CKB’s First Halving Marks Major Milestone
As the blockchain of the Nervos Network, CKB is preparing for a whole lot of milestone with its first halving on November 19th. The halving will result in a decrease in CKB’s hard-capped base issuance rate, cutting real inflation from 7.92% to 3.77%, one of the lowest between major Layer 1 blockchains.
As a result of this event, the base issuance will fall from 4.2 Billion to 2.1 Billion CKB annually, while the secondary issuance, which is uncapped, will remain at 1.344 Billion CKB yearly. This uncapped secondary issuance ensures predictable, long-term income for CKB miners and prevents excessive state growth while affecting only state occupiers.
The Common Knowledge Base
The network’s powerful Layer 1, known as the Common Knowledge Base (CKB), employs Proof-of-Work for consensus, a groundbreaking generalized UTXO model, and a RISC-V instruction set-based virtual machine for transactions and smart contract execution. CKB’s unprecedented flexibility makes it suitable for diverse growing and app solutions while ensuring the network’s resilience, neutrality, and permissionlessness through Proof-of-Work.
Beyond Account Abstraction
CKB sets a new industry standard for flexibility in account abstraction with its Cell model, giving developers full control over on-chain data structure and transaction authorization logic. Furthermore, CKB leverages the CKB-VM virtual machine and allows the use of numerous signature and hashing algorithms without hard forks, redefining what a blockchain can do, as demonstrated by products like JoyID and d.id.
Solving the Challenge of State Bloat
The Nervos Network addresses the challenge of state bloat through a multi-layered architecture that ties state growth to the network’s native token, reducing on-chain storage requirements and minimizing node hardware requirements. This design likewise implements state rent through narrowly targeted inflation, promoting responsible state management and providing a sustainable, predictable source of income for miners.
First Halving: A Beacon of Innovation
As CKB approaches its first halving, it represents innovation and long-term sustainability in the blockchain industry. The upcoming pivotal moment will be celebrated with an online party organized by the Nervos Foundation.
Hot Take
CKB’s first halving represents a whole lot of step for the Nervos Network, emphasizing innovation and sustainability. The Common Knowledge Base continues to redefine blockchain capabilities and bring transformative experiences to users through its unparalleled flexibility and architecture.
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