New Kind of Network (NKN) for Beginners: How it Works, Benefits and Price
29 October 2022
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 Cryptoplatform 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.
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:
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.
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.
Global ID: This feature helps to streamline the entry of users into the NKNapplication. It offers a unique NKN address that simplifies finding applications and users in times of need.
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.
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.
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.
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 benefits are:
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.
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.
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
Mode of payment
The steps to buying NKNcoins are as follows:
Step 1: Before buying NKNtokens, 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.
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.
Apart from crypto, you can also invest in Navi mutual funds with SIP starting at just Rs.500 per month. Download the Navi App now!
FAQs on New Kind of Network (NKN)
Q1. Will the price of NKN tokens go up?
Ans: 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.
Q2. How many NKN coins are there?
Ans: 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.
Q3. How big is the NKN network?
Ans: The New Kind of Networkis one of the largest blockchain networks in the world. It has around 100,000 nodes all over the world. According to NKN’sofficial website, 99.9% of its nodes are run by community members.
Q4. Is NKN on the Ethereum blockchain?
Ans: Yes, NKNis 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.
Q5. How many confirmations are required for NKN?
Ans: A total of 14 confirmations are required for a block to be added to the blockchain of the NKNnetwork. A transaction on the NKN network is considered unconfirmed till all 14 levels of confirmations are processed on the blockchain.
We are a diverse group of writers, editors and Subject Matter Experts striving to bring the most accurate, authentic and trustworthy finance and finance-related information to our readers. Our mission is to simplify jargon and industry lingo. We believe sharing knowledge through relatable content is a powerful medium to empower, guide and shape the mindset of a billion people of this country.
Kadena Blockchain Explained: Price Prediction and How to Buy KDA Coin
Kadena or KDA is a public blockchain network that is based on a braided, parallelised proof-of-work...Read More »
Liquidity Trap: Meaning, Causes and Indicators
The building block of Keynesian economics lies in its belief that spending components like consumpt...Read More »
Initial Coin Offering (ICO): Meaning, Types and How it Works
Initial coin offering (ICO) is the process of raising capital for a new crypto project. This event ...Read More »
Fantom (FTM) Network Crypto: How to Buy and Sell, Price and Advantages
Fantom is a smart contract blockchain network that is highly popular among developers of Decentrali...Read More »
Internet Computer Protocol (ICP): Price, Investment Benefits and Drawbacks
The Internet Computer Protocol (ICP) is a revolutionary innovation that was developed by the Dfinit...Read More »
What is GALA Crypto and How to Buy GALA Coins?
GALA is an Ethereum-based cryptocurrency that powers Gala Games, a play-to-earn gaming platform. Th...Read More »
What is Dent Crypto and How to Buy Dent Token
Mobile or broadband data has become a global necessity with the rising importance of the internet i...Read More »
Getting to Know Tron: How It Works, Benefits, Price and How to Buy
Tron is transforming the way content reaches the audience. This decentralised platform facilitates ...Read More »
Understanding REEF Crypto, Its Features, Price and How to Buy
In the world of cryptocurrencies, there has always been a push towards decentralisation. To achieve...Read More »
Polygon(MATIC) Meaning, How Does It Work, Benefits and Price Prediction
Polygon (MATIC) is a scaling solution for Ethereum, and MATIC is the name of the token that powers ...Read More »
DeFi (Decentralised Finance) in Crypto: Meaning, Types of DeFi Tokens and How to Buy Them
DeFi (Decentralised Finance) aims to integrate digital ledger technologies to phase out traditional...Read More »
What is the Avalanche Network and What is the AVAX Token?
Within a few years, Avalanche influenced the blockchain sector heavily. The ecosystem is proj...Read More »
Diwali 2022: Diwali Holidays – The Festival of Lights
The ‘Festival of Lights’ is one of the biggest and most anticipated festivals in India. This is...Read More »
Best Index Funds – Top 20 Index Funds in India
Index funds replicate the performance of a stock market index, such as the Sensex or Nifty 50 to ge...Read More »