July 24, 2021

Nervos Network (CKB) gains 341% as DeFi and layer-2 development progress

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The crypto market continues to search for scaling solutions as decentralized finance (DeFi) applications struggle with surging fees, but some alternative solutions are piquing investors’ interest. 

For example, Nervos Network has enticed investors’ appetites with a 341% rally in a month. The project also carries the Chinese government’s stamp of approval, further increasing the odds for this project’s future relevance.

Nervos Network is a blockchain project based in China that supports layer-two scaling solutions. Since its inception, the project has sought to target decentralized finance (DeFi) and asset tokenization.

The Nervos Common Knowledge Base (CKB) network provides a Turing-complete virtual machine to support and process applications built using smart contracts using a high-performance second layer.

Unlike Bitcoin, CKB’s Proof-of-Work (PoW) blockchain consensus engine can adjust mining difficulty in response to network conditions. Thus, throughput can be increased when nodes are well connected and reduced when the block orphan rate rises.

This base-layer features a native utility token, CKByte (CKB), used for resource management and minerTitle: Nervos Network (CKB) gains 341% as DeFi and layer-2 development progress
Sourced From: cointelegraph.com/news/nervos-network-ckb-gains-341-as-defi-and-layer-2-development-progress
Published Date: Thu, 01 Apr 2021 19:06:25 +0100