💗Network has expanded on the core technological foundation of Bitcoin, providing support for Bitcoin Layer 2 (L2) through a scalable layer blockchain. After six months of ETH Layer 2, the Bitcoin ecosystem has experienced significant growth, with Network standing out particularly. ✨
Nervos has expanded Bitcoin through RGB++, and since the launch of the RGB++ protocol on the CKB mainnet, the transaction activity on the CKB network has become vibrant again. In April, nearly 400,000 new addresses $were added, representing a 181% increase compared to March.
🌕-The charm of technology
Nervos Network adopts a layered architecture, which includes a Layer 1 blockchain (Common Knowledge Base, abbreviated as CKB) that can be scaled through payment channels and RGB++. CKB is the underlying Layer 1 blockchain of Nervos Network, operating similarly to Bitcoin and utilizing a proof-of-work (PoW) consensus mechanism.
🔐-security
CKB utilizes the Eaglesong function to ensure network security, which is an ASIC-neutral customized hash function that serves as an alternative to the widely used SHA256 hash function. Eaglesong is a sponge function optimized for multiple cryptographic elements, providing a level of security comparable to other proof-of-work (PoW) hash functions, while being specifically tailored for Nervos Network.
🪙-CKB’s huge potential
As a layer-one blockchain, CKB can scale through payment channels, such as the Perun framework developed by Polycrypt. These payment channels process transactions off-chain and settle them on-chain, supporting a variety of applications ranging from micro-payments to payment gateways, thereby enhancing the performance of CKB.
The sources of CKB tokens include: (1) the genesis block; (2) base issuance; and (3) secondary issuance. Over the past year, the CKB network has remained active, with the current average daily transaction volume at 43,600, representing a 110% increase compared to the average of 20,800 transactions in the fourth quarter of 2023. In terms of new addresses, there was a significant increase in on-chain activity in April, with 387,600 new addresses created, a 181% month-over-month increase. With the development of Bitcoin L2, Nervos is set to establish its position in BTC L2, and CKB is expected to shine as well. Now is considered a good time to buy.