Nervos Network made an official debut of Godwoken, its second layer solution, on the network’s mainnet on June 29. Godwoken is fully compatible with the Ethereum Virtual Machine and Optimistic rollup technology to promote interoperability with other heterogeneous platforms. As a result, developers may easily transfer (port) their dApps onto the Nervos network.
What is the Nervos network?
The Nervos Network, a public blockchain and set of protocols, aim to address the scalability issues that conventional infrastructures like Bitcoin and Ethereum are currently experiencing. The layer-1 blockchain of Nervos facilitates the creation of smart contracts and leverages Proof-of-Work (PoW) consensus. It also includes several layer-2 scaling techniques to support use cases with huge volumes. Users and developers can request storage capacity on the Nervos blockchain in accordance with their holdings, thanks to the native coin (CKByte or CKB) of the platform.
What is Nervos’s Godwoken?
Built on Nervos layer 1, Godwoken is a layer 2 optimistic rollup solution that is EVM compatible. Godwoken, a significant Nervos Layer 2 component, collaborates with the Polyjuice EVM process to determine a scalable Nervos EVM-compatible solution.
What is nervos CKB token utility?
The Nervos Network’s native token is CKB. Its primary use is to enable the execution of smart contracts and the acquisition of state storing on the platform’s mainnet. In addition, transaction fees and block rewards are paid to miners using the token.
The platform’s genesis block included 33.6 billion CKB coins right away, and 8.4 billion of them (about 25%) were burnt and never put into circulation.
Is Nervos network a good investment?
Nervos Network, one of the most well-known cryptocurrency projects, competes with Layer 1 blockchains, but the team is currently working to construct the infrastructure layer and establish new collaborations and integrations. As of July 2022, CKB token trading costs approximately $0.0037 per token, with a market capitalization of about $124 million. For now, the CKB token price will be correlated to the Bitcoin price, and it will be different in the future if it can maintain long-term developer partnerships. So it can be considered an excellent long-term investment.
This is not financial advice, so please conduct your own research before making an investment.