The Nervos Network, also known as the Nervos CKB (Common Knowledge Base), is a public, permissionless Layer-1 blockchain that ensures secure and decentralized management of data and assets. The Nervos blockchain serves as the foundation of the Nervos ecosystem, while Layer-2 solutions built on top of it provide scalability and near-instant transaction times.

The Nervos CKB enables the storage of value within the Nervos Network in a public, secure, and censorship-resistant manner. It offers decentralized custody services for assets, identities, and other common knowledge created on Nervos.

Nervos aims to provide a multi-layer architecture with security and decentralization as its core principles. It strives to be a blockchain platform for universal applications, surpassing the goal of achieving blockchain interoperability.

CKByte or CKB is the native token of Nervos, where each CKByte token grants the holder access to one byte of data storage on the decentralized network. The CKB token also serves as the currency of the Nervos blockchain, used for transaction and computation fees.

Nervos supports smart contract functionality and enables the execution of decentralized applications (dApps) on its blockchain. This developer-friendly blockchain can host dApps programmed in popular languages like JavaScript, Rust, and C.

Nervos allows dApps to store data and state on-chain, providing developers with a platform for building complex applications and programs. It also facilitates the issuance of customized tokens on the Nervos Network.

All applications running on the network require CKB-VM for operations. CKB-VM is a high-performance RISC-V virtual machine that offers developers a convenient and flexible environment for designing and building dApps. It supports multiple instances that can execute different smart contracts concurrently, ensuring scalability on Nervos through parallelization.

The Nervos blockchain utilizes a Proof-of-Work (PoW) consensus algorithm called NC-MAX. Built using Bitcoin's Nakamoto Consensus, NC-MAX offers higher throughput, lower confirmation times, and greater efficiency compared to the Bitcoin network. Its throughput is already 10 times that of Ethereum, and Layer-2 solutions have the potential to significantly increase this figure.

Nervos was launched in 2018 with the aim of improving Layer-1 scalability, particularly on blockchain networks that support smart contracts. The Nervos mainnet was launched in November 2019.

The project is being developed by a team of over 95 developers with diverse backgrounds in engineering, cryptography, token economics, and community building. Following the mainnet launch, the team introduced important features such as Forcebridge Ethereum and Forcebridge Binance Smart Chain. Additionally, they launched Godwoken, an EVM-compatible Layer-2 network built on the Layer-1 Nervos blockchain.

In 2022, the Nervos Network underwent a hard fork to introduce the new Mirana mainnet. The Godwoken layer-2 network was upgraded and spun off into an independent organization. The new version of the layer-2 solution achieved Ethereum equivalence, ensuring 100% compatibility with the Ethereum blockchain.

The developers also worked on Axon, a sidechain SDK designed for high-throughput dApps like gaming or social networking. Axon provides access to its data availability layer instead of storing data on the layer-1 Nervos CKB network.

Nervos CKB token could be an interesting crypto asset to invest in, especially if you believe in the potential of Web3 and scalable blockchain ecosystems. The project is designed to provide innovative solutions to make dApps more scalable and suited for real-world applications.

The rising mainstream adoption of Web3 technology could increase the demand for robust ecosystems like Nervos, supporting the CKB token price in the market. An increase in developers building dApps on Nervoss layer-1 and layer-2 solutions could drive up the demand for its CKB token and increase the value of Nervos token as an investment.

The Nervos Network price could also increase as developers roll out new upgrades and additional features that make the blockchain more attractive for developers and consumers. This could further drive up on-chain activity and increase the value of CKB crypto.

The CKB token price trades well under the $1 mark as of March 2023, below its all-time high price of $0.04412. One of the reasons for this value is the extremely high circulating supply of the $CKB crypto, which stands at just under 40,000,000,000.

For the Nervos Network price to reach $1, the projects market cap could touch $40 billion - an extremely high valuation. Suppose the developers implement token-burning mechanisms or update the CKB tokenomics to reduce the tokens total supply. In that case, the price of Nervos CKB could cross the critical level of $1 in the future.

