Rising Star Project -NerveNetwork: Revitalizing BTC and ETH by Unlocking Their Cross-chain Staking Potential.
The price of Bitcoin has been very volatile over the last couple of months. Bitcoin experienced a sharp plunge but has climbed back to around 10,000 dollars, demonstrating that a lot can happen quickly. “A day in crypto, a year in the world” as the saying goes. So, as the world focuses once again on cryptocurrency, everyone is wondering, what’s going on? Is a bull market coming?
No matter when the bull market comes, the pace of blockchain development has never slowed.
The biggest challenge currently faced by all blockchain technologies is being able to connect with each other, aka cross-chain. NerveNetwork is the rising star cross-chain technology developed to create an express freeway bridge into Bitcoin and Ethereum.
As an ecological project of the well-established public chain NULS, NerveNetwork not only has strong technology built by experienced blockchain developers from NULS, but also has great industry resources, partnerships and supporters.
After the announcement of the airdrop, NerveNetwork has received many wallets and exchanges participating and supporting the distribution of the NVT airdrop to all NULS holders.
In the crypto currency circle, every good potential project may enrich you.
Based on the principle of not missing any opportunity to become rich, we make a deep exploration of NerveNetwork and the opportunities it brings.
With NerveNetwork, everyone is a miner. the BTC and ETH which you hold can be staked through the NerveNetwork
After docking the top two mainstream digital assets through cross-chain, NerveNetwork will support all the assets on the chain to enable them to participate in the staking of the NerveNetwork mainnet consensus. This means that if you hold digital assets such as BTC, ETH, BCH, etc., you can become a miner, participate in staking on NerveNetwork and earn rewards.
If you want to revitalize BTC and ETH in your hands and get more rewards, it will be a very stable way to participate in NerveNetwork’s mainnet staking.
There is a set of special rules in NerveNetworks incentive mechanism that you need to understand if you want to earn more rewards.
The weight coefficient in NerveNetwork defaults to 1, but the weighting coefficient can be increased in the following cases:
1. When NULS and Nerve are calculated, the weight coefficient is multiplied by 2;
2. The deposit of the virtual bank is multiplied by 4 when calculating;
3. For non-virtual bank consensus nodes, the weight coefficient is multiplied by 3 when calculating;
4. For regular staking, according to different times, set different weight coefficients, as shown in the following table:
1. When any two of the above 4 cases are satisfied at the same time, they can be superimposed. NerveNetwork’s white paper shows the formula for calculating the weight:
Supposing you have 5 BTC in your account, and when you cross-chain transfer them to NerveNetwork, 1 BTC is equal to 3500 NVT (NerveNetworks’ mainnet token),You have regularly staking 5 BTC, and the locking date is 5 years, then the weight of this account is 350000, according to the formula:
If you have NULS in your account, your weight coefficient will become 2.
For example, if you have 1000 NULS in your hand, when you transfer them to NerveNetwork, 1 NULS is equal to 12 NVT,You have regularly staking 1000 NULS, and the locking date is 6 months, then the weight of this account is 20760, according to the formula:
Understanding how NerveNetwork calculates the staking weight of all digital assets on the chain will help you better allocate the asset type and staking methods, so that you can maximize your staking rewards.
Become a NerveNetwork mainnet node and earn even more rewards.
If you can operate and maintain a NerveNetwork mainnet node, the rewards you will earn are definitely more impressive, compared to ordinary staking.
To become a NerveNetwork mainnet node, you need to understand NerveNetwork’s consensus mechanism. NerveNetwork adopts POCBFT, a consensus mechanism for independent innovation. As the name implies, POCBFT is the product created by combining POC and BFT as designed by the NerveNetwork development team.
POC refers to Proof of Credit, which is the proprietary and innovative consensus mechanism designed and used by NULS. BFT refers to Byzantine Fault Tolerance.
POC has the dual characteristics of DPOS and POS, which can realize the rotation of blocks to be fair and efficient. At the same time, it will allow all token holders to participate in staking and earn consensus incentives.
The addition of BFT alongside POC allows NerveNetwork to achieve a non-rollback feature on the blockchain that is final consistency. This reduces NerveNetwork’s block confirmation time, allowing NerveNetwork to have more real time performance for business application scenarios.
BFT was added to the Tendermint consensus mechanism adopted by another well-known cross-chain project Cosmos. Its performance is about 6 ~ 8 seconds while Nerve will likely reach a block speed of about 1 ~ 3 seconds.
The combination of POC and BFT not only allows NerveNetwork to inherit the advantages of the NULS POC consensus mechanism, but also allows NerveNetwork to have a superior performance in function.
After talking about the advantages of POCBFT, let’s look at the relevant design of the NerveNetwork mainnet node.
NerveNetwork’s mainnet nodes are divided into three tiers: ordinary nodes, consensus nodes, and virtual bank.
The ordinary nodes are responsible for functions such as transaction collecting, block and transaction verifying, and providing services for applications. Ordinary nodes will allocate consensus incentives based on the proportion of pledged assets in the pledged assets of the entire network.
The consensus nodes are responsible for the maintenance of the blockchain, and the mortgage deposit can be used to create the consensus node. The deposit cannot be less than 200,000 NVT. The number of consensus nodes on the NerveNetwork mainnet is fixed at 35, and the mainnet will choose the 35 nodes with the highest deposit to become consensus nodes.
The virtual bank is responsible for the maintenance of cross-chain assets, including the creation and management of multi-signature accounts or smart contracts for parallel chains, the creation and broadcasting of asset transfer transactions, etc. The virtual bank is selected from the consensus nodes, and the default is the top 15 consensus nodes with the largest deposit the weight of the virtual bank’s reward is twice that of the consensus node.
From the above introduction, we can see that if you want to become a NerveNetwork mainnet node owner and participate in staking, you need to hold at least 200,000 NVT.
If the number of asset pledges on your node can be ranked in the top 35 of the entire network, you can become a consensus node. If you can become the top 15, you will also become a virtual bank node, so that your reward weight will be twice that of the consensus node, and there will be more reward.
NerveNetwork the next blockchain Unicorn?
It has been more than two years since the bull market in 2017. Bitcoin has also halved for the third time. Many of the blockchain projects with aura have gradually disappeared in people’s eyes.
NULS has been active in the industry for more than two years and has deeply cultivated technology and products. It has a very good reputation in the industry and has partnerships and supporters globally.
The launch of the cross-chain project Nerve by the NULS technology community not only proved the technical strength again, but also demonstrated the steady ongoing development of NULS.
NerveNetwork, as a cross-chain project in the NULS ecosystem, can be said to have both technical strength and innovation from its birth. This can be seen from NerveNetwork’s multi-currency staking, three-layer node architecture, and POCBFT consensus mechanism.
NerveNetwork’s airdrop is about to start, which means that the release of NerveNetwork mainnet is eminent!