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Huobi Commits to Open-Sourcing Its Forthcoming Blockchain

Huobi Group has announced that its new financial blockchain, Huobi Chain, will be fully open source. The public blockchain, announced in July and developed in concert with Nervos, will enable enterprises to deploy their own blockchains, decentralized financial services, and tokenized assets, with the code accessible via Github. The decision to immediately open source the code is sure to be welcomed by the thriving developer community, who will have an opportunity to contribute to the decentralized network’s development through building upon its architecture. With a testnet scheduled for Q1 2020, Huobi’s high-performance blockchain will be optimized for a raft of financial services and applications, potentially including lending services, stablecoins, and open finance. It will also offer multi-asset support and multi-and-sidechain architectures. The best performing of these may eventually appear on Huobi’s global exchange via its Prime token launchpad. Leon Li, founder, and CEO of Huobi Group said: “Since the start of this project, our goal was to create an inclusive ecosystem where all stakeholders from developers to regulators can collaborate and leverage the full potential of blockchain technology.” Exchange chains are all the rage Developers may draw parallels between Huobi Chain and Binance Chain, which launched in April and currently holds the largest share of the $80 million bitcoin sidechain market, with 9,001 BTC anchored to its blockchain. The community-driven blockchain of the eponymous crypto exchange, Binance Chain – like Huobi Chain – markets itself as a desirable launchpad for new tokenized projects. Although there are obvious similarities between the two, Huobi’s decision to open-source its project from the get-go is likely to throw some shade on Binance Chain, which is largely closed source, as bitcoiner Udi Wertheimer has been at pains to point out, recently reminding CEO Changpeng Zhao that “it’s been over 6 months since binance-chain release and there’s still no source code for the full node.”  OK sir but it’s been over 6 months since binance-chain release and there’s still no source code for the full node https://t.co/NlcFxh5Ev1 — UDI WERTHEIMER (@UDIWERTHEIMER) November 2, 2019 While other considerations such as security, speed, and ease of use will come into developers’ minds, Huobi Chain has turned heads with its announcement, which is likely to be viewed as aligning more closely with the original ideology of distributed networks. Huobi and Binance, not the only platforms to launch a new blockchain, incidentally. Just last week, South Korean crypto startup Bithumb announced its own chain. Like Huobi Chain, Bithumb Chain will allow users to build decentralized finance apps – and it’s also open source. The difference is that Huobi Chain is the first financial public chain to support regulatory nodes that let regulators contribute to the network as validators. As such, KYC and AML can be incorporated without impacting the ability to swap assets non-custodial. Competition between custom chains seems likely to intensify in the months and years ahead, particularly as DeFi projects proliferate. Success or failure, needless to say, depends on how many developers and teams build on the chains, improving and growing them incrementally. By fully open-sourcing its code, Huobi has issued a statement of intent. It will be interesting to see whether the news prompts Binance to belatedly follow suit. The post Huobi Commits to Open-Sourcing Its Forthcoming Blockchain appeared first on ZyCrypto.
ZyCrypto

Nervos Mainnet Goes Live Following $72 Million Token Sale

Nervos, a proof-of-stake challenger to Bitcoin, had its mainnet go live. The release comes on the heels of a $72 million token sale. The Nervos CKB mainnet Lina just went live. The projects is attempting to solve the scalability issues faced by proof-of-work blockchains. Bitcoin, for example, is often criticized for its relatively high transaction fees and limited throughput. Nervos also claims that it will extend the capabilities of a pure transaction cryptocurrency by building smart contracts and layer 2 scaling into its project. “As Lina matures, Nervos will grow into the multi-layer, PoW blockchain that can truly scale and serve as the foundation for the decentralized economy,” stated the release. Nervos launched its mainnet shortly after a successful token raise on Coinlist. In October, the company aimed to raise $50 million selling CKByte, the blockchain’s native cryptocurrency. The sale was oversubscribed and the project took in $72 million during its token sale, reported Reuters. The company also raised $28 million in series A funding, bringing its total known financing to $100 million. Token distribution chart posted on Coinlist The project is financed by several high-profile backers, including China Merchant Bank International, Sequoia China, Blockchain Capital, Polychain Capital, MultiCoin, and others. However, whether Nervos will legitimately challenge Bitcoin is still in question. The post Nervos Mainnet Goes Live Following $72 Million Token Sale appeared first on Crypto Briefing.
CryptoBriefing

Nervos Network to Launch Lina Blockchain After Securing $72 Million In Token Sale on Coinlist

