Many people actually do not understand Bitcoin L2, nor do they understand what CKB is.
So why are so many people still posting about CKB? One reason is the rewards given by the CKB official.
After understanding Nervos CKB, I summarized 4 small parts.
1, Token $CKB
CKB (Common Knowledge Base) is the native token of the Nervos Network, and its mining mechanism is based on a Proof of Work (PoW) consensus mechanism reward token, with a total issuance of 45.769 billion, currently circulating around 45 billion, listed on multiple leading exchanges, current price: $0.01183U.
CKB uses the Eaglesong algorithm, which is a relatively simple hash function that lowers the threshold for ASIC manufacturing. The design of this algorithm makes it neutral to ASIC manufacturing, using mining machines like CK5 (currently not recommended for mining).
2, Contribution of CKB to the Bitcoin ecosystem Layer 2
Although CKB itself is a Layer 1 protocol, it is designed to be compatible with various Layer 2 solutions. Layer 2 solutions aim to increase transaction throughput and reduce fees without sacrificing the security of the underlying Layer 1.
Cross-chain interoperability:
CKB aims to become a cross-chain platform that can enhance the interoperability of the Bitcoin ecosystem through its Layer 2 protocol. For example, through the RGB++ protocol, CKB can perform isomorphic binding with Bitcoin assets, allowing Bitcoin assets to use smart contracts on CKB for more complex transaction logic.
Scalability: The design of CKB allows it to serve as a Layer 2 solution for Bitcoin, enhancing transaction speed and reducing costs, thus providing a better user experience.
Security: By using the PoW mechanism, CKB provides security similar to Bitcoin, which is very important for being a Layer 2 expansion of Bitcoin.
3, RGB++ protocol
This is a protocol developed on CKB, aimed at providing richer functionality for Bitcoin assets. RGB++ allows for complex off-chain asset logic operations while placing the final state validation and settlement on the Bitcoin main chain, thus enhancing Bitcoin's functionality without compromising its foundational security.
CKB is trying to establish a broader and more effective blockchain ecosystem in the cryptocurrency field through its unique technical design and support for the Bitcoin ecosystem.
4, JoyID wallet
Main functions and features
No password, no mnemonic: JoyID achieves a password-free, no need to remember complex mnemonics wallet experience through Passkey technology.
Non-custodial wallet: JoyID is non-custodial, meaning users have complete control over their private keys, ensuring self-management and security of assets.
Multi-chain support: JoyID wallet supports multiple blockchain networks. It particularly emphasizes support for Nervos CKB but also extends to other ecosystems, especially those related to Bitcoin application scenarios.
Support for RGB++ assets: JoyID is one of the first wallets to fully support the RGB++ protocol, providing users with a new way to manage Bitcoin assets on Nervos CKB, making cross-chain transactions and applications more convenient.
Social recovery: JoyID provides a recovery mechanism through social means to recover wallets, ensuring that even if users lose their devices, they can retrieve their assets.
Cross-platform: The wallet supports multiple operating systems and devices, including Windows, MacOS, iOS, Android, etc., providing a cross-platform solution.
Telegram integration: Through integration with Telegram, JoyID allows users to more conveniently use their wallet functions on social platforms, enhancing the experience of social finance (SocialFi).
Security model: JoyID is based on the FIDO WebAuthn protocol, providing a highly secure and user-friendly verification method, which is why it is described as a 'trustworthy' wallet.
After watching, do you think CKB is worth having?
