed that once again…

Interoperability is the key to the success of blockchain technology and that’s why the Nervos Network was created as a modular blockchain from the offset so it could process millions of transactions per second through the diverse and boundless Layer 2 networks without sacrificing the security and most importantly the decentralization of the network.