Nervos Network, a blockchain startup, has announced the launch of Lina Blockchain. The startup is planning to launch its new project next week. Lina Blockchain will secure about $72 million from token sales of Coinlist. Miners and developers will have an opportunity to participate and utilize the company’s network on November 16. Nervos Network has […]
Bitcoin Exchange Guide

Following a $72 Million Token Sale, Nervos to Launch Its ‘Lina’ Mainnet

Following a $72 Million Token Sale, Nervos to Launch Its ‘Lina’ Mainnet Nervos Network, an open-source public blockchain project, has announced the launch of its mainnet dubbed “Lina.” In an announcement on Nov. 6, the Chinese blockchain network founded by the creators of Spark Pool, the largest Ether (ETH) mining pool, stated that its mainnet […] Cet article Following a $72 Million Token Sale, Nervos to Launch Its ‘Lina’ Mainnet est apparu en premier sur Bitcoin Central.
Bitcoin Central

Nervos blockchain mainnet now live after completing $72M token sale

Nervos Network, an open-source blockchain platform, has announced today launch of its “Lina” mainnet. Now fully operating, miners and developers will be able to work on and utilize the network starting Nov 16. The Common Knowledge Base (CKB), is Nervos’ permissionless blockchain that anchors the network. Going forward, the Nervos community expects various layer-2 solutions […] CryptoNinjas: Nervos blockchain mainnet now live after completing $72M token sale
CryptoNinjas

China Merchants Bank International (CMBI) Participates in $72 Million Token Sale of a Public Blockchain

A blockchain that claims to solve the problems of Bitcoin and Ethereum, by allowing users to enjoy scalability features without sacrificing their network securities, raised $72 million USD in an October token sale to major firms including Polychain Capital and China Merchants Bank International (CMBI) and Hashkey Capital. Nervos Network, a blockchain-based firm aiming to enhance sustainability across blockchains, raised $72 million in a token sale in October. This brings the total capital raised by the company to $100 million USD, following the $28 million Series A funding round in July. Nervos Network raises $72 million in the token sale On Nov 6. Nervos released its community update report for the month ending Oct.31 conforming the company raised $72 million USD in a token sale to major investors on CoinList exchange.  The major investors include Polychain Capital, who invested in the Series A funding round in July; CMBI, China’s first share-holding commercial bank wholly owned by corporate legal entities in China; Blockchain Capital; Hashkey Capital; MultiCoin Capital and Distributed Global. According to the report, the company offered 20% of its initial tokens in a public sale and 14% to private investors from Oct. 16 to Oct.24. The CKByte tokens started at a price of $0.01 USD with the initial pre-mined tokens on the Genesis block amounting to 33.6 billion tokens. Nervos releases the Lina mainnet Furthermore, the company welcomed developers and miners to join its mainnet and participate in the Nervos ecosystem as they released the Lina blockchain on Wednesday. Kevin Wang, the co-founder of Nervos, said, “Our mainnet launch brings us one step closer to enabling that future but this milestone only marks the start of the Nervos community’s journey. The blockchain [Nervos] was built on their learnings but it’s now up to us and our community to solve the problems of tomorrow as blockchain adoption is brought to the masses.” China’s blockchain craze in blockchain The overall stance on blockchains across China is turning positive since President Xi’s speech on embracing blockchain. CMBI’s partnership with Nervous Network shows a growing interest across Chinese companies to embrace the capabilities of blockchain following the speech. The partnership with the bank aims to create decentralized applications in financial systems to ease retail customers’ transaction processes. The company is yet to comment on the specific use of blockchain by the CMBI bank. The post China Merchants Bank International (CMBI) Participates in $72 Million Token Sale of a Public Blockchain appeared first on Coingape.
CoinGape

