Key Points
- Nervos Network (CKB) saw a 16% surge in price in the past 24 hours, and now the token is trading at a little above $0.03.
- Author of CKB’s consensus innovation “NC-Max” Dr. Ren Zhang recently spoke in Hong Kong about PoW and PoS.
The Nervos Network (CKB) token has witnessed a considerable price surge of about 16% in the past 24 hours.
At the moment of writing this article, the token is trading at $0.035 on CoinMarketCap. This is more than 100% in the past 7 days.
Recently, the lead researcher of the project delivered a very interesting keynote speech that we’ll address below.
What is Nervos Network?
Nervos Network (CKB) is an open-source public blockchain ecosystem and its goal is to create a peer-to-peer (P2P) crypto-economy network where users can access a wide range of provably secure blockchain services and capabilities.
The Nervos mainnet launched back in November 2019 with a novel dual-layer architecture. There’s a base layer where the consensus mechanism operates and smart assets are stored, and a computation layer where transactions are processed.
The base layer is also known as the Common Knowledge Base, and has its own cryptocurrency called CKByte (CKB).
This uses the Proof-of-Work (PoW) consensus mechanism and drives the Nervos ecosystem. It is used to pay miners for keeping the network safe, managing network resources, and letting users store things on the network.
The Nervos Network allows developers to create decentralized applications (dApps) that can operate on various blockchain systems. Any of the network layers can be used to run both dApps and smart contracts.
Author of CKB’s consensus innovation NC-MAX speaks in Hong Kong
The other day, the author of CKB’s consensus innovation NC-MAX, Dr. Ren Zhang spoke in Hong Kong. He addressed the proof of work and proof of stake in “My Biases against Every Consensus Protocol that is not Nakamoto Consensus”.
https://twitter.com/NervosNetwork/status/1777610322884374816
The Web3 Scholars Conference is focused on technical and organizational innovations within the blockchain ecosystem, including but not limited to security, MEV, cryptography, crypto-economics, scaling, DAOs, and organizational studies.
What is the Nakamoto Consensus?
Nervos Network addresses the Nakamoto Consensus in a piece on its official website.
This is named after the pseudonymous creator of Bitcoin, Satoshi Nakamoto, and it’s a Byzantine Fault Tolerant (BFT) consensus mechanism that combines PoW with the “longest chain rule” in order to create a consensus protocol that adequately maintains the authenticity of decentralized blockchain networks.
The “longest chain rule” is a key component that states that in the event of competing blockchain forks, the chain with the most accumulated computational work (measured by the number of blocks in chain) is the correct and valid one.
The Nakamoto Consensus was first implemented in Bitcoin and then adopted by many subsequent cryptos. This is a critical innovation that allowed BTC to become the first BFT system that could scale organically without experiencing downtime.
This helps prevent attacks on the network by making it hard for attackers to create a longer valid chain.
Even if the Nakamoto Consensus is confused sometimes with the PoW, they are different. The first one is a broader consensus protocol that incorporates PoW, but other innovations that make it unique.
Using PoW and the longest chain rule, the Nakamoto Consensus makes sure that the blockchain remain secure and resistant to attacks.
