What is NerveNetwork?

By NULS | Nerve | 12 Nov 2020

NerveNetwork is a multi-asset, open, and transparent value interaction platform that provides underlying support for the #DeFi application ecology. Based on the NULS micro-service framework & developed with NULS ChainBox.

Introduction to NerveNetwork

The aim of NerveNetwork is to develop a universal cross-chain blockchain that utilizes a cross-chain interaction protocol. A cross-chain blockchain enables independent blockchains to interoperate so that they can speak to one another because they are built in a standardized way. This is accomplished through the standard protocol conversion layer of Nerve.

A cross-chain interaction protocol can be developed to match the common or general interface standards so that more mainstream digital assets can be accessed. We added a protocol conversion module for communication with other blockchains. The blockchains with different structures can then be transformed into a set of common asset types so that information can be transferred between different blockchains. The asset types can then be identified by the cross-chain modules in the NULS ecosystem. Through the verification and upgrade of the virtual bank and consensus nodes, the Nerve cross-chain interaction protocol can be loaded.

This way the NerveNetwork can provide a new intelligent lightning network for mainstream digital assets such as BTC. Bitcoin has a long confirmation time and high transfer fees. Nerve can initiate fast transactions with low handling fees, and can realize second-level confirmation on Nerve. Most mainstream digital assets such as BTC do not have smart contracts. For example, Defi applications such as decentralized mortgage lending and decentralized exchanges cannot be implemented directly on their own chains. But with Nerve Network more application scenarios can be easily implemented.

By opening the closed loop of the blockchains, mainstream digital assets can be quickly transferred to the various blockchains of the NULS ecosystem. Any block chain is like a local area network. The assets on the chain can only circulate in a closed loop. With NULS NerveNetwork, cross-chain transactions can be processed by configuring the cross-chain module so that the blockchain can connect with other blockchains (i.e. other types of LANs with network structures, such as BTC/ETH).

NerveNetwork is a multi-asset, open, and transparent value interaction platform that provides underlying support for the Defi application ecology. Whereas when we deposit digital assets such as BTC in centralized platforms, such as exchanges, centralized financial wallets, etc., they can embezzle your assets at will. These platforms are a black box and cannot ensure the safety of their assets. On Nerve, a platform for asset transactions can be built, all data is open and transparent, and your assets are controlled by multi-signature through a cross-chain virtual bank to ensure asset security.

http://docs.nerve.network/zh/Guide/#nervenetwork%E7%9A%84%E6%84%8F%E4%B9%89

NerveNetwork consists of three layers:

The Virtual Bank is responsible for the maintenance of cross-chain assets including creating and managing multiple accounts or smart contracts in parallel chains, creating and broadcasting asset transfers out, etc. The virtual bank is selected from the consensus nodes, and the 15 consensus nodes with the largest amount of deposits will be selected by default. The virtual banks manage multi-signature addresses as required for smart contracts. The smart contract is signed by the user and by the virtual bank.
Consensus nodes are responsible for the maintenance of the blockchain. A consensus node can be created with a deposit which can’t be less than 200,000 NVT and is not capped. The number of consensus nodes is fixed at 35, and the top 35 nodes are selected based on their deposit to maintain the entire NerveNetwork.
Common Nodes are responsible for transaction collection, block and transaction verification, and providing services for applications.

Nerve is a decentralized digital asset service network, which is a set of cross-chain interactive protocols based on the NULS micro-service framework and developed with the NULS chain-building tool — ChainBox. It aims to break the status of the island of blockchain value, establish a cross-chain interoperable asset interaction network, and provide all the underlying support for the Defi application ecosystem. Letting digital asset holders enjoy truly secure, free and transparent Defi application services.