Polychain Capital and Chinese Bank Join Hands in the Nervos Network STO

Coinspeaker Polychain Capital and Chinese Bank Join Hands in the Nervos Network STOSince the ICO boom of 2017 that attracted many scammers, the Chinese government banned all crypto activities in the country. However, the latest developments suggest that the government could be indirectly participating in a security token offering (STO).The Nervos Network STO is scheduled to kick off on October 16. It aims to raise an undisclosed amount within two weeks via the CoinList platform. Polychain Capital has so far said that it will contribute $5.7 million to the STO. That amount is an addition to the previous investments.Kevin Wang, the Nervos project co-founder, confirmed that the Hong Kong-based China Merchants Bank International (CMBI) is also interested in the STO. CMBI is a wholly-owned subsidiary of China Merchants Bank and has also committed to contributing an undisclosed amount to the public STO.Although CMBI is not directly owned by the government, its top 10 shareholders feature seven corporations that are partly or fully owned by the state. According to the bank’s political context, reports of diplomatic tensions emerged over the alleged sanctions violations. That amounts to the possibility that Chinese banks could be shut out of the dollar economy in the future, as sanctioned Iranian banks already are.Maybe this is part of the reason why Chain News reported CMBI was investing in Nervos to develop an “open” platform and a “new investment bank.” The bank has not yet responded or commented on this matter. Though Wang avoided specifying what the bank’s plans are, he said:“CMBI is a strategic partner, both in terms of financial plans and other types of applications they want to utilize for the blockchain. … We want to make sure they can utilize the infrastructure.”Previous InvestmentsThe STO is not the first time CMBI invested in Nervos tokens. Wang affirmed that his token project’s $28 million fundraiser in 2018 featured CMBI and Sequoia China. That was a private sale with contracts assuring 14% of the initial token distribution in late 2019. The Nervos team described the investment as a “partnership” aimed at building “decentralized applications.”Polychain is also not new in this investment arena. As we reported earlier, Polychain Capital joined hands with Bitmain and others to invest about $10.7 Million in Innovative encryption startup NuCypher. That investment round was referred to as a Simple-Agreement-for-Token (SAFT).For now, Huobi is partnering with the Nervos Foundation to develop a decentralized finance (DeFi) platform. The new platform can provide easier capital flows between cryptocurrencies.Wang stated that the Nervos platform will operate as a neutral publicly owned ecosystem that supports “other blockchains that are more regulatory compliant.” He was commenting on these different compatible blockchains scheduled for implementation after mainnet launch in Q4 2019. He added:“They are basically gateways that real-world assets can flow into. Then they will also be running on top of … the bigger ecosystem of Nervos, so that assets can also flow into the permissionless side of the infrastructure and enjoy the wider ecosystem of services, like DeFi services.”Changing from STO to DeFiDecentralization remains an ambitious goal at best even when the partners develop a system for capital flows. Thus, the Nervos team still requires enough node operators and miners to enable the system censorship-resistant through diversification. The foundation’s roadmap implies 23.5% of the initial token supply is designated to incentivize open-source contributions and business partnerships. The initial token supply will have control mechanisms but no finite cap.Joseph Eagan, Polychain’s president, says it is still too soon to determine whether the hedge fund will operate a node of mine crypto for the Nervos project. But he thinks that it is a lucrative investment.“It’s one of our highest conviction projects, not just in Asia but globally”Commenting on how Nervos integrates some of Bitcoin’s layered scaling approach to Ethereum’s malleable smart contracts, he said:“I think the ability to create smart contracts similar to ethereum is very compelling. … From a technological perspective, Nervos and the underlying token offer something truly unique.”So far, four established crypto mining pools already participated in the most recent testnet competition before the STO. Among them were Sparkpool and F2Pool. On the contrary, the bitcoin network grew gradually and quietly over several years before attracting lucrative speculation. Just several hundred budding network participants would not resist capture from the nation-state actors calling the ‘public’ aspect of the project into question.Eagan thinks that it is still early to assume that traditional institutions will become major users of the upcoming Nervos platform. He said:“It’s often one to two years later that developers really start to use those protocols. I still think we’re in ‘wait and see’ mode as to who the primary users will be.”Polychain Capital and Chinese Bank Join Hands in the Nervos Network STO
Coinspeaker

China Merchants Bank Enters Blockchain Via Nervos Network

China Merchants Bank International (CMBI) has announced its entry into the blockchain ecosystem by partnering with Nervos, a layered blockchain network. CMBI is a wholly-owned subsidiary of China Merchants Bank, a major Chinese national bank headquartered in Shenzhen. Together with Nervos, CMBI will develop and launch decentralized applications for financial services, in addition to acting as a strategic ecosystem partner in the financial services industry. Nervos Network will serve as the guide for CMBI’s blockchain technology exploration efforts, providing a decentralized architecture for powering DeFi applications. CMBI will leverage Nervos’ unique layered design to scale its services on the blockchain without compromising security or performance. The protocol  features two network layers: the Common Knowledge Base, a level one public permissionless layer that provides a secure foundation, and a layer two protocol for scalability and smart contracts support. Commenting on the news, Co-Founder of Nervos Network Kevin Wang shared his convictions on the future of the industry. “The wave of high-profile blockchain projects such as Libra and JPM Coin foreshadows a shift in the financial services industry,”  he remarked. “As more financial institutions and enterprises get on board with blockchain technology, our partnership with CMBI will play an important role in modeling the future of decentralized finance and accelerating mainstream adoption of blockchain technologies.” CMBI already crossed paths with Nervos last year, through a strategic investment in its first round of financing, which totaled $28 million USD and raised funds from other institutional investors like Sequoia China and Polychain Capital. CMBI also plans to participate in Nervos’ upcoming public token sale, which is expected to take place on October 16th. Nervos Network was founded by the creators of Spark Pool, imToken, Cryptape and others, with experience in all aspects of blockchain ecosystems, including contributions to Bitcoin and Ethereum core protocols. The post China Merchants Bank Enters Blockchain Via Nervos Network appeared first on Crypto Briefing.
CryptoBriefing

