The CKByte, or CKB for short, is the native token of Nervos Network. It is used to exchange value and incentivize the Common Knowledge Base, or Layer 1, of the Nervos Network.
CKB can be used as a secure store of value, like Bitcoin. It can also be a value token behind smart contracts, like ETH. It is also used to incentivize miners, and pay state rent when occupying space in the state of the blockchain.
Important to remember that 1 CKB = 1 byte of digital storage on the CKB blockchain!
The unique crypto-economics of Nervos are designed to capture value from all assets, such as tokens and NFTs, to increase the value of the CKByte. One CKByte token entitles the holder to one byte of data storage on Nervos. This includes the data used to represent tokens and NFTs on-chain. This increases the total value of the network, increasing the security and aligning the interests of users, miners, developers, and node operators alike.