The price of Nervos Network’s native CKB coin skyrocketed and rose again in November, with prices in cryptocurrency markets rising and developers of Nervos announcing new integrations.
At the time of this writing, on November 26, the price was at a mini-peak of $ 0.02794, meaning it has climbed 128% since early October and 735% since the start of October. year.
So what is Nervos Network and how does it work? And what is this room for?
In this article, we take a look at the latest news from CKB crypto on the development of the protocol and the price outlook.
Nervos Network targets blockchain interoperability
The Nervos network aims to enable developers to build universal applications that work in different blockchain ecosystems. Developers can select a cryptocurrency and interface, but target any virtual machine (VM) and access the entire decentralized application (dApp) ecosystem, eliminating the need to manage multiple wallets. and exchanges.
Nervos also allows developers to work with Layer 2 scaling solutions. Layer 1 refers to the underlying blockchain architecture, while Layer 2 is the overlay network that runs on top. .
Nervos is in the process of performing a major Layer 1 protocol upgrade. It had planned to complete the upgrade by October to add new features and bug fixes, but noted in September that some developers and miners weren’t ready.
The upgrade will include:
These changes aim to reduce overhead in the CKB-VM so that the cryptographic algorithms can run more efficiently and unlock more potential use cases.
The upgrade also includes cleaning the code base. According to the developers: “Consensus rules on block / transaction version fields will also be changed to facilitate future soft forks. This change will give us more options when we want to bring new features to CKB.
On October 8, Nervos announcement that its Ethereum Force Bridge, the first inter-chain bridge in the Nervos network, had been put into service. The bridge connects the Ethereum blockchain to the Nervos ecosystem for increased interoperability and token liquidity.
“This is a major milestone in Nervos’ 2.0 interoperability plan, which is our vision of a truly interconnected blockchain ecosystem. Upcoming updates will include CKB wrapped over Ethereum, ADA Force Bridge, Bitcoin Force bridge, and more, ”according to the blog post.
The open source Ethereum Force Bridge allows users to transfer whitelisted tokens from Ethereum to the Nervos blockchain through a series of smart contracts.
“The whitelisted ETH or ERC-20 tokens (currently DAI, USDT and USDC and more to come) are first locked in a smart contract on the side of the Ethereum blockchain, followed by the minting of the corresponding sUDT tokens from the Nervos side. “
The process runs on Layer 1, but users can send tokens directly to Layer 2 without any additional steps. It can also work in reverse, by transferring SUDT tokens to the Ethereum blockchain. This process burns the sUDT tokens and frees the Ethereum assets from the Ethereum smart contract.
Users will pay a small fee to support the security of the bridge and prepay the CKB tokens needed to create the sUDT tokens on the Nervos blockchain.
The next phase of Ethereum Force Bridge development involves encapsulating Nervos’ CKB and NFTs to the Ethereum blockchain. This is being developed at the same time as the Cardano Force Bridge project. announcement earlier this year. Nervos plans to connect Force Bridge to other Layer 1 and Layer 2 blockchains after the Cardano Bridge.
On October 14, Nervos announcement the integration of the oracle services of Band Protocol on its layer 2 compatible Ethereum Virtual Machine (EVM), Polyjuice, following its previous integration on its layer 1.
The integration will give Oracle access to decentralized applications built on Nervos and allow Solidity-based smart contracts executed on the Ethereum blockchain to be ported to Nervos and use Band’s oracles. Developers will also be able to use Nervos’ other Layer 2 tools, including Force Bridge.
On October 20, Nervos noted that after the announcement of a partnership in June, the nodes of the Nervos network were brought online on Ankr, which is building an infrastructure platform and marketplace for the deployment of the Web3 stack. The integration makes it easy to host and run Nervos nodes. Running a Nervos node through Ankr’s platform allows operators to run a validator at full capacity in an easy-to-use environment and pay in cryptocurrency.
