The First Halving of CKB
On November 19th, the Nervos Network blockchain’s CKB is set to undergo its first halving, which will significantly reduce its hard-capped base issuance rate. This will bring real inflation down from 7.92% to 3.77%, making it one of the lowest among major Layer 1 blockchains. The event will decrease the base issuance from 4.2 billion to 2.1 billion CKB per year, while the secondary issuance of 1.344 billion CKB annually remains unchanged.
The Common Knowledge Base
The Nervos Network’s powerful Layer 1, the Common Knowledge Base (CKB), utilizes Proof-of-Work for consensus, a Groundbreaking Generalized UTXO model, and a RISC-V instruction set-based virtual machine. This flexibility allows it to support diverse scaling and application solutions while maintaining security through Proof-of-Work.
Beyond Account Abstraction
CKB introduces a novel accounting model called the Cell model, giving developers control over data structure and transaction authorization logic on-chain, making CKB “accounts” abstract by definition. Additionally, CKB leverages a low-level virtual machine, CKB-VM, enabling developers to deploy various signature and hashing algorithms without hard forks.
Solving the Challenge of State Bloat
The Nervos Network addresses state bloat by adopting a multi-layered architecture and tying state growth to the network’s native token. This architecture reduces on-chain storage requirements and restricts blockchain’s state growth via issuance of CKB, minimizing node hardware requirements and ensuring network decentralization. State rent is implemented through targeted inflation, incentivizing responsible state management on-chain.
Hot Take
As CKB nears its first halving event, it continues to showcase innovation and long-term sustainability in the blockchain industry. The Nervos Foundation is hosting an online party to celebrate this milestone on YouTube on November 19th at 10 am EST.
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