https://preview.redd.it/pp80jxzw74tb1.jpg?width=1024&format=pjpg&auto=webp&s=c0c66b2e591cec6f29e52fd0d92c9b2ff68c670b
Join Matt Quinn and Jordan Mack from the Nervos Foundation for an AMA Tuesday 10th at 7pm EST!
Hi all, as confirmed by the Crypto Reddit moderators and the moons burnt to prove it 🙂
We'd like to thank r/Cryptocurrency for giving us the opportunity to host this AMA on Tuesday 10th October 7pm onwards EST
From the Nervos Foundation, we'll have Matt Quinn (executive director) and Jordan Mack (head of developer relations) on hand to answer your questions.
As an introduction, Nervos Network is a multi-layered blockchain ecosystem. At its heart is CKB – which represents the Layer 1 blockchain and its native token.
When it comes to smart contract platforms, the L1 space is dominated by Ethereum. Alt-L1s emerged in an effort to outpace Ethereum on the scaling front. Many Layer-1 blockchains see high TPS as the key to mass adoption, but their relevance is now being called into question with ETH L2 scaling solutions.
Nervos from the outset took an altogether different philosophy and value proposition to other Alt-L1s. Here are some key points that summarize the whitepaper:
CKB prioritizes flexibility and greater account abstraction whereas others prioritize TPS.
CKB as a Layer 1 blockchain is extremely flexible and interoperable. It can permissionlessly adopt any cryptography, any protocol, any standard – past, present, or future – without requiring a hard fork.
To adopt any protocol, all that is needed is to upload the cryptographic primitives on-chain. Then, any developer can make use of them. This makes it possible for Nervos to respond to innovation or challenges in the industry the fastest whilst other chains take months or years to agree on changes.
Need examples?
Nervos has already adopted quantum-resistant cryptography and can adopt new standards whenever they are released (https://github.com/cryptape/quantum-resistant-lock-script)
Nervos was one of the first chains to adopt FIDO WebAuthn – the authentication technology behind Passkeys that is used in Apple and Google devices. As such, applications on Nervos CKB can implement these well-tested security standards instantly. You can test one such wallet for yourself: JoyID (https://app.joyid.dev)
Nervos can verify wallet signatures from any blockchain. This enables users to interact on Nervos as if they were on their own blockchain, without needing to install any new wallet or create a new seedphrase. This makes Nervos applications inherently multichain, already supporting Ethereum, BSC, Tron, Polygon, Doge, XRP, Solana. An application that utilizes this feature is DIDbased (https://d.id)
CKB prioritizes security, decentralization and state efficiency
CKB is secured by proof of work. It is fully open-source, global, permissionless, and censorship-resistant. Whereas Ethereum arrived at the “Layer 1 for Layer 2s” thesis after years of debating L1 scaling options, CKB was designed to focus on verification and delegate computation to other layers: L2 rollups, state channels, sidechains etc. Therefore, Nervos addresses the Blockchain Trilemma by optimizing L1 for security and decentralization to be the trust anchor for the network, enabling upper layers to focus on scaling.
A key centralizing problem facing blockchains is state bloat. If too much useless or unused data remains on chain, the burden of running full nodes becomes higher: On Ethereum, there is no incentive to remove such data. To combat this, state rent is levied indirectly through inflation against state occupiers to ensure that miners are compensated for the long-term maintenance of this data.
On CKB, running a full node is something any user can do, and it can be run on something as lightweight as a Raspberry Pi.
CKB tokenomics are aimed at value capture and sustainability
CKB has 2 issuance models, primary and secondary.
Primary: This is a hard-capped fixed issuance for block rewards that halves every 4 years, similar to Bitcoin.
Secondary: This is a fixed and ongoing issuance to compensate miners in perpetuity for securing the network (tail emission) as well as sheltering long-term holders from inflation. These holders can lock their CKB in the NervosDAO and receive yield proportional to secondary inflation, thereby effectively hardcapping supply.
As well as being issued as a block reward for miners, being the native token for smart contract functionality and governance, CKB has an important utility – it entitles the holder to occupy on-chain state.
1 CKB = 1 byte of on-chain state. Any smart contract, NFT, or arbitrary data that is stored fully on the chain requires CKB to be locked in cells that can then hold that data. These cells are an advanced form of UTXO known as the Cell Model. If the data does no need to persist, the owner can destroy the cell and receive their CKB deposit.
