Nervos CKB, a blockchain platform that offers security and versatility, has recently announced the release of a next-gen open lightning network going by ‘Fiber Network. The new endeavor of Nervos CKB targets offering decentralized, low-cost, and rapid, multi-currency payouts and p2p transfers in the case of RGB++ assets. The platform took to its official X account to announce the respective endeavor.
Nervos CKB Unveils the Common Lightening Network Called ‘Fiber Network’
Along with the social media announcement, Nervos CKB also shared a blog post to offer insights into the new project. The platform mentioned that the blockchain sector has experienced significant development after Bitcoin’s advent. From the earliest function of simple payments, it has witnessed a gradual expansion to a broad series of application fields. They take into account smart contracts, non-fungible tokens, decentralized finance, etc.
Blockchain technology reportedly provides substantial benefits regarding decentralization, transparency, and security. However, it also experiences several challenges dealing with transaction speed and scalability. In the case of scalability issues, conventional blockchains like Ethereum and Bitcoin have huge bottlenecks concerning transaction throughput. The block size restriction of Bitcoin as well as the 10-minute time for block generation are also crucial.
Due to these factors, Bitcoin’s network can just process only seven transfers per second. Additionally, irrespective of the improvements that Ethereum has made up till now, it is also facing the same issue. Its capability to process transfers is also standing at a considerably lower level in comparison with conventional payment networks. Another problem includes the massive transfer fees that result from the increases in network congestion.
For instance, gas fees amid Ethereum’s peak phases may be greater than the transfer amount, impacting user experience badly. Additionally, it also decreases the micropayments’ viability. Long times in transaction confirmation also emerge as a critical issue. In conventional blockchains, transfers require considerable time for more than one block confirmation before their finality.
The Project Offers Scalability, Transfer Speed, Decreased Fees, and Support for Multi Assets
This procedure can some minutes to several hours hence it is not appropriate for rapid payments. According to Nervos CKB, Fiber Network provides a solution for the aforementioned issues. Particularly, resolves the problems of scalability apart from minimizing transfer charges and speed. It also offers support for multiple assets and network interoperability.