On October 21, Nervos noted as the KollectNFT Marketplace has started beta testing, bringing non-fungible tokens (NFTs) to the Nervos network.
On November 9, Nervos hosted MyCrypto as a partner to support its expanding ecosystem. MyCrypto is an open source tool for creating Ethereum wallets, sending ERC-20 tokens, and more easily interacting with the blockchain.
On November 11, the company announced a new partnership with DIA, an open source Oracle platform that enables market players to research, apply and share reliable data. DIA will be integrated into the Ethereum virtual machine (EVM) recently launched by Nervos, Awakened god, in order to “provide a reliable oracle service for dApps relying on this layer or transferring from Ethereum”.
CKB Price Tracks Crypto Market Sentiment
The CKB crypto price was launched in November 2019 at $ 0.0091. It fell to $ 0.0026 in March 2020 as the cryptocurrency markets tumbled. The price traded between $ 0.0400 and $ 0.0500 until August 2020, when it jumped to $ 0.0090. It then fell to $ 0.0030 at the end of the year.
The rally in the cryptocurrency markets earlier this year took the price of CKB to a record high of $ 0.0441 on March 31. It fell back to $ 0.0164 on April 23, but rebounded to $ 0.0407 on May 10 before the collapse in prices brought it down to a low of $ 0.0079 on July 20, when markets turned. hit rock bottom.
The CKB token followed other cryptocurrencies down to $ 0.02295 on September 9, then fell to $ 0.01103 on September 28 as the broad market retreated. The price then resumed to hit $ 0.02492 on October 20, and the coin has since traded between $ 0.01849 and $ 0.0228.
What are the prospects for the Nervos coin in the future? Can it return to the all-time high reached in May, or will it retreat?
Nervos network price prediction: will the coin rise further?
At the time of writing (November 26), a short-term technical analysis for CKB of CoinCodex was positive, with 24 indicators giving bullish signals while five were bearish. Despite this, CoinCodex predicted that the price could drop slightly to $ 0.0279 by December 1.
The prediction of the coin Nervos (CKB) of Portfolio investor estimated that the average price could rise to $ 0.0252 by the end of 2021. Then to $ 0.0395 by the end of 2022, and trade to $ 0.0815 by the end of 2025.
DigitalCoinCKB’s CKB crypto price prediction was similar to Wallet Investor’s forecast for 2022-2025. He priced at an average of $ 0.051 in 2022, rising to $ 0.0833 in 2025. By 2028, the average could reach $ 0.131, with a peak of $ 0.141.
Government capital is more bullish than Wallet Investor and DigitalCoin, predicting that the price of CKB could reach $ 0.055 by the end of 2022, from $ 0.028 at the end of 2021. He expected the price to climb to $ 0.218d ‘by the end of 2025.
In the longer term, the forecasts of the Nervos network (CKB / USD) of Price prediction projected that the price could average $ 0.13 in 2025 and $ 0.94 in 2030, up from $ 0.042 in 2022.
It’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict the price of a coin in a matter of hours, and even more difficult to give long-term estimates. As such, analysts can and do be wrong.
We recommend that you always do your own research and take into account the latest market trends, news, technical and fundamental analysis and expert opinions before making any investment decisions. And never invest more than you can afford to lose.
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Just like other cryptocurrencies, CKB is a high risk asset. Whether CKB is a suitable investment for your portfolio depends on your personal financial situation and your tolerance for risk. It is important to do your own research before investing in any asset, including cryptocurrencies.
As always, you should know that past price performance is no guarantee of future returns. And never invest more than you can afford to lose.
Price forecasts from various forecasting sites predict that the price of CKB is unlikely to reach $ 1 until 2030. The more bullish forecast has a price spike to a high of $ 0.94 in 2030.
Whether you believe these predictions is a decision only you can make. As always, you should know that past price performance is no guarantee of future returns. And never invest more than you can afford to lose.
Read more: SLP Coin Price Prediction: Will the Gaming Token Bounce?
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