Finance:Nervos Network

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Short description: Nonprofit foundation developing cryptocurrency
Nervos Network
Nervos-wordmark-black.svg
Logo of Nervos Network
Denominations
PluralCKBytes, CKBs
Development
Original author(s)Jan Xie
Terry Tai
Kevin Wang
Daniel Lv
Cipher Wang
White paperPositioning whitepaper

Cryptoeconomics whitepaper

Common Knowledge Base whitepaper
Initial release19 November 2019; 4 years ago (2019-11-19) (mainnet)
Code repositoryhttps://github.com/nervosnetwork
Development statusActive
Written inRust
Developer(s)Nervos Foundation
Source modeldecentralized open-source
Licensehttps://github.com/nervosnetwork/docs-new/blob/develop/LICENSE
Websitehttps://www.nervos.org/
Ledger
Timestamping schemeProof-of-work
Block timeapprox. 10 seconds
Block explorerhttps://explorer.nervos.org/
Circulating supply42,005,522,665 CKB (as of 29 August 2023)

Nervos Network is a blockchain platform[1][2] which consists of multiple blockchain layers that are designed for different functions.[3] The foundational layer is known as the Common Knowledge Base, whilst the native cryptocurrency of this layer is called CKB. This foundational layer uses a proof-of-work consensus model. Smart contracts and decentralized applications can be deployed on any layer.

Nervos Network was founded in 2018 by Jan Xie, Terry Tai, Kevin Wang, Daniel Lv, and Cipher Wang.[4]

Architecture

Nervos Network utilizes multiple blockchain layers to for different functions.[3] The base layer prioritizes security and decentralization, and is optimized to verify transactions. It can settle transactions submitted from upper layers and resolves disputes. Layer 2 and above are able to favor greater throughput demands of software applications.[5][6]

NC MAX

Layer 1 achieves cryptographic consensus through proof of work, using a modified version of Bitcoin's Nakamoto consensus algorithm: NC-MAX. This algorithm changes the original in three ways: a two-step transaction process (propose, commit) which aims to improve block propagation; dynamic adjustment to block interval based on network performance to keep orphan blocks low and improve transaction throughput; and accounting for all blocks (including orphans) during the difficulty adjustment calculation to resist "selfish mining attacks," whereby one group of miners can increase their own profits at the expense of other miners on the network. NC-MAX was presented at the Internet Society's Network and Distributed System Security (NDSS) Symposium in 2022.[7] The consensus process uses a novel hash function called "Eaglesong."[8][9] Several manufacturers produce ASIC (Application Specific Integrated Circuit) machines to utilize the Eaglesong protocol to mine CKB token, including Bitmain Goldshell, and iBeLink.

Cell Model

The accounting method on layer 1 is an expansion of Bitcoin's UTXO model, and is dubbed the "Cell model". This model is programmable, thereby supporting smart contracts. Additionally, a cell is able to store data on-chain, such as non-fungible tokens (NFTs), compiled code, or serialized data like JSON strings.[10][non-primary source needed]

CKB-VM

The CKB virtual machine (CKB-VM) is a software-based emulated computer that executes smart contracts on Nervos Network's base layer. Like the Ethereum virtual machine, CKB is a Turing-complete development environment, but also integrates the RISC-V instruction set.[11][non-primary source needed]

Layer 2

There are two layer 2 blockchains on Nervos Network: Godwoken and Axon. Godwoken is a blockchain protocol that can be configured to run virtual machines or consensus models. With this framework, larger numbers of transactions are processed and are then submitted in batches to layer 1 for subsequent verification. Godwoken runs the Ethereum virtual machine (EVM), allowing developers to use of tools and software developed for Ethereum while directly interfacing with Nervos and utilizing CKB.[12][non-primary source needed] Axon is an EVM-compatible sidechain protocol optimized for higher transaction throughput.[citation needed]

References

  1. ↑ "China's CMB International and Nervos Foundation launch $50m blockchain fund". 20 May 2021. https://www.cityam.com/chinas-cmb-international-and-nervos-foundation-launch-50m-blockchain-fund/. 
  2. ↑ "Public blockchain Nervos Network raises $72 million in token sale". 6 November 2019. https://www.reuters.com/article/crypto-currencies-nervos-idUSL2N27L22I. 
  3. ↑ 3.0 3.1 "Crypto Startup Raises $28 Million To Combine Public And Private Blockchains For Enterprises". https://www.forbes.com/sites/sarahhansen/2018/07/18/crypto-startup-raises-28-million-to-combine-public-and-private-blockchains-for-businesses/?sh=2f600e155efe. 
  4. ↑ "Team" (in en-US). https://archive.nervos.org/about/team. 
  5. ↑ "Better Than Bitcoin? This Man Has a New Plan to Disrupt the Finance Industry". 2 October 2019. https://www.newsweek.com/blockchain-decentralize-economy-nervos-1462747. 
  6. ↑ Zhong, Lin; Wu, Qianhong; Xie, Jan; Li, Jin; Qin, Bo (2019-04-01). "A secure versatile light payment system based on blockchain" (in en). Future Generation Computer Systems 93: 327–337. doi:10.1016/j.future.2018.10.012. ISSN 0167-739X. 
  7. ↑ Zhang, Ren; Zhang, Dingwei; Wang, Quake; Wu, Sichen; Xie, Jan; Preneel, Bart (2019-04-01). "NC-Max: Breaking the Security-Performance Tradeoff in Nakamoto Consensus" (in en). Network and Distributed Systems Security (NDSS) Symposium 2022. ISBN 978-1-891562-74-7. https://www.ndss-symposium.org/wp-content/uploads/2022-370-paper.pdf. 
  8. ↑ Network, Nervos (2019-08-03). "The Proof-of-Work Function of Nervos CKB" (in en). https://medium.com/nervosnetwork/the-proof-of-work-function-of-nervos-ckb-3cc8364464d9. 
  9. ↑ Szepieniec, Alan; Ashur, Tomer (2020). "Eaglesong: An ARX hash with fast diffusion". Proceedings of the Romanian Academy, Series A 21 (1): 69–76. https://acad.ro/sectii2002/proceedings/doc2020-1/09-Szepieniec.pdf. Retrieved 2022-10-05. 
  10. ↑ "Cell Model Nervos CKB" (in en). https://docs.nervos.org/docs/basics/concepts/cell-model. 
  11. ↑ "CKB-VM Nervos CKB" (in en). https://docs.nervos.org/docs/basics/concepts/ckb-vm. 
  12. ↑ "Get Started with Godwoken - Godwoken Documentation" (in en). https://docs.godwoken.io//. 

Further reading

External links



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