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Nervos network- Multi-layered blockchain

Nervos network- Multi-layered blockchain

Tue, 09 Apr 2024, 09:53 am UTC

Nervos is a layered crypto-economy network. Nervous separates the infrastructure of a crypto-economy into two layers: a verification layer (layer 1) that serves as a trust root and smart custodian, and a generation layer (layer 2) for high-performance transactions and privacy protection. It is a multi-layered blockchain designed for scalability, safety, and decentralization.

It is a public permissionless blockchain and layer 1 of Nervos. CKB generates trust and extends this trust to upper layers, making Nervos a trusted network.

CKB consensus is an improved Nakamoto consensus based on Proof-of-Work, that aims to achieve openness, correctness, and high performance in distributed environments with network delay and Byzantine node faults. Every node can participate in the consensus process either by mining (running a specific algorithm to find the Proof-of-Work) to produce new blocks, or by verifying new blocks are valid. CKB uses an ASIC-neutral Proof-of-Work function, to distribute tokens as evenly as possible and make the network as secure as possible.

It combines Proof-of-Work with a cell model, offering better security and scalability.

The CKB programming model consists of three parts:

state generation (off-chain)

state verification (CKB VM)- CKB VM is a RISC-V instruction set-based VM for executing type and lock scripts. CKB VM is a crypto-agnostic virtual machine. There are no special cryptographic instructions hardcoded in the CKB VM.

state storage (Cell model)- Cells are the primary state units in CKB, within them, users can include arbitrary states.

CKBUSD prices have surged more than 100% in this month. It hit a high of $0.03420 and is currently trading around $0.031563. The pair is holding above the short-term (21 and 55-day EMA) and above the long-term moving average (200-day EMA).

The near-term resistance is around $0.05, any indicative breach above will take the pair to $0.07/$0.08/$0.10. On the lower side, immediate support is $0.0250, and any violation below targets $0.0220/$0.020/$0.0150.

Indicators ( 4- hour chart)

Directional movement index - Bullish

It is good to buy on dips around $0.030 with SL around $0.0220 for TP of $0.080.

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