The Nervos Network (CKB) is an attempt to build a universal internet-like public network on the blockchain.
The builders hope the Nervos Network will support a new class of decentralized apps (Dapps) they call Universal Apps. They claim a Universal App could access any asset on any blockchain.
In addition, they claim the Nervos Network could operate dApps from any wallet or solution. They claim Nervos could bring a dApp ecosystem to any wallet. They claim Nervos can offer a “Universal Passport” that can offer access to any blockchain.
The Nervos Network
Like all blockchains, the Nervos Network comprises several protocols and innovations.
They claim builders can target any Virtual Machine with a Nervos Network dApp. A Virtual Machine is a computer they make from software. Unlike traditional computers, Virtual Machines are totally digital. Most Virtual Machines run only on the cloud. Virtual Machines are at the heart of some blockchains. The Ethereum Virtual Machine (EVM) runs Ethereum, for example.
Nervos Network uses a Layer 2 protocol for scaling. A Layer 2 solution is an extra layer they add to a blockchain. Scaling is expanding the capacity of blockchain so it can handle more data and move faster.
Layer 2 on the Nervos Network
The purpose of Layer 2 is to make blockchain and cryptocurrency payments faster and more seamless. Theoretically, Layer 2 could allow a blockchain to process hundreds or thousands of payments in a second. A blockchain will need that capability to serve a mass market.
Most blockchains are slow and clunky because of all the encryption. Scaling allows a blockchain to expand by adding capacity.
Nervos uses a secure and decentralized ASIC-backed Proof-of-Work or Nakamoto consensus to provide more security and decentralization. Additionally, the Nervos Network uses sustainable crypto-economics with a built-in store of value.
Like all blockchains, the Nervos Network comprises several protocols and innovations. The Nervos Network will comprise a Layer 1 blockchain to store value and a Layer 2 blockchain to enable payments.
The Nervos Network Token
The Nervos Network or CKByte (CKB) token is the Nervos Network’s utility token. People can use the CKByte token to store value, execute value, and rent space on the Nervos Network blockchain.
Interestingly, the Nervos Network (CKB) token is not an Ethereum Request for Comment (ERC-20) token. Instead, it operates on the Nervos Network blockchain. They claim the CKByte can preserve long-term value and create value.
Users can buy Nervos Network (CKB) with SafePal in the United States. SafePal is a cryptocurrency hardware wallet. They also offer a SafePal App. They claim the SafePal App can store, buy, manage, swap and trade over 10,000 cryptocurrencies.
Many cryptocurrency wallets support the Nervos Network. The CKByte token trades on many exchanges, including Binance.
What is the Nervos Network Worth?
Mr. Market gives the Nervos Network (CKB) some value. For instance, the Nervos Network was CoinMarketCap’s 156th largest cryptocurrency on 1 May 2022. In contrast, CKB was CoinMarketCap’s 12 most trending cryptocurrency on 1 May 2022.
CoinMarketCap gave the Nervos Network a Market Cap of $275.294 million, a Fully Diluted Market Capitalization of $328.104 million, a $0.008961 Coin Price, and a $9.689 million 24-Hour Market Volume on 3 May 2022. They based those numbers on a Circulating Supply of 30.71 billion CKB and a Total Supply of 36.568 billion CKB.
In contrast, CoinBase gave the Nervos Network a Coin Price of $0.009, a Market Cap of $275.9 million and a $9.7 million 24-Hour Market Volume on 3 May 2022. They based those numbers on a Circulating Supply of 30.7 billion. CoinBase gave Nervos Network an all-time high Coin Price of 4₵.
I advise speculators to stay away from the Nervos Network because I cannot see what value it has. I see no evidence that Universal Passport and the Universal Apps exist or are functioning. My advice for speculators is to stay away from the Nervos Network until they reveal a functioning Universal Passport or Universal App.
Originally published at https://marketmadhouse.com on May 3, 2022.
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