Nervos CKB Launches Fiber Network to Enhance Blockchain Performance

Nervos CKB, known for its secure and versatile blockchain platform, has announced the launch of a new initiative called Fiber Network.

Blockchain technology has advanced significantly since its inception with Bitcoin, expanding beyond simple payments to encompass a vast range of applications including smart contracts, NFTs, and DeFi. However, fundamental challenges persist in the realm of transaction speed and scalability.

Bitcoin, for instance, can only process a meager seven transactions per second, and during periods of high network activity, users often face exorbitant fees. Similarly, Ethereum also grapples with the twin issues of high transaction costs during peak hours and lengthy confirmation delays.

To address these pain points and enhance the overall performance of blockchain transactions, a new initiative has been announced by Nervos CKB, known for its secure and versatile blockchain platform. This next-generation open lightning network is designed to facilitate decentralized, low-cost, and rapid multi-currency payouts and peer-to-peer transfers for RGB++ assets.

Set to go live for testing next week, the Fiber Network is essentially a common lightning network built upon the Nervos CKB and off-chain channels. Its primary objective is to provide a fast, cheap, and decentralized solution for multiple token payments and other transactions.

Much like the Bitcoin Lightning Network, the Fiber Network operates as an off-chain Layer 2 scaling solution, enhancing speed and reducing costs while preserving security and decentralization.

The Fiber Network is capable of supporting any RGB++ asset, including tokens natively issued on the CKB blockchain. Key components of its architecture encompass off-chain payment channels, on-chain contracts, multi-hop routing, and monitoring. The initial incarnation of Fiber Network, created by the authors, defines fundamental operations such as channel creation, updating, and closing between two nodes.

Moreover, it has successfully implemented and tested cross-chain capabilities with the Bitcoin Lightning Network.

In a blog post published by Nervos CKB, they elaborate on the evolution of blockchain technology, highlighting how it is no longer confined to payments. As the technology has matured, new use cases have emerged, propelled by smart contracts, NFTs, and DeFi.

However, they also underscore the pressing concerns regarding transaction speed and scalability with existing blockchain models. Bitcoin, for example, can only handle seven transactions per second, and during periods of high network activity, users often encounter high transaction fees. Similarly, Ethereum also experiences the twin problems of high transaction costs during peak hours and lengthy confirmation delays.

To address these challenges and improve the overall performance of blockchain transactions, a new initiative has been announced by Nervos CKB, known for its secure and versatile blockchain platform. This next-generation open lightning network aims to facilitate decentralized, low-cost, and rapid multi-currency payouts and peer-to-peer transfers for RGB++ assets.

Set to go live for testing next week, the Fiber Network is essentially a common lightning network built upon the Nervos CKB and off-chain channels. Its primary goal is to offer a fast, cheap, and decentralized solution for multiple token payments and other transactions.

Much like the Bitcoin Lightning Network, the Fiber Network operates as an off-chain Layer 2 scaling solution, enhancing speed and reducing costs while preserving security and decentralization.

The Fiber Network is capable of supporting any RGB++ asset, including tokens natively issued on the CKB blockchain. Key components of its architecture encompass off-chain payment channels, on-chain contracts, multi-hop routing, and monitoring. The initial incarnation of Fiber Network, created by the authors, defines fundamental operations such as channel creation, updating, and closing between two nodes.

Furthermore, it has successfully implemented and tested cross-chain capabilities with the Bitcoin Lightning Network.

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