Nervos CKB Unveils the Common Lightening Network Called 'Fiber Network'

Nervos CKB, a blockchain platform that offers security and versatility, has recently announced the release of a next-gen open lightning network going by

Blockchain platform Nervos CKB recently announced the upcoming release of a next-generation common lightning network, dubbed the “Fiber Network.” This new initiative aims to provide decentralized, low-cost, and fast multi-currency payouts and peer-to-peer (p2p) transfers for RGB++ assets.

The platform took to its official X account to announce the respective endeavor.

CKB Launches the Common Lightning Network Fiber Network Light Paper ✨Launching next week for testing✨?Fiber Network is a next-generation common lightning network built on #Nervos $CKB and off-chain channels, offering fast, low-cost, and decentralized multi-token payments… pic.twitter.com/omoXiL64Gy

Nervos CKB Unveils the Common Lightening Network Called ‘Fiber Network’

Moreover, along with the social media announcement, Nervos CKB also shared a blog post to provide further insights into the new project. The platform noted that the blockchain industry has seen remarkable growth following the advent of Bitcoin. Commencing from the primary function of facilitating simple payments, it has gradually expanded into a wide range of application domains. These include smart contracts, non-fungible tokens (NFTs), decentralized finance (DeFi), and more.

While blockchain technology offers significant advantages in terms of decentralization, transparency, and security, it also faces several challenges pertaining to transaction speed and scalability. In the case of scalability issues, mainstream blockchains such as Bitcoin and Ethereum have severe bottlenecks regarding transaction throughput. The block size limitation of Bitcoin and the 10-minute time for block generation also play a crucial role.

As a result of these factors, Bitcoin’s network can only process around seven transactions per second. Furthermore, despite the improvements that Ethereum has made to date, it also encounters the same problem. Its capacity to handle transactions also remains at a significantly lower level compared to traditional payment networks. Another issue includes the high transaction fees that arise due to increases in network congestion.

For example, gas fees during peak periods on Ethereum can be higher than the transaction amount, greatly impacting user experience. In turn, this also affects the feasibility of micropayments. Long delays in transaction confirmation also emerge as a critical problem. In mainstream blockchains, transactions require a substantial amount of time for multiple block confirmations before they are finalized.

The Project Offers Scalability, Transfer Speed, Decreased Fees, and Support for Multi Assets

This process can take anywhere from several minutes to even hours, making it unsuitable for instant payments. According to Nervos CKB, the Fiber Network provides a solution to the above-mentioned problems. Notably, it addresses the issues of scalability and transaction speed while also minimizing fees and offering support for multiple assets and network interoperability.

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