Image source: https://twitter.com/nerve_network
It is crucial to exercise caution when engaging with the services offered by this project. EOS Support does not assume responsibility for any potential problems, damages, or losses that may occur as a result of utilizing the services provided by this project.
Introduction
As of August 11, 2023, the market capitalization of Bitcoin, the world's first cryptocurrency, stands at $571.59 billion, surpassing Ireland's GDP. Despite the emergence of numerous cryptocurrencies since Bitcoin's inception, they operate independently, lacking intercommunication capabilities. This scalability challenge poses a significant hurdle to the widespread adoption of blockchain-based cryptocurrencies.
The Bitcoin network faces substantial transaction confirmation times and costs. Moreover, its absence of smart contract functionality prevents direct deployment of DeFi applications atop the platform.
Introducing NerveNetwork: Where others fall short, Nerve steps in
NerveNetwork stands as a cross-chain interaction protocol, deriving its foundations from NULS' microservice framework and harnessed through the capabilities of NULS' ChainBox. Its primary objective revolves around establishing seamless interconnectivity among blockchains, thus paving the way for the advancement of expansive DeFi applications. This, in turn, provides genuine security, autonomy, and transparency to holders of digital assets. The project is community-driven and open-source.
ChainBox serves as a container enveloping essential components like ledgers, transactions, accounts, blocks, consensus mechanisms, and networking structures. This ingenious approach shields intricate blockchain technologies like decentralized data storage, peer-to-peer networks, consensus protocols, and encryption algorithms. Doing so empowers developers to swiftly construct fundamental chains or business modules.
NerveNetwork has included the EOS EVM in its list of supported blockchains.
The modules added by NerveNetwork
The NerveNetwork has done the following optimization and expansion on the top of ChainBox:
Added cross-chain module
Replaced the consensus module Proof of Credit (POC) of ChainBox with the consensus module POCBFT
Added a protocol conversion module for communication with other blockchains
Added Automated Market Maker (AMM) and Order Book modules.
Application architecture of NerveNetwork
The NerveNetwork consists of the following three layers:
1) Virtual bank
The responsibilities of the virtual bank encompass the maintenance of cross-chain assets, creating and managing multiple accounts, and creating and broadcasting asset transfers.
2) Consensus node
It is responsible for the maintenance of the blockchain itself.
3) Common node
It is responsible for the collection of transactions, block verification, transaction verification, and providing services for the applications.
Tokenomics of NerveNetwork
The governing coin of the network is NVT. The total supply and circulating supply of NVT are 2,100,000,000 and 379,874,124 respectively. The market cap of NerveNetwork as of 11th August 2023 is $3,201,982.
Usage of NVT
Voting rights of the NerveNetwork and on-chain governance tool
Handling fees for on-chain transactions
Deposit coin for creating a node
Participating in the staking to earn rewards;
Repurchase and destroy the transaction fees of the decentralized exchange;
Destroy the fees for creating transactions pairs in the decentralized exchange
Destroy the fees for creating assets in the decentralized exchange;
The Services available on the dApp
The following services are available on the decentralized Application (dApp) developed by NerveNetwork:
Staking
Any asset including assets transferred from other chains can participate in staking to enjoy consensus rewards.
Swap
Two protocols viz. AMM swap and stable swap are supported on NerveNetwork's Decentralized Exchange (DEX). The Stable swap offers transactions of multichain assets with absolutely no slippage.
Farming
Liquidity holders can participate in the yield farming protocol of NerveNetwork.
Add Liquidity
You can add liquidity to receive LP tokens.
Info
This page shows information about different tokens available on NerveNetwork and their statistics.
Bridge
This protocol of NerveNetwork has created superhighways between isolated blockchains to transfer digital assets from one to another.
Explorer
This page is the blockchain explorer of NerveNetwork.
Supported Blockchains
Now, NerveNetwork supports the following 26 blockchains: (as of August 2023)
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Conclusion
NerveNetwork has emerged to connect isolated blockchains and enable cross-chain asset transfer. It is also providing all essential underline supports for the DeFi ecosystem so that digital asset holders can enjoy safe, free, and transparent services.
Author: Sukanta Manna
Editor: Markus Hinrichs
Sources & References