#BinanceVietnamSquare
#CKB
#Statebloat
#PoW
If you had to choose one project and invest for 20 years, which blockchain would you choose? For me, it is CKB - Common Knowledge Base (Nervos network)
Few people know about CKB, but those who know and play CKB have very solid reasons. As follows:
1. PoW is safe, easy to recover if attacked or has problems.
Specifically, not long ago CKB had a problem of not being able to create blocks, miners only needed 2 hours to fix. PoW is also the longest "tested" consensus mechanism with nearly 15 years of Bitcoin operation with not a single incorrect information recorded on the Bitcoin blockchain.
2. UTXO cell model.
At first read, UTXO sounds very silly, who would use UTXO in 2023? But that's Bitcoin's UTXO. CKB's UTXO variant called cell-model has many good features and is many times superior to EVM's account model. Vitalk Buterin has repeatedly admitted that the application of the Account model to Ethereum is spontaneous and also admitted that UTXO is superior to the Account model in many aspects. ref: https://x.com/StakeWithPride/status/1703745380276445656?s=20
If UTXO is a bit confusing, imagine it as "programmable cash" that can be combined with each other, moving back and forth from one person's pocket to another according to the program in the smart contract.
3. CKBVM virtual machine. This is a virtual machine that simulates RISC-V - a "real" computer architecture used to make computer chips, unlike EVM or Wasm.
This is also one of the controversial decisions from nervos when they started the project. While we were using EVM*, Nervos decided to use RISCV. lol In fact, recently, the community is gradually realizing that RISCV has many advantages in integrating layer2 and ZKP (Zero-knowledge proof).
4. CKB flexibility is very high and this comes from the combination of UTXO cell model and CKBVM.
In fact, EVM or JVM virtual machines can/and have been run (simulated) on CKB VM and help a lot in designing Dapps on CKB for different EVM chains. https://d.id/ is an example, it allows Dodgecoin users to buy domain names on CKB with absolute safety.
CKB is so flexible that it understands almost all blockchains on the market. CKB-auth (a library that allows running apps on CKB from many other chains) currently supports up to 10 different blockchains including Bitcoin and Ethereum. Details: https://github.com/nervosnetwork/ckb-auth
One more small example is that it has native-account-abstraction that Ethereum has not been able to implement for many years. https://joy.id/ and https://d.id/ are apps that take advantage of this
4. Winning points thanks to its flexibility, CKB can "just update the lock script software" to resist quantum computers. Details: https://github.com/cryptape/quantum-resistant-lock-script.
Correlating with Ethereum, this blockchain may have to be discontinued for a few years and then hardfork, then luckily it will work normally if suddenly IBM or Google launches a quantum computer. While Nervos completed this feature about 6 months ago. Ref: https://x.com/busyforking/status/1714937072790974502?s=20
5. Earn points thanks to its flexibility, the private key used in systems such as Passkey on phones can also be used to lock CKB on the Nervos blockchain.
In fact, since 2019 there has been a PoC (proof of concept - testing software) showing that Passkey wallet is viable on Nervos and Nervos had to "wait" until the browser system (web browser) and the community enjoy it. (Google will only support passkey in 2023), they will start making a passkey wallet for the community to use. The product is the first completed Passkey wallet: https://joy.id/
6. CKB has the advantage of being a later blockchain, and its architecture is more modern so it can support more modern and newer types of Dapps.
For example, the state structure of CKB deployed with MMR (Merkle Mountain Range) can allow running Fly Client Protocol (This is an "ultra-light" Node protocol with a fixed capacity of about 100MB... compare with fullnode ^20GB and increasing over time)
Fun fact, the Fly client protocol has the efforts of Mr. Loi Luu, founder of Kyber network from Vietnam: https://eprint.iacr.org/2019/226
The result is one of the first super light clients in the blockchain industry:
Supper light client protocol soft fork successful: https://github.com/nervosnetwork/ckb-light-client (this is the softfork that indirectly caused the problem at 1, but this is an incident outside the core of CKB!)
Super light client: https://github.com/nervosnetwork/neuron/releases/tag/v0.111.1 can synchronize the entire CKB blockchain in about 2.5 hours. Correlatedly, the Full client takes 1 week to completely synchronize the CKB blockchain.
7. CKB also fixes state bloat on Ethereum - or roughly speaking, the problem of indiscriminate use of common resources on EVM blockchains that can push these blockchains to the point of self-destruction.
One CKB is equivalent to 1 Byte of data stored on the CKB blockchain. If A's application needs 200KB to store smart contracts, then A needs to buy 200_000 CKB to have enough storage space for the source code of the smart contract he writes. For example, an AA account (account abstraction) of https://joy.id/ costs 150CKB to store.
CKB has a forever inflation model - or no limit like Bitcoin's 21 million BTC. It sounds bad for investors, but this inflation has two main effects:
1 is to harvest (indirectly through secondary inflation) state rent (storage space on the CKB). The CKBs used to store the state or source code of smart contracts lose value every year due to this inflation. The question is whose pocket does this inflation go to? 👇
This inflation is used to pay 1. miners and 2. long-term investors in the Nervos DAO.
To put it simply, if you are a miner or you put money into the DAO, you get additional income from the tax on storing states (storage space) on CKB. And for long-term investors on CKB, the effect on the amount of CKB you have (and earn) is a deflationary effect like that of Bitcoin. In the long run, this increases confidence for old investors and will play a role in attracting more new investors.