What is nervos (CKB)? Complete focus on virtual currencies CKB

By F | Coins & Tokens

Nervos (CKB)

Nervos is a blockchain project. With an experienced team of dev developers who have held many important roles in projects such as Ethereum, Spark Pool, imToken and CITA.

The project also has the participation of many big names such as Huobi Capital, PolyChain Capital ...

Following the articles about the Blockchain platforms, today let us learn about the project Nervos (CKB)!

Nervos (CKB) is a Blockchain Platform.

By definition of Nervos (CKB)

They are a Blockchain network and platform for dApp with layered structure.

The base class of Nervos is called the Nervos Common Knowledge Base (CKB). This is the Public Blockchain focused on security and decentralization. This CKB layer is the foundation to support the next layer.

The second layer will run various solutions, including Nervos App Chain, to focus on scalability and dApps for users.

This layered structure allows the Nervos network to be organized and optimized to become the best platform for dApps developers.

According to the definition of Coin98

Nervos (CKB) is a blockchain platform. They build Blockchain structure with different layers, with specialization for each function. Including the 2nd Layer layer, Nervos App Chain will focus on scalability and optimization of dApps for users.

What is the problem that Nervos (CKB) poses to solve?

Nervos' dev team (CKB) presents a number of issues that blockchains are currently facing:

  • The previous generation Blockchain like Bitcoin, Ethereum is experiencing scalability issues.
  • Some technologies are applied to expand scalability, such as Sharding.

    However, this technology still has its problems in terms of complex structure and not so good performance as the number of shards increases.
  • Off-chain scaling solutions, the cost of a consensus mechanism is often expensive for Publicission Permissionless.
  • As the number of users and applications running on Blockchain increases, the amount of data stored on it is increasing.
  • Blockchain solutions now pay much attention to the cost of Consensus and calculation.

    Also allows users to pay a portion for their data to be stored and select the package on the storage nodes.
  • But the price of Cryptocurrency is always changing and users will have trouble when the price of Crypto increases.

How will Nervos (CKB) solve these problems?

In the structure of Nervos Network consists of 2 layers:

Layer 1: Common Knowledge Base (CKB) - an open, public Blockchain structure and based on the Proof of Work (PoW) mechanism.

As I mentioned at the beginning, in this layer of structure, Nervos doesn't focus on expansion, they want to create truly secure and decentralized Blockchain.

Layer 2: In this layer layer, the scalability is expanded by Nervos. With solutions such as Side-chains, Plasma Chains and State Channel.

The Nervos team believes that it will create unlimited scalability and the lowest transaction costs possible. This will also help the Layer 1 layer to focus on security and decentralization.

What is Nervos Token (CKB)?

CKB is the Utility Token within Nervos' Blockchain network. CKB stands for "Common Knowledge Byte" or "CK Byte".

If users hold 1000 CK Bytes, they will be entitled to store 1000 data bytes on the Nervos Common Knowledge Base.

In addition, users can also lend or lock CKB Token to receive Reward.

More details about the purpose of use of CKB Token, I will talk below.

Basic information about CKB Token

  • Ticker: CKB
  • Blockchain: Nervos Blockchain
  • Token Type: Utility Token
  • Token Standard: Updating
  • Smart Contract: Updating
  • Decimal: Updating
  • Total Supply: 33,600,000,000 CKB
  • Circulating Supply: 0 CKB

Note: Nervos is a project developed from January 01. The project roadmap provides quite detailed information about what will be done in stages. Accordingly, currently (June 2018, 19) they are implementing Testnet and will conduct Mainnet, TGE (Token Generate Event) in Q06 / 2019. The information about Nervos Token has not been published by the dev team. awake.

Information about the token has been updated by the dev team on July 26, 7. Accordingly, the total supply is 2019 billion CKB. At the beginning, about 33.6-20% of the total tokens were released to the market. The more detailed information about Token Allocation or the token payment plan I will update when more details are available.