While it is impossible to offer an accurate CKB price prediction over any duration, several fundamentals can substantially impact the Nervos token's value. Some factors to monitor include the level of adoption of the blockchain by developers and users, future developments such as network upgrades, investments, partnerships, and integrations, and the overall sentiment in the crypto market.

CKB is the native token of the Nervos CKB layer-1 network. It has the following use cases:

Store of Value

You can invest in and hold CKB, treating it like a store of value similar to Bitcoin. This is especially effective if you believe in the long-term potential of the Nervos blockchain and token and practice HODLing as a strategy to grow your crypto portfolio.

Utility Token

CKB is required to pay for storage on the Nervos Network, with 1 CKB giving you access to 1 byte of storage on the decentralized network. You can also use CKB to pay for executing smart contracts and storing or renting space on the blockchain.

Mining

As a PoW blockchain, the Layer-1 Nervos blockchain relies on miners to validate transactions and produce new blocks that record the transactions and mine CKB coins. Learn more about how to mine CKB in this official guide.

Crypto Asset to Trade

Trade Nervos CKB against other cryptocurrencies to profit from changing market conditions and volatility. Check the current price of Nervos Network, CKB current market cap, current circulating supply, and 24-hour trading volume, and perform technical, sentiment, and fundamental analysis on the CKB price chart before trading Nervos coin.

Earn Passive Income on BYDFi

You can also grow your CKB holdings securely and efficiently with BYDFi Crypto Lending. Visit this section of our platform to lend liquidity in CKB to BYDFi and earn attractive daily interest over seven days, 14 days, or 28 days.

CKB holders can lock their tokens in the Nervos DAO to participate in the decentralized governance mechanism of the blockchain and earn yield to grow their portfolio. Heres how to stake CKB on Nervos DAO:

1. Visit the Portal Wallet - the official wallet of the Nervos ecosystem, and connect your MetaMask wallet to the dApp. Ensure your wallet is sufficiently funded with tokens by buying Nervos tokens on BYDFi or other supported platforms and withdrawing them to your wallet.

2. Click on the DAO option under the Assets tab on the homepage.

3. Enter the number of CKB tokens you wish to lock for yield in the Nervos DAO on the next page after reviewing the latest Annual Yield Rate.

4. Confirm the transaction using your wallet.

5. Sit back, earn rewards, and grow your holdings by staking CKB on the Nervos DAO.

Nervos uses a Proof-of-Work (PoW) consensus algorithm called NC-MAX, based on Bitcoins Nakamoto consensus. The proprietary consensus mechanism offers exemplary levels of security and decentralization while using network bandwidth most efficiently.

The Nervos consensus algorithm builds on Bitcoins consensus to offer better block propagation, throughput, and resistance to efforts of selfish mining. By opting for PoW over Proof-of-Stake (PoS) consensus, Nervos also overcomes potential challenges such as attempts of monopolization in the future, superior security, and deterministic rewards for network nodes.

Unlike Bitcoins PoW consensus, however, the Nervos Networks NC-MAX consensus mechanism offers higher throughput and lower confirmation times and leverages layer-2 solutions to increase the ecosystems TPS exponentially. The layer-1 Nervos network offers a transaction processing speed ten times faster than Ethereum.

MetaMask is one of the most popular Web3 wallets in the crypto market and supports the EVM-compatible Nervos blockchain. Heres how you can connect Nervos to MetaMask:

1. Create a wallet on MetaMask if you are a new user, and configure it by obtaining your seed phrase and storing it securely.

2. Click on the circle on the top right of your MetaMask wallet account and head to Settings.

3. Click on Networks on the next page and scroll down to click the Add a network button.

4. Select the option to add a network manually and enter the following details:

i. Network Name: Godwoken Polyjuice Mainnet

ii. New RPC URL: https://mainnet.godwoken.io/rpc/eth-wallet

iii. Chain ID: 71394

iv. Currency Symbol: CKB

5. Click on Save to successfully add Nervos Network to your MetaMask wallet.