Coinbase Plans to Add Telegram and 16 Other Digital Assets on its Platform

Coinspeaker Coinbase Plans to Add Telegram and 16 Other Digital Assets on its PlatformIn the latest blog post announcement, Coinbase highlighted a possible addition of 17 new cryptos to its platform including Telegram. As part of the exploratory process, users may see public-facing APIs and other signs that the exchange is conducting engineering work to potentially support these assets.According to that post from the exchange, Coinbase plans to add Dfinity, Filecoin, Handshake, Avalanche, Celo, Chia, Coda, Nervos, Oasis, Orchid, Kadena, Mobilecoin, Near, Solana, Spacemesh, Polkadot, and Telegram.To date, Coinbase explores support for assets that are already live and available for trading on other venues. In this case, some of the coins like telegram are not yet live. Telegram only just unveiled its Telegram Open Network (TON) testnet explorer and node software on its website. Nevertheless, so far it has not distributed its network’s native token, GRAM, which will happen two months from now.Currently, the exchange announced its intention to explore assets that are yet to be launched and which it may decide to support in the future.Coinbase continues to evaluate prospective assets against its Digital Asset Framework to assess factors like security and compliance. They also aim to assess the project’s alignment with its mission of developing an open financial system for the world. Currently, Coinbase’s non-pro platform lists Zcash (ZEC), 0x (ZRX), Litecoin (LTC), Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), USD Coin (USDC), XRP, Stellar (XLM), Ethereum Classic (ETC), and the Basic Attention Token (BAT).Listing CriteriaEarlier in the week, cryptocurrency Dash was included in the Coinbase Pro listing after an investigative period. Coinbase revised its listing criteria around a year ago. In that revision, it said that listing announcements will appear more often. The 17 new cryptos follow up on 8 considerations from August.Even if the cryptos are added, the listings majorly depend on jurisdictional compliance and regulatory approvals. The decision by Coinbase to support Telegram and these other tokens need considerable technical and compliance review. Thus, Coinbase cannot currently guarantee whether or when any of these assets will appear in any jurisdiction.As per their listing process, the exchange will add new assets on a jurisdiction-by-jurisdiction basis.Coinbase Plans to Add Telegram and 16 Other Digital Assets on its Platform
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Price Analysis 09/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, XTZ

Price Analysis 09/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, XTZ China could start its pilot for the central bank digital currency (CBDC) before the end of this year, according to local news outlet Caijing. The article states that the anticipated pilot project “will go out of the central bank system and enter […] Cet article Price Analysis 09/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, XTZ est apparu en premier sur Bitcoin Central.
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EOS Price Hit after Getting a C- in Decentralization by Weiss

