What is Nerve Network (NVT) ?
Nerve Network (NVT) is a decentralized digital asset maintenance network, a collection of internet-connected interoperability protocols based on NULS microservices and developed using the NULS ChainBox chain builder. Nerve Network aims to create an interoperable network of interoperable inter-network assets and provides all the basic support for the Defi application ecosystem. Nerve Network provides truly secure, free and transparent Defi application services for digital asset owners.
How Nerve Network works
NerveNetwork can provide the new Lightning smart network for major digital assets like BTC. Bitcoin has long confirmation times and high transfer fees. Nerve Network can initiate transactions quickly with low processing fees and can perform second level validation on Nerve. Most major digital assets like BTC don't have smart contracts
By opening a closed loop of blockchains, major digital assets can quickly migrate to different blockchains of the NULS ecosystem, any blockchain is like a local network. The assets in a chain can only be traded in a closed loop. With NULS NerveNetwork, cross-chain transactions can be handled by configuring the cross-chain module so that the blockchain can connect to other blockchains (i.e. other types of LANs with network structures such as BTC/ETH). ).
The outstanding features of Nerve Network
NerveNetwork has three layers:
- Virtual banks are responsible for maintaining cross-chain assets, including creating and managing multiple accounts or smart contracts in parallel chains, creating and broadcasting asset transfers, and more.
- The virtual bank is selected from consensus nodes and 15 consensus nodes. with the largest deposit will be selected by default. Virtual bank manages multi-signature addresses on demand for smart contracts. The smart contract is signed by the user and the virtual bank.
- Consensus nodes are responsible for maintaining the blockchain. The Agree Button can be created with a deposit not less than 200,000 NVT and is not limited. The number of consensus nodes is fixed at 35 and the top 35 are selected based on their deposit to support the entire NerveNetwork.
Generic nodes are responsible for collecting transactions, blocking and validating transactions, and providing services to applications.
Switch to cross-chain assets (deposits):
- Users transfer BTC to a bitcoin chain multi-signature account managed by a virtual bank and fill in notes with their Nerve-ADDR address. The Nervemon virtual bank monitors Bitcoin network transactions, verifies confirmation numbers, prevents reverse attacks, collects coin generation transactions to NerveADDR users mapped addresses, and signs transactions. It then broadcasts transactions, collects 66% signatures from the virtual bank, packages the transaction into a block, and then updates the ledger. The user then has BTC assets in the Nerve ecosystem. The actual BTC assets on the Bitcoin network are guaranteed not to be used by the virtual bank.
Cross-chain asset withdrawal (withdrawal):
- The user collects the withdrawal transaction with the BTC-ADDR destination bitcoin address, signs and broadcasts the transaction. When the consensus node receives the transaction, it verifies the signature of the transaction and encapsulates the transaction into a block after confirmation. After a block is confirmed, each node collects a multi-signature transaction and broadcasts it to the Nerve network. When the number of signatures is sufficient, the transaction will be broadcast to the Bitcoinmain network and the bitcoins will be transferred to BTC-ADDR. from the Bitcoinmultisignature account. Then the transaction is completed.
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