The essence of cryptocurrency is currency, and transactions give meaning to currency. PayFi should be the most original narrative. Everything on the blockchain relies on the support of payments; payment is an eternal theme.

The newly launched JoyID on CKB is a payment infrastructure based on the Lightning Network on Nervos CKB. Have you ever thought that one day completing a transaction on-chain could be as simple and fast as using Alipay? Perhaps you should try JoyID.

By the way, the Nervos CKB public chain is based on the PoW (Proof of Work) consensus mechanism + UTXO model, fully isomorphic to BTC, considered a 'pureblood mage' in BTCFi 😎

1. Understanding Nervos CKB

Nervos CKB (Common Knowledge Base) is the Layer 1 blockchain of the Nervos Network, using a Proof of Work (PoW) consensus mechanism, isomorphic to Bitcoin, but not limited to it. It introduces the improved NC-MAX algorithm to enhance network efficiency and responsiveness. Its unique Cell model allows for flexible data storage and validation, supports asset issuance and smart contract execution, and is a smarter and more flexible BTC network.

Technical Superiority of Nervos CKB:

  • Layered Architecture: Layer 1 focuses on security and decentralization, providing a trust foundation; Layer 2 focuses on scalability, providing efficient transaction processing capabilities.

  • Flexibility and Interoperability: CKB supports all cryptographic primitives, enabling seamless interoperability with various heterogeneous blockchains and supporting multiple Layer 2 networks.

  • Modular Design: Nervos has been designed as a modular blockchain network from the start, capable of scaling to millions of transactions per second via multiple Layer 2 networks without sacrificing security or decentralization.

2. What can JoyID do?

JoyID is the first Passkey wallet to support the Lightning Network, based on the Nervos CKB network. It is also a cross-platform, cross-terminal, passwordless, and mnemonic-free non-custodial wallet.

My experience with PayFi reminds me of Alipay, with many unique features; let’s elaborate on this:

1️⃣ Comparable to Solana's Transaction Performance

Based on off-chain payment channel technology represented by the Lightning Network, settlements can occur within seconds. Theoretically, the transaction throughput of the Lightning Network is unlimited, while Solana, despite its speed, is more centralized, with performance bottlenecks constrained by core nodes. If humanity enters an interstellar era, a brand new decentralized trading technology will be needed, and the Lightning Network has inherent advantages!

2️⃣ Faster and More Efficient

Even with Alipay, transferring funds between different channels incurs channel fees (though Alipay covers these costs). The design philosophy of the Lightning Network is to transfer a large number of micropayments off-chain, rather than writing each transaction to the blockchain, allowing users to complete multiple transactions through payment channels, which only occur off-chain until the channel is closed and settled on the blockchain.

This reduces the need for on-chain block confirmations, speeding up transaction execution. Theoretically, the Lightning Network can achieve lower transaction fees than web2, even eliminating fees since transactions are conducted offline in a peer-to-peer manner, allowing for faster transaction response times.

3️⃣ Ultimate Privacy Protection

All payments are conducted in private off-chain payment channels, without the need to publicly broadcast on the main network, thereby reducing the exposure of sensitive data and ensuring user privacy is not at risk of being monitored.

4️⃣ Password-free, mnemonic-free user experience

Traditional wallets typically require users to remember complex passwords or mnemonics, increasing usage difficulty and security risks. JoyID utilizes WebAuthn technology, allowing users to authenticate via biometric features on their devices (such as fingerprints or facial recognition) without needing to remember passwords or mnemonics.

✨ Conclusion

$CKB As a project that has been quietly building, the efforts of #CKB助力比特币生态 are evident to all. Recently, $BTC has reached new highs. As a pioneer in the Bitcoin ecosystem, CKB is taking shape. The K-line looks very stable, and we will continue to pay attention to their latest developments!