Nervos CKB, known for its secure and versatile blockchain platform, has announced the launch of a new initiative called Fiber Network. This next-generation open lightning network aims to enhance blockchain transactions. It will offer decentralized, low-cost, and rapid multi-currency payouts and peer-to-peer transfers for RGB++ assets.
The Fiber Network, which is expected to go live for testing next week, is a common lightning network based on Nervos CKB and off-chain channels. It is aimed at offering fast, cheap, and more importantly, a decentralized solution for multiple token payments and other transactions. Just like the Bitcoin Lightning Network, the Fiber Network network operates as an off-chain Layer 2 scaling solution that enhances speed and decreases costs while maintaining security and decentralization.
Nervos CKB’s Fiber Network to Enhance Blockchain Performance
Fiber Network can support any RGB++ asset, such as tokens that are natively issued on the CKB blockchain. Some parts of its architecture are off-chain payment channels, on-chain contracts, multi-hop routing, and monitoring. The first incarnation of Fiber Network, created by the authors, defines basic operations such as channel creation, updating, and closing between two nodes. It has also successfully implemented and verified cross-chain capabilities with the Bitcoin Lightning Network.
Fiber Network was discussed in a blog post published by Nervos CKB. They noted that blockchain is no longer restricted to payments as the technology has grown and developed over time beyond Bitcoin, with newer use cases in smart contracts, NFTs, and DeFi.
However, with the existing models of blockchains such as that of Bitcoin and Ethereum, there are several issues concerning the speed of transactions and scalability. Bitcoin can handle just seven transactions per second with high fees during busy periods, and Ethereum also suffers from similar problems, extremely high costs during congested hours, and long wait times for confirmation.
As for the solutions, Fiber Network will scale better, involve smaller transfer fees, and accommodate multiple assets and combined networks. The new project of Nervos CKB aims to address the drawbacks of typical blockchains and improve the overall performance of blockchain transactions.
