About Nervos Network (CKB)
The Nervos Network is a decentralized, privacy-focused network that operates differently from standard blockchains. While a usual blockchain system verifies all transactions and data through a process agreed upon by all its users, the Nervos Network operates by checking the state or condition of its system using a shared set of data rules. Essentially, it means that Nervos has a unique way of maintaining and verifying its data, emphasizing privacy and open participation without needing permission.
According to Nervos Network documentation, the network is a solution to the lack of scalability and interoperability in Layer 1 blockchain networks. Named after the human nervous system, the network shares a similar layered structure. There is a consensus generation layer, a separate layer used as an intelligent protector and another layer reportedly designed for high-performance operation and privacy protection.
On the other hand, the Layer-2 protocol handles transactions and creates a new state, such as application activity and other requests for additional data storage. The base layer of the network, the Nervos CKB core network, also provides a stateful "Turing-complete" virtual machine. Its role is to support the processing needs of applications using smart contracts. This VM system is based on Bitcoin's UTXO bookkeeping model to store and monitor state changes in the blockchain.
In addition, the Common Universal Knowledge Base model, Nervos CKB, provides interoperability as multiple Layer 2 blockchains can initiate and leverage the storage and processing power of the main network.
CKB is the native cryptocurrency of the Nervos Network. Holding CKB grants a user the right to a portion of the network's total storage capacity. For example, owning 1,000 CKB tokens allows a user to create storage cells totaling 1,000 bytes on the Nervos blockchain. This could be a single cell of 1,000 bytes or multiple cells that cumulatively add up to 1,000 bytes. The Nervos blockchain operates on a Proof of Work (PoW) system, and CKB is mined through an ASIC-resistant PoW algorithm. This mining approach is designed to evenly distribute tokens, enhancing the security of the network. CKB tokens are not only used to buy storage space on the Nervos blockchain but also add versatility to the ecosystem, enabling a range of applications and uses within the Nervos Network.
The price of CKB is updated and live-tracked on Binance in real-time.