When was Nervos Network (CKB) coin issued?

Nervos Network's native cryptocurrency, CKB, was initially issued through a public token sale held in 2018, raising approximately $28 million.

Dec 04, 2024 at 05:39 pm

When Was Nervos Network (CKB) Coin Issued?

Introduction

Nervos Network is a decentralized blockchain platform designed to enable the seamless creation and deployment of decentralized applications (dApps). The native cryptocurrency of the Nervos Network is CKB, which plays a crucial role in the platform's ecosystem. This comprehensive article will delve into the history of Nervos Network and provide a detailed overview of the issuance of the CKB coin.

History of Nervos Network

The concept of Nervos Network was first proposed in 2018 by a team of experienced blockchain developers led by Kevin Wang. The project aimed to address the scalability and interoperability challenges faced by existing blockchain platforms. The Nervos Network team developed a novel Layer 1 blockchain protocol and a two-layer architecture to overcome these obstacles.

The first phase of the Nervos Network blockchain, known as the Common Knowledge Base (CKB), was launched in May 2018. CKB is a permissionless blockchain that serves as the foundational layer for Nervos Network. It provides a secure and scalable environment for storing and managing data, as well as executing smart contracts.

The second phase of the Nervos Network blockchain, known as the Layer 2 Godwoken, was launched in November 2020. Godwoken is a high-performance Layer 2 scaling solution that allows developers to create and deploy dApps with increased scalability and lower transaction fees.

Issuance of CKB Coin

The CKB coin is the native cryptocurrency of the Nervos Network and serves several critical functions within the platform's ecosystem. It is used for:

• Transaction fees: CKB is used to pay for transaction fees on the Nervos Network blockchain.
• Network security: CKB holders can participate in the network's consensus mechanism to earn rewards and secure the blockchain.
• Governance: CKB holders can participate in the governance of the Nervos Network by voting on proposals related to the platform's development and operation.

The CKB coin was initially issued through a public token sale held in 2018. During the token sale, a total of 1.5 billion CKB tokens were sold to investors, raising approximately $28 million. The remaining 850 million CKB tokens were allocated to the Nervos Foundation, which is a non-profit organization responsible for the development and governance of the Nervos Network.

The CKB coin was officially listed on cryptocurrency exchanges in January 2019. Since then, the CKB market has experienced significant growth, with the coin's price and market capitalization rising steadily over time.

Conclusion

The issuance of the CKB coin marked a significant milestone in the development of the Nervos Network. It provided the platform with a native cryptocurrency that facilitates transactions, network security, and governance. The successful launch and subsequent growth of the CKB coin have played a vital role in the adoption and widespread use of the Nervos Network blockchain.