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What Is Nervos?

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Nervos might be the next developer’s dream. Check out how they are solving interoperability issues in blockchain with their Layer-1 solution.

Covered:

  • What Is Nervos?
  • Why Use Nervos?
  • Partners, Backers, & Team
  • Tokenomics
  • Nervos DAO

What Is Nervos?

With so many new blockchain projects coming out, developers have difficulty choosing the most suitable blockchain to build on.

But, what if they don’t have to choose?

Nervos Network is an open-course public blockchain ecosystem and collection of protocols designed to provide a Layer-1 foundation for any Layer-2 solutions. In addition, they provide interoperability with their Layer-1 foundation proof-of-work blockchain called Common Knowledge Base (CKB). CKB stores crypto assets using CKByte tokens and provides a trust anchor for the upper layers. This foundation offers security, immutability, and permissionless transactions to allow Layer-2 scalability.

By using CKB as the foundation, developers can use any Layer-2 to build their decentralized applications (Dapps). More importantly, instead of just staking, Layer-2 can be treated as side chains, allowing multiple Layer-2 solutions connected to the CKB foundation. Data assets can be moved around with ease while allowing Layer-2 scalability.

Nervos Infograph
“Decentralized and Sustainable to be The Nervous System To The Future Economy” Nervos. https://www.nervos.org. Accessed 16 Dec 2021.

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Why Use Nervos?

Nervos solves blockchain interoperability issues with its Layer-1 technology with minimal transaction cost. Furthermore, as mentioned above, CKB allows Layer-2 to be independent of Layer-1. This allows multiple Layer-2 solutions and Layer-2 scalability without sacrificing security and decentralization. 

 

Developers can develop Dapps on different blockchains or easily switch to a blockchain ecosystem that does not serve the functionality for their Dapps anymore. Developers can also create smart contracts using many other programming languages. 

Partners, Backers, & Team

Nervos is consistently adding new partnerships as they grow. They just announced a new partnership with MELD and continue to post highlights on their work with SundaeSwap. Global blockchain engineering company IOHK is their long-term partner, helping them build cross-chain bridges while reducing security risks in smart contracts to the growing DeFi space. They have partnerships with multiple large companies in China, including China’s Blockchain-Based Services Network (BSN), Huobi Chain, and CMB International. Apart from strong partnerships, they are backed by some of the largest investors in China, including Sequoia, Huobi, Polychain Capital, and China Merchant Bank.

With three blockchain veterans as co-founders, Terry Tai, Kevin Wang, and Daniel Lv, Nervos has strong leadership. So it is not surprising that they have 86 experienced software engineers, researchers, cryptographers, and more as part of the team.

Nervos Co-Founders
“Co-Founders” Nervos. https://www.nervos.org/about/team. Accessed 16 December 2021.

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Tokenomics

CKByte ($CKB) is the utility token used to power the Nervos Network in two ways. The token’s first use case is data storage for the Layer-1 foundation. Each CKByte token can store up to 1 byte of data. A CKByte token turns into a Live Cell once data is input. When the data is destroyed, the Live Cell turns back into CKByte (Dead Cell). The second usage is to facilitate transactions in the Nervos Network. 

There is no maximum supply of CKByte since secondary issuance is necessary so that new coins can be used to create live cells and grow the network. Because of this, Nervos creates Nervos DAO to combat inflation. Currently, annual inflation of 1.344B coins is added into circulation in payouts to miners, Nervos DAO, and Treasury.

Nervos CKByte is listed on many major exchanges such as Binance, Huobi, and KuCoin CKB can also be stored in Neuron (Nervos Network’s wallet), imToken, and Ledger.

Initial Token Distribution:

  • 33.6B CKBytes in the genesis block
  • 25% CKByes in the genesis block immediately burned
  • Public Sale: 21.5%
  • Private Sale: 14%
  • Foundation: 2%
  • Ecosystem: 17%
  • Strategic Partners: 5%
  • Team: 15%
  • Testnet: 0.5%

    Nervos Token Distribution Pie Chart
    “Token Distribution” Nervos CKByte Distribution, And Why We Are Burning 25% In The Genesis Block. https://medium.com/nervosnetwork/nervos-ckbyte-distribution-and-why-we-are-burning-25-in-the-genesis-block-9a7ddf7f6779. Accessed 16 Dec 2021.

Nervos DAO

This DAO acts as an “inflation shelter” against secondary issuance. Users can lock away their unused CKByte to receive a proportional share of this inflation. By consistently depositing CKByte in the Nervos DAO, the token will never be diluted by secondary issuance. Since the Mainnet launch, over 4.2 billion CKByte have been locked in the Nervos DAO.

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Concerns:

Nervos provides an up-and-coming solution that could solve another big issue in the blockchain space. However, it is still just a promise since their technology is not fully developed yet. Nevertheless, they successfully launched the Force Bridge to enable cross-chain transactions between Nervos and the Ethereum network this year.

Currently, they are in the process of building bridges for Cardano and other blockchain ecosystems. The direction on where this project is heading is excellent. But again, this is an ambitious project, and it’s too early to tell whether it will succeed.

Where To Buy?

You can purchase NERVOS through KuCoin exchange, similar to buying another cryptocurrency. You can either place a market buy or a limit buy. With a limit buy, you determine the price you are willing to pay, and your order gets filled once the token price reaches your limit price. If you want to get your hands on the token quickly, you can place a market order, where you agree to pay the current price and have your order filled almost immediately. If you are interested in purchasing NERVOS, you can do so by visiting KuCoin or Gate.io.

The post What Is Nervos? appeared first on CryptosRus.

What Is Nervos?

 

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