Blockchain project EOS started this week on a negative note after an independent agency downgraded its rating from B to C-. Weiss Crypto Ratings published a report on December 6 wherein it demoted EOS to lower ranks over its centralization. The agency noted that just 0.01 percent of the EOS token holders control over 68 percent of the voting power on its blockchain. That allows a handful of entities to practice censorship over hundreds of thousands of EOS investors. In comparison, provable decentralized projects like Bitcoin works across 9,300 nodes to confirm and validate transactions atop its blockchain. 1/6 We’ve had great respect for work and thinking that went into the #EOS project. But the Weiss Crypto Ratings model is not based on opinion. It’s driven by data. And that data has now caused a downgrade from B to C-. Here's why (full article to be published soon): — Weiss Crypto Ratings (@WeissCrypto) December 6, 2019 EOS spent a quiet weekend but its value eventually took a toll during the Monday session. The EOS-to-dollar exchange rate was down by $0.083, or 3.02 percent, as of 1658 UTC. Against bitcoin, the cryptocurrency did relatively better, falling about 1.64 percent to trade at 359 sats. The market capitalization likewise took a plunge roughly worth $500 million to settle a low at $2.534 billion. At its December peak, it was $2.613 billion. Ascending Channel The latest move downside brought EOS close to retesting the support of an Ascending Channel. While the lower trendline certainly capped the price from falling further downward, the negative sentiment arising from the Weiss report could weaken it in the near-term. The bearish case prompts EOS to retest to close below the Channel Support and target 304-342 sats area as an accumulation range. In the event of a breakdown, traders could extend their short position towards 284 sats while keeping a stop loss above the level at which they had entered the trade. EOS is trending inside an ascending channel | Source: TradingView.com, Coinbase On the other hand, the price has not failed to reach the upper levels so far. A pullback action from Channel support could push EOS back towards the Channel resistance. Traders with low-risk appetite could use the bounce-back as an opportunity to open a fresh long position 405 sats. Meanwhile, they could minimize risks by maintaining a stop-loss order just below the Channel support. A Consideration From a fundamental point of view, investors who were bullish on EOS might find it hard to digest its centralization issues. The sentiment could prompt some to switch their positions for tokens with more attractive opportunities. Such a scenario could suit the breakdown scenario as discussed above. Meanwhile, traders can look to accumulate EOS ahead of the launch of Voice. EOS creator Block.One on Thursday announced that it would launch the EOS-based social media platform on February 14. While the announcement did not help neutralize trading sentiments immediately, traders can still speculate on the Voice launch to make interim profits. One could watch out for a reversal from Channel resistance – a sign that traders are processing the Voice news – and place his/her upside positions. EOS Price Hit after Getting a C- in Decentralization by Weiss was last modified: December 9th, 2019 by Yashu GolaThe post EOS Price Hit after Getting a C- in Decentralization by Weiss appeared first on NewsBTC.
NewsBTC

EOS Price Hit after Getting a C- in Decentralization by Weiss

Blockchain project EOS started this week on a negative note after an independent agency downgraded its rating from B to C-. Weiss Crypto Ratings published a report on December 6 wherein it demoted EOS to lower ranks over its centralization. The agency noted that just 0.01 percent of the EOS token holders control over 68 percent of the voting power on its blockchain. That allows a handful of entities to practice censorship over hundreds of thousands of EOS investors. In comparison, provable decentralized projects like Bitcoin works across 9,300 nodes to confirm and validate transactions atop its blockchain. 1/6 We’ve had great respect for work and thinking that went into the #EOS project. But the Weiss Crypto Ratings model is not based on opinion. It’s driven by data. And that data has now caused a downgrade from B to C-. Here's why (full article to be published soon): — Weiss Crypto Ratings (@WeissCrypto) December 6, 2019 EOS spent a quiet weekend but its value eventually took a toll during the Monday session. The EOS-to-dollar exchange rate was down by $0.083, or 3.02 percent, as of 1658 UTC. Against bitcoin, the cryptocurrency did relatively better, falling about 1.64 percent to trade at 359 sats. The market capitalization likewise took a plunge roughly worth $500 million to settle a low at $2.534 billion. At its December peak, it was $2.613 billion. Ascending Channel The latest move downside brought EOS close to retesting the support of an Ascending Channel. While the lower trendline certainly capped the price from falling further downward, the negative sentiment arising from the Weiss report could weaken it in the near-term. The bearish case prompts EOS to retest to close below the Channel Support and target 304-342 sats area as an accumulation range. In the event of a breakdown, traders could extend their short position towards 284 sats while keeping a stop loss above the level at which they had entered the trade. EOS is trending inside an ascending channel | Source: TradingView.com, Coinbase On the other hand, the price has not failed to reach the upper levels so far. A pullback action from Channel support could push EOS back towards the Channel resistance. Traders with low-risk appetite could use the bounce-back as an opportunity to open a fresh long position 405 sats. Meanwhile, they could minimize risks by maintaining a stop-loss order just below the Channel support. A Consideration From a fundamental point of view, investors who were bullish on EOS might find it hard to digest its centralization issues. The sentiment could prompt some to switch their positions for tokens with more attractive opportunities. Such a scenario could suit the breakdown scenario as discussed above. Meanwhile, traders can look to accumulate EOS ahead of the launch of Voice. EOS creator Block.One on Thursday announced that it would launch the EOS-based social media platform on February 14. While the announcement did not help neutralize trading sentiments immediately, traders can still speculate on the Voice launch to make interim profits. One could watch out for a reversal from Channel resistance – a sign that traders are processing the Voice news – and place his/her upside positions. EOS Price Hit after Getting a C- in Decentralization by Weiss was last modified: December 9th, 2019 by Yashu GolaThe post EOS Price Hit after Getting a C- in Decentralization by Weiss appeared first on NewsBTC.
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