The blockchains like Ethereum or Polkadot or Cardano, etc are single blockchains that operate carrying their fundamentals. What if the network is more than a single blockchain? Nervous Network is one such network of interoperable protocols that offers a wide platform for dApps and protocols. Being interoperable is considered as the prominent thing within the evolution of the DeFi space.
The native token of the platform which is a utility token is considered as a store of value like Bitcoin. It is also designed to be a value token behind smart contracts like Ethereum. The asset began its trading journey just before the beginning of the 2021 bull run. And with the beginning of the bull run, the asset jumped to hit its ATH in its first attempt. Despite a notable pullback, the asset possesses extreme bullish momentum to regain the lost levels and spike beyond the current ATH.
Introducing Nervos Network (CKB)-In Brief
The Nervous Network is an open-source public blockchain that is a collection of different protocols intending to address the issues with the major blockchains like Bitcoin & Ethereum. The core of the Nervous Network is its Common Knowledge Base which is the layer 1 PoW public blockchain of the network. Further, layer 2 scaling and captures the network value so that the asset becomes the store of value.
The network offers the below features,
- Access to any asset within any blockchain
- One can operate apps from any other Wallet
- The codes here are flexible which could import dApps from anywhere
- Layer 2 solutions for consistent scaling
The network mainly intends to solve the interoperability issue by offering integrated solutions allowing the developer to build universal Apps.
Additional Read: Crypto Taxation Guide Budget 2022
How Does Nervos Network Work?
The Nervos CKB( Common Knowledge Base)
The CKB inherits the features of the peer-to-peer payment gateway system, Bitcoin and supports storage of unlimited crypto-assets which can be used more than just as electronic cash and transactions beyond payments. It is a layer-1 Proof-of-Work network that acts as a foundation for all the protocols been built on the layer 2 scaling solutions. The features of CKB are
- Multi-asset and a store of value blockchain]
- Highly secure, permissionless
- Addresses the bigger issues faced by other blockchains
- Its layer-1 solution specifically built for layer-2
- Mainly built for developers
The Nervos CKByte
The Nervos CKByte is the native token of the network which is used as a store of value and for resource management. It can also be used to store assets, smart contracts, etc. The value of the CKB may grow with the network growth.
The Nervos DAO
It is an inflation hedge for the network which is used to manage storage and also incentivize miners. The users can also lock their tokens on the DAO and receive a share of inflation to avoid the dilution of the asset beyond the fixed cap.
The Nervos Network
It consists of the entire Nervos ecosystem including the CKB, the CKByte token, and the DAO. The core of the network remains along utilizing layer 2 solutions rather than compromising the decentralization and security of the base layer. This is mainly followed to solve the scalability issue.
Will Nervos CKB Price Hit $0.1 in 2022?
CKB is among the most primitive token which incepted into the trading space just before the beginning of the 2021 bull run. And hence since the start, the CKB price remained highly inflated which surge high to hit the ATH by jumping more than 770%. No doubt the asset experienced a notable drop further which extracted nearly 500% from its value, yet the asset quickly rebounded without wasting much time and surged again by another 360%.
However, the Q4 2021 was not so flourishing for the crypto space and hence amid the consolidated environment, the CKB price also fell into a deep bearish well. Forming constant lower highs and lows, the asset reached the lower support levels yet again. However, the price is consolidating within a healthy margin and is expected to bounce back soon.
If the asset prevents sliding towards the south, it may continue to consolidate for some more time and finally pull a massive leg upwards towards the north. And in such a case the price may it $0.07 to $0.08 by the end of the year 2022. It may also surpass $0.1 amid an extended bull rally but if the bears become stronger then the asset may close the yearly trade below $0.05.
Factors Affecting Nervos CKB Price Today
Secured and Decentralized
Based on the Proof-of-work mechanism the network offers maximum security and decentralization.
Store of Value
The network offers a build-in store of value mechanism to address the issues related to sustainability
Layer 1 & Layer 2 scaling
By providing 2 layer solutions, the network offers unlimited flexibility and scalability through the powerful Nervos CKB blockchain
Where & How to buy Nervos network
Buying and trading your favorite tokens like Nervos(CKB) or Bitcoin or Ethereum is extremely simple here on CoinDCX. Being the pioneers in the crypto space, we are the country’s first Unicorn with a huge user base of more than 7.5 million. We offer many other benefits other than just trading. Registering here is very simple, just follow the below steps and you are done,
- Download the CoinDCX App on your smartphone
- Enter the required details
- On verification, fund your wallet and buy your favorite asset.
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