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Highlights
- CKB crypto’s Nervos Network claims to be a complete ecosystem with Layer 1 and 2 solutions
- Nervos can allow the building and scaling of DApps, which if created on it come with a portability feature
- CKB may become a top 100 crypto, but Nervos will have to demonstrate its superiority over other blockchains, if that is to happen
It might not be a smooth ride ahead for Ethereum, the blockchain with the second-largest cryptocurrency, Ether. The reason may be the rise of newer blockchain networks including Fantom, Solana, and Cardano.
But the competition does not end here. A few players like Hedera’s Hashgraph are claiming to be better than blockchain for the development of decentralized applications (DApps). And then, there are projects in the crypto world that are promising to be a one-stop ecosystem with a complete solution, from wallets for holding cryptos to deployment of smart contracts.
One such project is Nervos Network, with its linked CKB crypto.
What is Nervos Network?
The Nervos project claims to be based on Bitcoin’s popular proof-of-work consensus, which the newer networks (based on proof-of-stake) say is not energy efficient.
The project has a Common Knowledge Base protocol, which it refers to as CKB. Nervos claims that all crypto assets, regardless of the blockchain they operate on, can be made accessible on its network. The need to have multiple wallets or to access different crypto exchanges can be avoided using Nervos, the project claims.
The network allows the creation of new DApps, which it says are portable on other networks. Besides being a Layer 1 blockchain solution, Nervos also claims to enable Layer 2 scaling. On its official website, the project mentions names like Sequoia and Huobi in the list of its partners and investors.
Also read: 10 best penny cryptos to watch in 2022
CKB crypto
Nervos Network says that the CKByte or CKB crypto has features of both Bitcoin and Ether. Like the former, CKB may be used as a store of value, and like the latter, it can be used as the native token to run the network.
The CKB crypto can be purchased using the services of Huobi Global, Binance, Crypto.com or other exchanges.
Also read: Why are people buying virtual real estate?
CKB crypto price
CKB crypto has yet to become a top 100 crypto asset by market cap. On the CoinMarketCap list, CKB sits at the 137th position as of writing. The market cap is over US$350 million, and one CKB token is trading at nearly US$0.01.
CKB has lost value over the past 24 hours, but this is true for most other crypto assets including Bitcoin and Ether.
Also read: 5 cryptos under one cent to watch in 2022
CKB crypto price prediction
As the crypto market is undergoing extreme volatility right now, predicting the near-term price may be very complex. From impending interest rate hikes to the Ukraine crisis, multiple forces are putting downward pressure on cryptocurrencies.
That said, the utility and adoption of Nervos Network’s Layer 2 solution might shape the price in the medium-to-long term. CKB would act as the native as well as governance token, and hence, more users of Nervos Network would mean more demand for the CKB token. By 2022 end, the price may rise to US$0.04, which it attained in March 2021, if Nervos finds more developers and tensions on rate hikes and Ukraine ease.
Image description:
Data provided by CoinMarketCap.com
Also read: Bitcoin price prediction 2025: Can Web 3.0 catapult BTC to $300,000?
Bottom line
The CKB crypto is not a high market cap cryptocurrency, and the price per token is also quite low. Despite fluctuations in the near term, CKB might gain in the longer run if Nervos Network demonstrates utility.