CKB Allocation Token

Updating ...

CKB Sale Token

Updating ...

Public Sale: 1 CKB = 0.01 USD

Public sale time: September 9

All tokens in this public sale will be issued in the Mainnet's Genesis Block (expected to take place in Q4 2019).

CKB Distribution Plan Token

Updating ...

CKB Token exchange rate today

What is CKB token used for?

As I mentioned above, at present (June 19, 06), the dev team has not released official information about Token, so it is difficult to analyze in detail about token-related issues.

Below I will list the uses of the CKB Token I have learned (details I will add when there is information):

  • Hold CKB Token to have rights to store data on the CKB network. The amount of storage space will correspond to the amount of CKB tokens the user hold.
  • Use CKB Token to lend or lock in NervosDAO to receive rewards.
  • Use CKB Token to pay transaction fees within the Nervos Network.
  • Users using services on the Nervos Network will have to lock the corresponding CKB Token in NervosDAO.

    When you want to stop using the service, that user can withdraw the above amount of CKB Token.
  • You can mine CKB Token with hardware power.
More information: 1 CKB = 1 CK Byte = 100,000,000 CK Shannons (1 hundred million CK Shannons). This is the smallest division unit of a CKB Token.

CKB Token transaction fee

As I mentioned above, CKB is the Native Token within the Nervos Blockchain platform. So when you transfer the CKB Token inside the Nervos Network, you will be charged Transaction Fee.

To learn how to calculate this transaction fee, please refer here.

In addition, when trading on the floor you will be subject to additional transaction fees, withdrawal fees charged by the floor.

How to earn and own CKB Token

Nervos has now ended the Private Sale sale from 2018.

Up to now, the dev team has not made any announcements about the next sale or will list any exchanges. So you cannot buy CKB Token right now.

How to dig CKB Token?

Nervos uses a consensus mechanism that is a variant of Proof of Work. So you can use hardware power to mine CKB Token.

Interested parties can visit the project homepage to learn more.

CKB Token storage wallet

Nervos has a separate storage wallet for CKB Token, you can go here to learn more: https://github.com/nervosnetwork/neuron

CKB Token Exchange

CKB Token has not been officially put into circulation, so there is no information about these exchanges.

The future of CKB Token

Due to the lack of in-depth information about the project, as well as the upcoming plan on the dev team token. Therefore, in the future, especially when the demand for use, the buying demand of CKB Token will be very difficult to explain.

However, if you look at the Permissionless Public Blockchain model, two layers, dApp development, then you can make predictions about CKB Token in the future. CKB buying demand will increase as the number of dApps increases, the amount of data stored increases, the number of users increases.

Hopefully in the future, we will have more details about the project as well as CKB Token.

Should we invest in CKB Token?

Currently the project's Private Sale round has been implemented in 2018. Their admin also confirmed no information / IEO / ICO plan for the next round of funding.

So buying the token before it hits the market at this time is almost impossible.

For those who want to invest in CKB Token after it is officially released, it is worth paying attention to the following key notes:

Testnet

The project started in January 01 and is currently in Testnet. You check more here: https://explorer.nervos.org/

Mainnet

Mainnet is expected to be implemented in Q2 / 3 of this year. Simultaneously with TGE.

However, there is currently no announcement of the exact time of this event.

Token

Currently the project has not officially released Token. CKB is Utility Token, it is used for such purposes as trx fee, service fee ...

Chu ý: After the Mainnet succeeds, the new token works properly for its functions.

summary

Hopefully, through this article, you will gain an overview of the Nervos project.

Since there is no official information from the project, there is a lack of information on Tokenomics in this article.

Me and the team Coin98 Will update this information in the article when there is notice from the project dev team.

If you have any questions about this project, do not hesitate to comment below this article!

Join the discussion with the Coin98 Research community in Telegram, Facebook.

Hello and see you again in the next article!

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