What is Nervos Network (CKB) coin?

The Nervos Network's Common Knowledge Base, built on a UTXO model, guarantees data integrity through cryptographic proofs and Proof-of-Work.

Dec 03, 2024 at 12:49 pm

What is Nervos Network (CKB) Coin?

Nervos Network (CKB) is a Layer 1 blockchain designed for asset management and cross-chain interaction. It consists of two key components: the Common Knowledge Base (CKB) and the Godwoken Rollup.

Common Knowledge Base (CKB)

• The CKB is a blockchain that stores the world's data and assets through a native UTXO (Unspent Transaction Output) model.
• It guarantees data integrity with cryptographic proofs like CKB Merkle Trees and Proof-of-Work, ensuring the reliability of the data stored on the blockchain.
• CKB uses a Proof-of-Work (PoW) consensus mechanism, where miners compete to solve complex mathematical problems to validate transactions and add new blocks to the blockchain.

Godwoken Rollup

• The Godwoken Rollup is a layer-2 scaling solution built on top of the CKB blockchain.
• It allows developers to create custom blockchains and applications that can interact with the CKB blockchain while benefiting from higher throughput and lower fees.
• The Godwoken Rollup uses optimistic rollups, where transactions are processed off-chain and periodically submitted to the CKB blockchain for final settlement.

Key Features of Nervos Network:

• Asset Cross-Chain Interaction: Nervos Network allows seamless transfer of assets between different blockchains through its Godwoken Rollup.
• High Security: CKB's PoW consensus mechanism and Merkle Tree proofs ensure the integrity and immutability of data stored on the blockchain.
• Scalability: The Godwoken Rollup scales the CKB blockchain by enabling off-chain processing of transactions, resulting in higher throughput and reduced fees.
• Developer-Friendly: Nervos Network provides tools and resources for developers to create custom blockchains and applications on top of its platform.

CKB Coin Utility:

The CKB coin is the native token of the Nervos Network and has the following utilities:

• Storage Fees: CKB is used to pay for data storage on the CKB blockchain.
• Transaction Fees: It is required to pay transaction fees when interacting with the CKB blockchain.
• Stake Collateral: CKB can be used as stake collateral to secure the network and earn rewards through Proof-of-Work.

Additional Information:

• The Nervos Network was founded in 2018 by former Ethereum co-founder Kevin Wang.
• It has a strong team of researchers, engineers, and advisors from leading universities and blockchain projects.
• The CKB coin has a limited supply of 33,600,000 CKB and is listed on major cryptocurrency exchanges.