Nervos Network is a modular blockchain network designed to provide security, decentralization, flexibility, and interoperability on the base layer (Layer 1) with scalability achieved on the upper layers (Layer 2). It aims to create a peer-to-peer crypto-economy network, providing secure blockchain services and capabilities.
Nervos Network operates on a multi-layer architecture. The base layer, known as the Common Knowledge Base (CKB), uses a Proof-of-Work consensus mechanism, providing security and decentralization. Its unique architecture also includes a layer for high-throughput transactions, enhancing scalability. The Nervos CKB employs a modified Nakamoto Consensus algorithm, NC-MAX, to improve security and network throughput while reducing lag time in transaction confirmations. Additionally, smart contracts can be executed in a secure virtual machine environment, allowing interactions with secondary networks.
Nervos Network can be used for various applications, including:
Nervos Network was founded in 2018 by Jan Xie and Daniel Lv, with the aim of overcoming blockchain scalability and interoperability issues. It launched following a successful public token sale in 2019. Key milestones include integration with China's blockchain-based Service Network in 2020, launching an Ethereum bridge, and supporting DeFi projects. Nervos Network has continuously developed its technology, marked by updates like a hard fork in 2022, and grown its market presence through unique solutions addressing blockchain's core challenges.