Such a tokenomic design creates sustainability by disincentivizing unnecessary state occupation. Additionally, it creates demand for CKB and allows it to reflect the value of the data that is stored on the blockchain. It is in essence a store of asset.
Nervos CKB was a project that started in 2018 and launched its main net in November 2019, they raised funds through venture capital. Since 2022 all vested funds have been unlocked.
For more information, check out the following resources:
- https://nervos.org
- https://www.reddit.com/r/NervosNetwork/
- Nervos whitepaper https://github.com/nervosnetwork/rfcs/blob/master/rfcs/0001-positioning/0001-positioning.md
- Nervos in a nutshell https://medium.com/nervosnetwork/nervos-ckb-in-a-nutshell-7a4ac8f99e0e
- Nervos Common Knowledge Hub https://www.nervos.org/knowledge-base
With that out of the way, send us your questions!
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The Nervos Network burned 300 moons to host this AMA. Note that they burned the moons in mid-August when the cost of holding an AMA was 300 moons. It is currently 700 moons according to the formula based on moons value and sub traffic.
Transaction here: https://nova.arbiscan.io/tx/0x4ed6cde2694f6d87e52decd97c8379a28a99dab74ff4dd87ff68635e5f76d97a
first time I’ve read of this multichain? what are the notable projects building in their network?
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How do you plan to attract users, and builders?
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What are the main goals that you hope to achieve by the end of this year and moving into next year?
I’ve heard of Nervos CKB before, but never dug into it. I learned a bunch from this, it’s seems like there’s a bunch of interesting tech surrounding Nervos. Like the use of RISC-V. And the implementation of WebAuthn to secure your wallet is awesome. It also seems like this blockchain could potentially be attractive to non-crypto industry players.
That being said, has Nervos CKB secured any meaningful partnerships outside of the crypto industry?
Are there plans for the Nervos blockchain to be integrated with Metamask or any of the leading cold wallets?
With how many new blockchain projects(layer 1, layer 2, etc,) emerging, how can you keep up with the “new technology” they have? and keeping up with the hype of new projects?
Haven’t heard of CKB in a LONG TIME…
Is there any notable partnerships with any major networks?
There was a time when CKB was wildly shilled in the Daily! You wouldn’t believe how hopeful people were with it back in the day!
How does CKB stand out versus other Layer-1 Proof-of-Work projects?
Do you have some partnerships with other blockchains?
Your network went through the full bull run in 2021. What are the most important lessons you took from it and how will it help you to improve during the current bear market and enter the bull run fully prepared?
The project certainly sounds cool. How do you plan to tackle some of the early mover advantage ETH had or the rush of VC funds other chains like Solana had in order to capture market share?
Why is ckb so unique? We see forks of other projects all the time, what does CKB have that can’t be replicated anywhere else?
What does the future hold for the Nervos Network? I know the bear market has caused alot of uncertainty with altcoin projects, how do you plan on regaining and keeping investor confidence in times of turbulence?
Good to see more communities coming together to support each other
Who would you say are the main users of your blockchain?
Would Disney send out a cease and desist to this AMA?
TLDR
Nervos Network is a multi-layered blockchain ecosystem, with CKB being its core Layer 1 blockchain.
While most Layer-1 blockchains focus on high TPS for adoption, Nervos has a different philosophy that prioritizes flexibility and interoperability.
CKB can quickly adopt any cryptography, protocol, or standard without hard forks. Examples include quantum-resistant cryptography and FIDO WebAuthn authentication technology.
Nervos offers cross-chain interaction capabilities, allowing users to operate on its network as if they were on other blockchains.
CKB is secured by proof of work and is designed for verification while delegating computation to L2s and other solutions.
CKB addresses the issue of state bloat in blockchains, and its tokenomics aim at value capture and sustainability.
CKB has two issuance models and its token serves multiple roles, including being tied to on-chain state occupation.
Nervos CKB began in 2018, launched its main net in 2019, and completed its venture capital fund vesting in 2022.
For more details, various resources, including their website and whitepaper, have been provided. The AMA is an opportunity to ask any questions about Nervos.
How do you plan on getting more users and more adoption for your blockchain? How do you advertise and educate the public about your network?
As a non star wars or sci fi fan, how would you get me to read the above text after seeing that off putting graphic? What should I need to know about Nervos that would not make me nervous throwing some money at it?