Nervos Network Chart

Nervos Network is a group of protocols that aims to solve the scaling problem. Legendary networks like bitcoin and Ethereum suffer from scaling limitations. 

Nervos is a network of interoperable protocols that serves as a platform for dApps and protocols. Here we will break this open-source network down for you. It is an excellent solution for a separate system to communicate, just like a nerve system. Read on to understand more about this cryptocurrency. 

What is Nervos Network?

Nervos is an open-source ecosystem including different protocols that uses a series of layer-2 scaling solutions to facilitate numerous use cases. 

 Interoperability has been a real problem in the blockchain industry. Everyone knows that bitcoin is the grates “sore of value” blockchain in the world. But it just supports BTC, its native token, and suffers from scaling limitations. 

 Etherume, on the other hand, is the most appreciated smart contract platform in the world. However, the value created on the network won.t pass to the ETH token price. 

 So it is sufficient to say that Nervos Network as an open-source blockchain provides the best answer for the problems facing bitcoin and Ethereum. 

The basic blockchain in this ecosystem is called the Common Knowledge Base, and the governance token is CKB. 

 The CKB lets users access storage space on the blockchain in proportion to their holding. CKB or the Common Knowledge Base is the layer one protocol in this network and uses the PoW mechanism. 

 The history of CKB

The Nervos Network was created, seeking a solution for the scalability problem. It was launched in 2019. It has two-layer to solve the problem of interoperability and scalability. Layer one acts as the base layer, and layer two is the application layer. 

 Layer one or CKB is a proof of work blockchain and features the native token of the platform known as CKByte. The CKByte incentivizes miners and provides the holder with storage space on the CKB blockchain. 

It is also possible to invest CKByte in the Nervos DAO and yield.

CKB features 

 To know the base layer of Nervos Network better, take a look:  

  • An enduring multi-asset blockchain 
  • A store of value blockchain
  • secure, permissionless, decentralized 
  • The most outstanding solution for scalability problems so far 
  • A layer one that acts as a base for the layer two scaling solutions 
  • With developers and smart contracts capabilities 

How does Nervos Network work?

As you know now, the Nervos was created to solve the scalability issue. Here we will talk about components of the network in detail:

 Layer 1 

 In this layer, known as the Common Knowledge Base, the common knowledge that the whole system will need has been provided. 

In this layer, the state of the blockchain is stored. 

Layer 2

Layer 2, or the computational layer, is an off-chain solution that makes processing more transactions at one time. Developers can participate in this layer and lunch their function using the infrastructure.

 The CKB consensus 

 CKB uses the proof of work consensus mechanism; it is the same SHA-256 system that Satoshi Nakamoto used for building Bitcoin. So it is sufficient to say that the Nervos Network borrowed the best futures of the bitcoin. Using this consensus mechanism, Nervos can process transactions faster. There are three different types of nodes in this network, which we will go through in the following. 

Miners

 Just like any other blockchains, miners use the PoW to verify blocks. The network works well with ASIC mining to have a better hashing power. And miners are incentivized by earning rewards in the form of CKB tokens.

Full node 

 Full nodes are responsible for keeping the Nervos valid. They are responsible for verifying new blocks and transmitting transactions through the network. Full nodes also receive CKB tokens as rewards. 

Light node

 Light nodes operated on mobile devices to solve the problem of fewer resources on mobile devices. This type of node makes it possible for everyone to participate in the network. 

What is the Nervos DAO 

We have talked about the possibility of locking your CKB on the Nervos DAO and earning yield, but what is a Nervos DAO?

It is a shelter used to manage storage and incentives miners. It is a store of value space that lets holders lock their tokens and receive a proportional share of the inflation. 

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FAQs

Best way to buy Nervos Network (CKB) in Australia

If you live in Australia, you need to know that you can find Nervos Network (CKB) on Bitunivex, the best local crypto exchange in the region. And suppose you are thinking about a wallet provider as well. In that case, you do not need to look for any future because Bitunivex is also a wallet provider that makes trading possible using AUD deposits. It is the best exchange for Australian traders. 

Remember to have a fruitful investment, first; you need to know the market well enough, then you need t find the best alliance. A crypto exchange is your alliance that will provide you with tools and information and help you trade as fast as possible. So always go for the one that is not so far away. You can have access to customer support according to your timetable. Living in Australia, being a trader, and not knowing the Bitunivex is impossible. 

 Is Nervos Network real and safe?

 Are you wondering whether it is a safe token for investment? Let’s go through its fundamental features one more time. 

 It is the best solution the has ever been for solving the scalability problem 

 It uses the proof of work, so it is a safe store of value, just like Bitcoin.  

It was built on two-layer to increase speed and security. 

 There are different types of nodes on the platform, each of them has additional responsibilities. Suppose you are thinking about finding a real and safe cryptocurrency to invest in. the feature we just mentioned does not ring a bell? If so, there is nothing we can do about it. Best opportunities are recognized years after they have been discovered, just like Bitcoin. And soon, it is impossible to enjoy the fruits of the newborn tree because the branches will be high, so not every trader can taste the fruit. What type of trader do you wish to become?

Can I cash out CKB anytime?

We talked about investing and participating in the network, but we never spoke about cashing out. It is quite natural because there is nothing to worry about while you are dealing with Bitunivex. Whenever you need to move your eggs to another basket, please send us a request and choose how you like to cash out your investment. We will take care of your request in a matter of minutes because we know the market is an angry sea that will not be patient with those who lost control of the boat. 

 Always keep an eye on the market and set the stop-loss order limits we have provided you in Bitunives to escape an angry sea as soon as possible. That way, you will always be one step ahead of the market, and that is what we want for our clients.