What is Nervos Network (CKB)

Nervos Network is a modular public blockchain network with an infrastructure divided into two layers- the Common Knowledge Base (CKB) as layer-1 and an advanced application layer as layer-2. It aims to create a decentralized crypto ecosystem where users can access blocked-based services like storage, dApp deployment, and payments.

CKB, also known as CKByte, is the native currency of its Common Knowledge Base layer. It operates on a PoW (Proof of Work) consensus mechanism, manages network resources, pays the miners, and lets users store data on the network. Conversely, layer 2 focuses on real-time transaction processing and developer programming, capable of hosting several dApps simultaneously.

CKB token holders can purchase the storage space in the base layer. For example, someone owning 1000 CKB tokens gets 1000 byte cells on the Nervos blockchain. Since the layer uses PoW for mining, the miners get new CKB tokens through ASIC-based mining designed to distribute CKB evenly in the network.

To balance its demand and supply, the CKB token has two types of native issuance: primary and secondary. The primary token issuance has a finite or hard-capped supply of 33.6 billion CKB, which gets halved every four years, like Bitcoin. All these primary tokens are awarded to CKB miners as an incentive for providing computation resources required to process transactions and secure the network. The secondary token issuance of CKB is uncapped but fixed annually at 1.344 billion. But gets distributed to NervosDAO depositors and Nervos treasury instead of miners. CKB also has a smaller unit, CK Shannon, equivalent to 100,000,000 CK Shannons.

How does Nervos Network (CKB) work?

The Nervos Network follows a layered design with a single layer-1 blockchain and multiple layer-2 systems. Layer-1, Nervos Common Knowledge Base (CKB), focuses mainly on security and decentralization. This layer uses the PoW consensus mechanism involving mining. The layer-2 systems are for developers to build projects and add functionality. The layer-2 systems are also responsible for anchoring their security and interoperability with Layer 1 CKB.

Unlike Bitcoin, which aims to be programmable money, CKB works to be a programmable assets platform where they can create native tokens, defining various token attributes.

The CKB layer has a native utility token, CKBytes (CKB), that tokenizes the storage capacity of the Nervos blockchain network. The CKB token is required for those who wish to store an asset or other tokens on Nervos. Furthermore, it can also be used to pay the transaction fees implied by the network. The miners of the PoW consensus receive CKB tokens as a reward. Users can lock in their CKB tokens Nervos DAO to earn issuance rewards.

Nervos DAO enables CKB holders to lock their unused tokens and earn new CKB as rewards. The reward given to those who deposit their CKB in Nervos DAO comes from the secondary issuance of new CKB tokens.

In addition to the primary issuance awarded to miners and halved every four years, approximately 1.344 billion CKB tokens are released annually to reward Nervos DAO depositors and contribute to the platform's treasury fund.

The entire Nervos network goes through third-party audits that improve its reliability and transparency factors, with hackathons featuring cash prizes to motivate participants to address weaknesses in the protocol.

How to Buy Nervos Network (CKB) in India?

There are many platforms where you can invest and trade Nervos Network (CKB) in India.

One such platform is Flitpay. To buy Nervos Network (CKB) in INR, you have to sign up for the relevant application, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, make sure you have correctly entered your bank details. Now, through the linked bank account, deposit the amount you want to buy Nervos Network (CKB) and execute the Nervos Network (CKB) purchase.

You can instantly convert your INR to Nervos Network (CKB) and Nervos Network (CKB) to INR and withdraw your INR through bank transfers whenever you want.

Flitpay also keeps introducing timely rewards for its users.

What Do I Do After Buying Nervos Network (CKB)?

Nervos Network (CKB) can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY. You can also hold the Nervos Network (CKB) till it reaches a high price, and then you can sell it through the FLITPAY Quick Buy/Sell order facility. Users can earn significant profits from buying it at a lower price and selling it at a higher price.

If you have some unused CKB tokens, you can deposit them in the Nervos DAO to earn incentives and more CKB tokens. If you wish to use the Nervos network for storage or developing dApps, you can do that too by paying network fees with CKB tokens.

FAQs

What is Nervos Network (CKB)?

CKB is the native token of layer-1 in Nervos Network. It plays the role of platform currency, mining incentive, and storage token in the Nervos network. Miners can mine it through PoW-based mining like Bitcoin. Its smallest unit is CK Shannons (1 CKB= 100,000,000 CK Shannons).

What is the Nervos Network (CKB) price in India?

Check out the current INR price of CKB crypto in India on Flitpay.

Which is the best crypto app to buy Nervos Network (CKB) in India?

The best crypto app in India to buy CKB, buy Curve DAO or your favorite cryptocurrencies is Flitpay. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

What are the benefits of Nervos Network (CKB)?

Nervos Network (CKB) presents a range of compelling benefits in the blockchain space. Its dual-layer architecture tackles critical challenges by enhancing scalability and interoperability. Security is a top priority, with CKB utilizing a proven Proof-of-work (PoW) consensus protocol and undergoing third-party audits, reassuring users about the network's reliability.

Is it safe to invest in Nervos Network (CKB) in India?

Yes, investing and trading CKB is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges for buying CKB. It offers real-time prices and advanced investing features.

Is Nervos Network (CKB) a Good Investment?

Nervos Network (CKB) offers a unique approach to existing problems in the blockchain space. Its dual-layer architecture to enhance security and scalability is something to look up to for other similar blockchains. However, like all investments, potential risks and market conditions should be considered before making a decision.