A Small intro into the NERVOS World
Blockchains have changed the way we do things in the world today. A whole lot of worries and fears attached to common transactions have been quashed and more technological advancements have been made possible by the seemingly increasing use of blockchain technology. Little did Satoshi Nakamoto know that the distributed ledger he was creating in 2008 was going to be the future of technology. Bitcoin grew and continues to grow as its adoption spreads. The Bitcoin blockchain presented the blueprint for storing data in blocks linked by cryptography. Bitcoin brought a unique kind of structure to various systems. Bitcoin brought security and the associated privacy, debunking the myth that this wasn’t possible. Assets no longer belonged to centralized units where any attack on the main node or central authority will result in the system falling apart (or crashing). Bitcoin brought grit and structure. Bitcoin brought protection to data and information but it remained limited in its application and use. The security provided by the blockchain remained for only the native coin of the blockchain, BTC. Remember the "America first" mantra?? This one just turned out to be a little different. It is more of "America only" or "BTC only". We wouldn’t even talk about the speed of transactions and the fees on the Bitcoin blockchain. Then Ethereum entered the space with its platform. When it comes to global use, Ethereum has carved out a niche for itself. More usability as it allowed for more tokens and projects but there was is still the issue of transaction fees and congestion. Yes, the use of smart contracts is a great idea but when a network/platform can hardly scale it becomes a major issue. So how do we solve the problems seen on the Bitcoin and Ethereum blockchains?
Quite simple and intriguing!!!
Enter: Nervos Network.
A great public blockchain protocol like Bitcoin and Ethereum but made to circumvent the negatives of these super platforms while finding solutions to make transactions, privacy, security and transaction costs more user-friendly and efficient.
Nervos, like Bitcoin, operates on the Proof of Work model. Ethereum operates on Proof of Work but is still about to migrate to the Proof of Stake. With the Nervos Common Knowledge Base (CKB), you have a blockchain that seeks to make life easier for blockchain technology users. Unlike Bitcoin, with the CKB, you can store any crypto asset that you want. This solves the interoperability issues and makes transactions more efficient. Whilst being interoperable, it remains very secure, immutable and permissionless. What else do we desire in a block chain? Smart contracts are also enabled as in the Ethereum blockchain and you can add a Layer 2 extension to enable scaling. All these coupled with the native token, CKByte has kept the Nervos system in good stead.
The Nervos Network
To know how Nervos works, you need to take an in-depth look into the network itself in its entirety. Nervos is a Layer 1 protocol that has the basis of the protocol firmly fixed there. Together with this basic core layer 1 structure is a series of Layer 2 solutions like side chains, plasma chains and channels that take the major transactions away from the main chain so that the network can scale effectively. These days, a lot of work is going to Layer 2 as the solution for scalability issues on main chains because it allows the main chain to remain decentralized and secure, focusing on the basics.
This setup makes the network have effective and efficient transactions whilst reducing the cost of the transactions. This would make a perfect ground for developers who want to build decentralized apps (dApps), protocols, blockchains, and side chains as they would get all they need from the Common Knowledge Base (CKB).
Every project is built around that unique gem through which all the activities in that project takes place. The Nervos Network is not left out. The utility token of the Nervos Network, the Common Knowledge Byte (CKByte) is the value store and the tool through which Nervos resources are managed.
Countries use fiat for running their economies, Nervos uses its CKB as a store for assets and for processing smart contracts. Just like your real world experience, when a country or nation prospers, the currency also does well as it becomes high in demand. The CKByte is not left out as we believe that the Nervos Network is poised for greatness and so, the demand for the CKByte would rocket.
Keep an eye out for the Nervos ecosystem as they implore you to try the Nervos blockchain and unlock the true potential of your dApp.
For more details, check the Nervos positioning paper: https://github.com/nervosnetwork/rfcs/blob/master/rfcs/0001-positioning/0001-positioning.md
Visit the Nervos Website: https://www.nervos.org