Everyone knows that the big brother of the crypto world is Bitcoin, but few know how much support CKB provides for Bitcoin transactions. So what exactly is CKB? Simply put, it is a public chain based on Proof of Work (PoW) and the UTXO model, launched at the end of 2019. It is somewhat similar to Bitcoin but comes with some high-tech features. For example, it has something called CKB-VM, based on the RISC-V instruction set, which sounds complicated but essentially makes the blockchain smarter and capable of handling more tasks. There is also a Cell model, which is an upgraded version of the UTXO model, making transactions safer and more flexible. CKB, as a reward token based on the Proof of Work (PoW) consensus mechanism, has a total supply of 45.769 billion, with a current circulation of about 45 billion, and has been listed on several major exchanges with a current price of $0.01183. Its unique Eaglesong algorithm lowers the threshold for ASIC manufacturing, maintaining neutrality towards ASIC production; however, using mining machines like CK5 for mining is not a wise choice at the moment.
Although CKB itself is a Layer 1 protocol, it excels in its contributions to the Bitcoin ecosystem's Layer 2. It is designed to be compatible with various Layer 2 solutions to enhance transaction throughput and reduce costs while not diminishing the security of the underlying Layer 1.
In terms of cross-chain interoperability, CKB has been striving 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 achieves isomorphic binding with Bitcoin assets, allowing Bitcoin assets on CKB to utilize smart contracts for more complex transaction logic.
In terms of scalability, the design of CKB allows it to serve as a Layer 2 solution for Bitcoin, accelerating transaction speeds and reducing costs, thereby providing a better user experience.
In terms of security, with the PoW mechanism, CKB provides security assurances similar to Bitcoin, which is crucial for being a Layer 2 extension of Bitcoin and is key to becoming a leader in Bitcoin L2.
The RGB++ protocol, as an innovative initiative developed on CKB, aims to endow Bitcoin assets with richer functionalities. It allows for complex asset logic operations to be performed off-chain while placing the validation and settlement of the final state on the Bitcoin main chain, significantly enhancing functionality without compromising the foundational security of Bitcoin.
The JoyID wallet, as an important related application, has many outstanding features and characteristics. It provides a passwordless and mnemonic-free convenient experience through Passkey technology. As a non-custodial wallet, users have complete control over their private keys, ensuring self-management and high security of assets. The multi-chain support feature allows it to provide strong support not only for Nervos CKB but also to extend to other ecosystems, especially performing well in Bitcoin-related application scenarios. It is one of the first wallets to fully support the RGB++ protocol, opening new pathways for users to manage Bitcoin assets, making cross-chain transactions and applications easier and more convenient. The existence of a social recovery mechanism allows users to recover assets even if they lose their devices. Additionally, cross-platform support and integration with Telegram further enhance the experience of social finance (SocialFi), and the security model based on the FIDO WebAuthn protocol provides a highly secure and user-friendly verification method, making it a trustworthy wallet choice. This is also the fundamental reason why Xixi is optimistic about CKB.
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