New Kind of Network (NKN): Working, Current Price & Prediction
New Kind of Network (NKN) is revolutionising internet connectivity by facilitating sharing of network connectivity and utilising unused bandwidths. It aims to enhance peer-to-peer data transmission as well as connectivity. NKN is also planning to become a network for building decentralised applications (dApps), which users can use for peer-to-peer transactions. NKN’s infrastructure can be used to access decentralised internet. NKN offers robust services, and a large number of miners are working towards securing the network. Read on to know how NKN works, its benefits and how to buy NKN tokens.
What is NKN Crypto?
The New Kind of Network or NKN is an open-source, blockchain-based network which offers peer-to-peer connectivity. NKN helps in sharing network bandwidth and internet connectivity. This platform achieves this by integrating a wide range of proprietary protocols, including blockchain, data access systems and decentralised wallets.
NKN motivates users to avail idle bandwidths and share network connections by giving them an economic incentive. As a result, since its initiation, the New Kind of Network has seen rapid growth.
Who Created NKN?
NKN Crypto platform was co-founded by Yilun Zhang, Yanbo Li and Zheng “Bruce” Li in January 2018. Yanbo Li, who has previous experience working for companies like Siemens, Nokia and Qualcomm, is the present CEO of NKN. Zheng Bruce Li, who has extensive experience in the telecom sector, is the co-CEO of NKN. Last but not the least, Yilun Zhang, who has a PhD in Physics, is the CTO of NKN.
NKN was developed to be a unique blockchain network for building decentralised applications that would facilitate peer-to-peer data transmission and connectivity.
How does NKN Work?
NKN creates a unique ecosystem in the market by combining multiple protocols. To simplify data transmission, the protocol introduces decentralised chats, developers’ tools, wallets, remote access systems, etc. The different components of the NKN work in the following way:
1. NKN Coin
It is the native cryptocurrency of the New Kind of Network. To program a smart contract or execute or participate in any feature of the network, you must own NKN. It also acts as reward tokens for the users in the ecosystem.
2. nConnect
This protocol permits secure remote access that helps in protecting your data. Furthermore, the protocol is encrypted, which protects the private data of the users.
3. Global ID
This feature helps to streamline the entry of users into the NKN application. It offers a unique NKN address that simplifies finding applications and users in times of need.
4. nMobile
This feature helps to secure communications on the platform. It includes components like wallet integration, decentralised chat and solution utilisation. The wallet is non-custodial, making the security of the platform better.
5. NKN Consensus
The NKN network works as a Proof-of-Work hybrid blockchain. It also uses the Proof-of-Relay mechanism that improves data transmission and network connectivity.
6. dataRide
This feature offers a wide range of technical documentation and resources to simplify the creation of dApps. Usually, developers have access to dataRide. The developers also get access to already built modules and can create custom ones.
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What are the Benefits of NKN?
The users who join this platform can avail a number of benefits. It provides a lot of transparency. Being a decentralised open source code, it eliminates the requirement for a centralised server. As no intermediary is involved, the cost and complexity related to a blockchain network get reduced. Some of the other advantages of new kind of network or NKN are:
1. Expandable
The developers can leverage the network’s features to build new applications, as it is a decentralised open-source network. Any queries that the developers have can be answered by consulting the community. They can even use their favourite programming language to create dApps on the network. This network supports multiple types of applications that include edge-computing, AR/VR, optimised routing, loT, etc.
2. Rewards
Regular users win rewards for their contribution to the network. These economic rewards aid the expansion of the network. By sharing bandwidth and connectivity, users can earn a surplus income. These rewards are in the form of NKN tokens.
3. Scalable
One of the benefits of the New Kind of Network is scalability. Due to its technical structure, the platform is highly scalable. It can support a huge number of consensus nodes. The throughput of the network increases as new nodes are added.
How to Buy NKN?
In India, we can buy NKN from crypto exchanges like WazirX, Binance, gate.io, Kucoin, etc. However, it will not take more than 15 minutes to buy NKN crypto. The things that you would need are:
- Smartphone or computer
- Internet connectivity
- Photo ID
- Mode of payment
The steps to buying NKN coins are as follows:
- Step 1: Before buying NKN tokens, you must compare the features like transaction fees, customer support and ease of use that different crypto exchanges offer.
- Step 2: Create your account in the exchange of your choice. You will be required to offer your details for verification.
- Step 3: Once your account is verified, search “NKN” in the search bar of the platform.
- Step 4: Choose the currency that you wish to use for buying NKN. Enter the amount of NKN tokens that you wish to purchase.
- Step 5: Click on ‘Buy’ to confirm your payment. After successful confirmation, the NKN tokens that you bought will be transferred to the custodial wallet of the exchange platform.
Price of NKN
Currently, the price of NKN coins is hovering around $0.10 to $0.11. Currently, it is 92.50% lower than the all-time highest price of $1.31.
NKN Price Prediction
According to the predictions, the minimum price value of NKN towards the end of 2022 might be around $0.35, and the maximum might reach approximately $0.40. The average would be something around $0.38. If we try to compare the NKN crypto price of the current year with the predicted price in 2023, it is expected to double according to the forecasts. NKN is predicted to show great potential and touch new heights in the year 2024.
Is NKN a Good Investment?
If you are planning to invest in crypto for the short term, the NKN cryptocurrency might be a good option for you. The services offered by the platform are robust, and a massive community of miners are working toward keeping the network secure. Investors can take advantage of short-term price fluctuations to gain substantial returns.
However, experts are not too hyped about NKN’s long-term plans. The cryptocurrency is not very promising if we compare it with the other altcoin offerings.
If you follow the NKN coin chart, it is evident that NKN is expected to offer modest returns. Investors are advised to do thorough research about the NKN ecosystem before going ahead with an investment.
Final Word
NKN is a promising crypto project which can solve the issue of unused data and improve network connectivity on a global scale. The New Kind of Network is offering a state-of-the-art platform to developers of decentralised apps. The dApps can improve peer-to-peer network connectivity, which will pose a challenge to all the telecom giants in the market.
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FAQs
The price of NKN might go up in the near future, even if it’s for a moderate amount. There is no guarantee as the crypto market is highly volatile. According to the predictions, there are no chances of NKN touching its all-time high price in this decade.
The current circulating supply of NKN tokens is 700,000,000. The developers of the platform are planning to launch more tokens if required. However, the maximum supply of the tokens has been capped at 1,000,000,000.
The New Kind of Network is one of the largest blockchain networks in the world. It has around 100,000 nodes all over the world. According to NKN’s official website, 99.9% of its nodes are run by community members.
Yes, NKN is a public blockchain network which is hosted on the Ethereum blockchain. This is why users of the NKN platform can easily buy NKN tokens by exchanging ETH.
A total of 14 confirmations are required for a block to be added to the blockchain of the NKN network. A transaction on the NKN network is considered unconfirmed till all 14 levels of confirmations are processed on the blockchain.
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.
Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.
This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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