The Nervos Network (native token CKB) will welcome its first halving on November 19. This event will reduce CKB's base issuance rate by half, bringing the actual inflation rate down from 7.92% to 3.77%, the lowest among mainstream Layer 1 blockchains.
In nominal value terms, CKB's base issuance will decrease from 4.2 billion per year to 2.1 billion, while the secondary issuance will remain unchanged (secondary issuance has no limit and follows a fixed release schedule), at 1.344 billion per year.
The unlimited secondary issuance prevents excessive state growth and ensures that CKB miners have a predictable long-term income independent of transaction volume. It's worth noting that the narrow scope of inflation caused by the secondary release only affects state occupiers, meaning that CKB is an inflation-resistant token for its long-term holders.
About "Common Knowledge Base"
The network's Layer 1 is called the Common Knowledge Base (CKB), which adopts Proof of Work (PoW) consensus, utilizes a groundbreaking general UTXO model, and a virtual machine based on the RISC-V instruction set for transaction and smart contract execution.
CKB's high flexibility enables it to support various extensions and applications built on top of it, while the security of Proof of Work ensures that the network's global digital infrastructure remains resilient, neutral, and permissionless.
Beyond "Account Abstraction"
CKB aims to set new industry standards for the flexibility of account abstraction. Its accounting model, called the Cell model, is a generalization of the Bitcoin UTXO model, allowing developers full control over the data structures stored on the chain and transaction authorization logic, making CKB "accounts" abstract by definition.
Furthermore, CKB utilizes a fully abstract low-level virtual machine called CKB-VM, which allows developers to deploy various signature and hashing algorithms, similar to using plugins, without the need for hard forks. Unlike other platforms (where cryptographic primitives are hardcoded through protocols), this protocol-level abstraction allows the use of signatures from any blockchain system (or even more widely supported standards such as Passkeys or DKIM) for transaction signing, truly redefining what a blockchain can do.
Products like JoyID (a convenient WebAuthn wallet) and d.id (a chain-agnostic decentralized identity provider) are already using CKB to provide a high-quality blockchain experience for thousands of users.
Addressing the Challenge of State Bloat
Nervos Network's design directly addresses the problem of state bloat. It adopts a multi-layered architecture and ties state growth to the network's native token, where one CKB represents the right to store one byte of data on the chain.
This architecture reduces on-chain storage requirements by promoting off-chain computation and limits blockchain state growth by issuing CKB, minimizing node hardware requirements and ensuring network decentralization.
Additionally, state rent is implemented to narrow the target inflation, incentivizing responsible state management on-chain and providing sustainable, predictable long-term income for miners.
The First Halving Is Approaching
As the first halving event for CKB approaches, Nervos Network is continuously pursuing innovation and maintaining long-term sustainable development in the industry.
This halving will undoubtedly be one of the key moments in the network's development journey. In response, the Nervos Foundation is organizing an online event, and interested users are welcome to participate on November 19 at 10 a.m. EST (11 p.m. Beijing time) on YouTube.
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