What is Nova Network?
Nova Network is a open-source DAG programable smart contracts platform built for decentralised and enterprise-level applications, in one highly scalable ecosystem.
Nova Network is a open-source DAG programable smart contracts platform built for decentralised and enterprise-level applications, in one highly scalable ecosystem. Nova Network is home to digital money, decentralised infrastructure, and applications, ready and built to scale for global usage and adoption. It is compatible and interoperable with Ethereum and other EVM networks, and Solidity is natively compatible, making it easy and quick for Ethereum developers to build, deploy, or fork from existing open-source infrastructure built on other networks.
A noticeable difference between Nova Network and other decentralised networks is the structuring of our consensus protocol. It leverages on a novel concept named Hybrid Consensus Approach, and ensures decentralisation, quick finality, and high throughput, without compromising on scalability and energy efficiency.
Supernova - or SNT - is the native token of Nova Network. It is a low supply and scarce asset that is used to pay for usage fees, to secure our public ledgers, as a means of exchange, payment, and as a basic unit of account for applications and protocols.
Validators receive SNT as reward for sealing a block, and part of the usage fees users pay for submitting their transactions to the network's public ledger.
Nova Network has two official public ledgers, Nova Network (mainnet), and Nebula Testnet (testnet). Anyone can connect and use both public ledgers, and Nebula Testnet is a great place for developers to build and test their applications without any financial risk, as you can acquire the network's native token, Nebula X (NBX), for free.
Nova Network can also be deployed on a private and controlled environment, which is ideal for governmental, development, and enterprise-level applications. Our company also develops and maintains a full suite of applications that facilitate and promote the usage of Nova Network with privately controlled ledgers, that allows users to create and deploy a production blockchain with just a few clicks.
Nova Network leverages on the Ethereum Virtual Machine (EVM) for its smart contracts, and this means that its platforms, tokens, protocols, and dApps are compatible and interoperable with other networks that uses the same algorithm to calculate addresses, and EVM for smart contract compatibility. Some major examples of other networks that can be deemed compatible with Nova Network are Ethereum, Avalanche, Fantom Opera, and Binance Smart Chain.
Hybrid Consensus Approach, or HCA for short, is a novel structuring standard for decentralised infrastructure, which ensures speed, high throughput, and quick finality, without compromising security and decentralisation.
Nova Network can achieve finality in just a few seconds, with a block size on average 6x greater than most other blockchain networks. The structure we use to validate and seal blocks also strongly influences the blocks' mining time. This allows better management of difficulty and hashpower to achieve optimal performance and consistency.
The greater block size, aligned with our novel HCA mechanism, allows a consistent minimum of 95tps, and upwards of 1,000tps while processing raw transactions, compared to about 7tps on Bitcoin and 13tps on Ethereum (Eth1.0).
Nova Network leverages the Ethereum Virtual Machine (EVM) to offer smart contract functionality, meaning it is 100% compatible with any platform coded in Solidity and/or deployed on any other EVM, making it possible for developers to migrate over.
The transaction costs are minimal, and we have influence mechanisms to ensure it always remains this way.