[PRESS RELEASE – Tulum, Mexico, November 17th, 2023]
CKB, the blockchain of the Nervos Network, is set to mark a substantial turning point with its very first halving on November 19th. This occasion will cut CKB’s hard-capped base issuance rate in half, bringing genuine inflation below 7.92% to 3.77%, amongst the most affordable throughout significant Layer 1 blockchains.
In small terms, the base issuance will drop from 4.2 billion to 2.1 billion CKB each year, whereas the secondary issuance, which is uncapped and follows a set emissions schedule, will stay the same, 1.344 billion CKB each year.
The uncapped secondary issuance avoids extreme state development and makes sure a foreseeable, long-lasting income source for CKB miners that is independent of deal volume. Especially, the inflation from the secondary emissions is directly targeted and impacts just state occupiers, implying CKB functions as a disinflationary token for its long-lasting holders.
The Common Knowledge Base
The network’s effective Layer 1, called the Common Knowledge Base (CKB), uses Proof-of-Work for agreement, a groundbreaking generalized UTXO design, and a RISC-V guideline set-based virtual device for deals and clever agreement execution.
CKB’s unmatched versatility permits it to support all sort of varied scaling and application services constructed atop it, while security by means of Proof-of-Work makes sure that the network’s international digital facilities stays resistant, neutral and permissionless.
Beyond Account Abstraction
CKB sets a brand-new market requirement for versatility in regard to account abstraction. Its unique accounting design, called the Cell design, is a generalization of Bitcoin’s UTXO design and provides designers total control over the structure of information saved on-chain, in addition to deal permission reasoning, making CKB “accounts” abstract by meaning.
CKB leverages an entirely abstract, low-level virtual device, called CKB-VM, which permits designers to release numerous signature and hashing algorithms as if they’re simple plug-ins, without the requirement for difficult forks. Unlike other platforms, where cryptographic primitives are hard-coded through the procedure, this protocol-level abstraction permits deal finalizing utilizing the signatures from any blockchain system (and even more commonly supported requirements, such as Passkeys or DKIM), truly redefining what a blockchain can do.
Products such as JoyID, a hassle-free WebAuthn wallet, and d.id, a chain-agnostic decentralized identity company, are currently utilizing CKB to use transformational blockchain experiences to countless users.
Resolving the Challenge of State Bloat
The style of the Nervos Network deals with the problem of state bloat head-on. It embraces a multi-layered architecture and ties state development to the network’s native token, one CKB equates to the right to save one byte of information on-chain.
This architecture minimizes on-chain storage requirements by pressing calculation off-chain, while limiting the blockchain’s state development through issuance of CKB lessens node hardware requirements, guaranteeing network decentralization.
State lease is carried out through directly targeted inflation, incentivizing accountable state management on-chain and offering a sustainable, foreseeable long-lasting source of earnings for miners.
As CKB approaches its very first halving occasion,
