⁉️Introduction
The why and how of Nerv Protocol
Nerv is a NextGen protocol for trading NFTs. It gives the customers immediate exchange affirmation, huge scalability, and no gas charges and that too without compromising custody.
Why Nerv
Since we all know that trading on Ethereum blockchain is very costly and and even though it currently helps approximately 150,000 non-fungible token transactions consistent with day at 30% community usage since there are limited numbers of blockchain to trade on.
Sometimes trades can fail on occasion, returning the property to proprietors instead of buying and selling, and the time and method it took is inconsistent, since sometimes it may take upto hours. This isn't always demanding for the customers who are trying to trade, it could additionally add troubles for builders that are building at the community.
In addition, builders are unable to mint NFTs with a sustained output, making it impossible for projects to properly fundraise and to keep growing to create more content material for their customers.
Our plan is to assist more than 100 million trades in keeping with the day keeping the sole purpose in our mind to make constructing video games, programs and exchanges feasible for our customers so that they don't have to bear the losses of their precious time and money. and also we are aimed to make minting and trading NFTs less difficult than on trading traditional digital blockchains.
How Nerv
Nerv is a decentralized network, initially maintained by us with the intention to make this a full migrated on-chain network and further will be managed by us itself, without dependency on continuous codebase maintenance by any centralized entity. We are presenting a minimum set of features developed to enable the network and become self-governed, economically self-sustainable and capable of further extending the capabilities of it’s own codebase.
Nerv Protocol is operated by the independent set of decentralized network actors called Validators, who produce blocks containing the current state of the ledger using Tendermint byzantine fault tolerant consensus protocol. Since Cryptocurrency space is a highly competitive environment, Nerv Protocol is designed to provide the minimum set of novel and essential features to ensure its competitiveness and long term presence in the ecosystem.
Nerv is not a general purpose blockchain, we are primarily focusing on NFTs and an ecosystem around it and its use cases. We will be mostly following Interchain NFT and Metadata Standardizard.
Consensus
Nerv blockchain uses Multi Bond Proof of Stake (MBPoS) consensus, which is slight variation of the Cosmos SDK's Tendermint consensus.
The following process explains how Tendermint consensus works. For more information on the Tendermint consensus, visit the official Tendermint documentation.
A validator called a proposer is chosen to submit a new block of transactions.
Validators vote in two rounds on whether they accept or reject the proposed block. If a block is rejected, a new proposer is selected and the process starts again.
If accepted, the block is signed and added to the chain.
The transaction fees from the block are distributed as staking rewards to validators and delegators. Proposers get rewarded extra for their participation.
This process repeats, adding new blocks of transactions to the chain. Each validator has a copy of all transactions made on the network, which they compare against the proposed block of transactions before voting. Because multiple independent validators take place in consensus voting, it is infeasible for any false block to be accepted. In this way, validators protect the integrity of the Nerv blockchain and ensure the validity of each transaction.
Security - Nerv utilizes the value of real assets at stake to secure the network thanks to it’s Multi-Bond Proof of Stake (MBPoS) consensus. In comparison to other types of PoS algorithms there are no limitations in regards to how much value can be at stake and what types of digital assets can be staked, to ensure that total value locked (TVL) it can be sufficient to secure Nerv regardless of the changing market conditions.
Staking - Decentralized Finance aims to provide asset holders with ability to maximally utilize the potential of their capital to generate income. Nerv natively supports staking derivatives representing staked tokens 1:1 to maintain security while providing liquidity of all assets at stake. Staking derivatives enable users to benefit from access to DeFi applications deployed within and outside of the Nerv while at the same time stay incentivised through block and fee rewards generated thanks to the network operations.
Scalability - Uncapped value at stake shared between uncapped number of validators provides ideal conditions for sharding blockchain applications by deploying them on independent sub-chain(zones). By guaranteeing that value at stake is greater than value used within any particular zone. Nerv can securely parallelize its blockchain application logic and overcome any possible scaling limitations of a single blockchain while ensuring fast finality which is essential for use with any financial applications.
Sustainability - Maintaining proper economic incentives is essential to guarantee efficient operations of any decentralized network. Nerv utilizes a governance system to control all economic aspects of the network operations, such as inflation of the native token and interest rates for staking foreign tokens to attract digital asset holders on the network, and efficiently adapting the changing market conditions which guarantees long sustainability of operations.
Upgradeability - Nerv uses an on-chain contract system similar to real-world employment agreements to incentivise developers and auditors or any other employees which is essential for not just the codebase evolution but also to maintain visible presence in the ecosystem. By combining on-chain contracting with support for CosmWasm smart contracts Nerv has the ability to expand its utility without need for co-ordinated upgrades and halting block production.
Interoperability - Trustless staking of any digital asset or use of any of blockchain applications within Nerv Protocol is possible thanks to interchain protocols such as Cosmos IBC and Polkadot XCMP. By interconnecting to other networks within the interchain ecosystem Nerv can facilitate value and data transfers between any blockchain applications capableof expanding it's own ecosystem. As other cosmos chains like Terra, can easily communicate using IBC we are betting on it's wide adoption will be in ETHEREUM 2.0 or other non-cosmos based chains.
Stablecoins - Stable coin is the blood that flows through the whole cryptoverse, Decentralize stablecoins are very exciting whether be it DAI, MIM or UST. UST have been tested and have been able to maintain its peg in high volatile time. We will be supporting UST as our main stablecoin.
More info on Architecture can be found on Architecture Overview Page.
Last updated