Nervos Network is a blockchain project focused on value storage. It tries to solve the specific challenges of renowned public blockchains like Bitcoin and Ethereum by providing a one-of-a-kind solution.
By combining several protocols and solutions, Nervos tries to offer a reliable solution for the storage of value via the 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 the development of various blockchain projects, especially in the Ethereum ecosystem. Terry Tai, Daniel Lv and Kevin Wang are the co-founders of Nervos.
What is the Nervos network?
A combination of protocols, blockchain tools and public blockchains creates 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 layers 2 in this network, providing useful solutions like smart contracts to developers and users.
Side chains, plasma chains and state channels are some of the layer 2 solutions of the Nervos network that help to evolve the global ecosystem. They act as complementary components alongside the secure layer 1 blockchain.
The layered structure of Nervos Network makes it easy to maintain security and decentralized nature and also provides scalability for users and developers.
Layer 2 technologies play a critical role in the scalability of this fabric. Nervos offers the possibility to configure different Layer 2 protocols within the network. Each solution can meet a specific use case.
The Common Knowledge Base or CKB is the first layer of Nervos Network. Layer 2 solutions are built on this layer which is a public blockchain. They rely on and maximize the safety and certainty of CKB.
Therefore not all nodes need to know every transaction in the network. It increases speed and efficiency in the management of transactions within the Nervos blockchain.
Free transactions at the speed of light
The upper layers handle most of the work of managing transactions and other applications. This increases scalability.
After all, the transactions will be processed off-chain and the fees will be paid when the transaction is settled on CKB. The overall result is less latency and more privacy.
Nervos main blockchain layer (CKB) provides a reliable consensus service for developers. In addition, it allows all Layer 2 blockchains to have their consensus algorithm.
Thus, various decentralized applications have the flexibility 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 means of transferring value. Nervos presents CKByte as native token which, alongside CKB, creates the underlying technology needed for the blockchain. CKByte connects directly to CKB, the basal layer of Nervos. Resource management procedures can also use this token.
CKByte acts as a landowner for the users. They can use the token to store value, manage smart contracts, and even have the option of renting it.
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 as the network grows.
The fundamental properties of CKByte are created around the crypto-economic design of Nervos. This token has a crucial role in presenting the asset store aspect in the network.
Nervos, it focuses on some important challenges in the blockchain industry that require a lot of effort and resources to resolve. The development team, made up of several experienced developers, chose some important milestones for the way forward.
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 to launch their blockchain using CKB.
Nervos also wants to support User Defined Tokens (UDTs) on CKB and will change critical standard specifications for this. The improvement of the Neuron portfolio, multilingual smart contracts, CKB-VM optimization, CKB explorer and thin client protocol are other important milestones for the Nervos development team.
Layer 2 of Nervos Network is the component that requires the most research and development. The Nervos team tries to continue studies in three directions for this part. Channels, chain-based protocols, and zkp-based protocols are essential elements for future research.
Nervos is trying to develop the blockchain developer community, as this is the crucial part to increase the usage of any blockchain project. The team will try out the grants program, the regional community leadership program, and improving documentation to attract as many developers as possible.
Nervos provides all the tools necessary for developers to create dApps and even blockchains in the network. All documentation and resource codes are available on its official website or GitHub page.
Neuron Wallet is CKB’s core wallet which also has an integrated CKB main network. The resources to run this portfolio are posted in the Nervos GitHub. Users can also run this wallet by running a CKB backbone node. The wallet connects to other asset storage solutions in the 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 must first download the package from GitHub.
There is also CKB Testnet Node and CKB Dev Blockchain ready for interested users who each have specific use cases.
Nervos DAO is another solution on the economic side of the network. It acts as a shelter against inflation and also a financial incentive for minors. Other users can also store their holdings in Nervos DAO and receive shares based on inflation.
Conclusion on the Nervos network
The 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 its early stages and must surely attract more developers to develop significantly.