2024

Nervos Network

Kevin

Bitcoin

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The CKB token of Nervos Network has rapidly soared by over 55% shortly after developers released RGB++, an extension protocol base designed to work with Bitcoin.
According to <a href="https://coinmarketcap.com/currencies/nervos-network/" target="_blank" rel="noopener noreferrer">data</a> from CoinMarketCap, <a href="https://crypto.news/tag/nervos-network/" target="_blank" rel="noopener noreferrer nofollow">Nervos Network</a>‘s CKB has experienced a noticeable surge of over 55% following the release of RGB++, an extension protocol designed to enhance compatibility with <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>. Over the past 24 hours, the trading volume of CKB increased by over 1,800% up to $116.4 million, data shows.
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 CKB price in USD | Source: CoinMarketCap
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This surge propelled the token to levels not seen since 2022. While the exact reason behind the pump remains unclear, the sudden spike coincides with the release of RGB++, an extension protocol built upon RGB (Really Good Bitcoin), which utilizes the <a href="https://crypto.news/tag/lightning-network/" target="_blank" rel="noopener noreferrer nofollow">Lightning Network</a> sidechain to tackle scalability challenges.
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 The RGB++ idea which makes use of a Bitcoin L2 as a RGB client is really intriguing. RGB derives from <a href="https://twitter.com/peterktodd?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@peterktodd</a>'s "Single-Use Seal", uses Bitcoin UTXO as seals and Bitcoin blockchain as a decentralized publication medium. What if we use L2 extended UTXOs (e.g. CKB cells) as… <a href="https://t.co/EtwlzrF7hE" target="_blank" rel="noopener noreferrer nofollow">https://t.co/EtwlzrF7hE</a>— Jan PoW↾⇃ (@busyforking) <a href="https://twitter.com/busyforking/status/1757265775977730309?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">February 13, 2024</a>
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According to a forum post, RGB++ addresses issues that were present in the previous iteration of RGB while introducing new functionalities, such as enhanced transaction verification methods. Additionally, the protocol aims to streamline processes like token airdrops.
You might also like: <a href="https://crypto.news/demand-for-btc-products-10-times-greater-than-supply-says-michael-saylor/" rel="noopener noreferrer nofollow"> Demand for BTC products 10 times greater than supply, says Michael Saylor </a>
CELL Studio, a blockchain software development firm focused on Bitcoin and Nervos Network ecosystems, <a href="https://x.com/ckbcell/status/1757253873646105031?s=20" target="_blank" rel="noopener noreferrer nofollow">hailed</a> the latest development as an “important step” towards mass adoption and sustainability within the Bitcoin community.
Founded in 2018 by Jan Xie, Kevin Wang, Terry Tai, Daniel Lv, and other industry veterans, Nervos Network is focused on a mission to tackle scalability and interoperability challenges within the blockchain ecosystem. The project is leveraging the CKB token, which appears to be serving multiple purposes such as transaction and storage fees, governance, and incentive programs.
Read more: <a href="https://crypto.news/bitcoin-surges-past-50000-as-loss-holding-supply-dwindles-to-13-glassnode-says/" rel="noopener noreferrer nofollow"> Bitcoin surges past $50,000 as loss-holding supply dwindles to 13%, Glassnode says </a>

Nervos Network’s CKB up 56% amid launch of RGB++ client for Bitcoin

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