NKN (NKN), or New Kind of Network, is a blockchain-based, peer-to-peer network protocol that aims to address the limitations of centralised networks, such as security concerns and scalability issues. With a focus on decentralisation, NKN seeks to create an open-source network protocol for public blockchain-based peer-to-peer networks to share network bandwidth and internet connectivity. The NKN cryptocurrency is native to the NKN network and has a maximum supply of 1,000,000,000 tokens. As of April 2024, NKN is considered a very promising crypto with a strong team and a lot of expertise. However, investing in cryptocurrency is a risky endeavour and it is important to do your own research before making any investment decisions.
Characteristics | Values | |
---|---|---|
NKN Description | A network that focuses on creating a decentralized and open-source network protocol for public blockchain-based peer-to-peer (P2P) networks to share network bandwidth and internet connectivity | |
Founders | Yanbo Li, Bruce Li, and Yilun Zhang | |
Advisors | Stephen Wolfram, creator of Mathematica and Wolfram | Alpha, and Whitfield Diffie, inventor of public-key cryptography |
Main Objective | Address the challenges faced by today's internet, such as centralization, scalability issues, and security concerns | |
Notable Use Cases | Content Delivery system (contract with Chinese video giant iQIYI); Edge computing (contract with China Mobile); D-chat (secure messaging app); nShell (secure remote terminal access) | |
Maximum Supply | 1,000,000,000 tokens | |
Circulating Supply | 774,887,897.07 (as of 21 June 2024) | |
NKN Price (as of 24 September 2024) | $0.081736 USD | |
24-hour Trading Volume | $8,176,172 USD | |
CoinMarketCap Ranking | #486 | |
Live Market Cap | $63,661,627 USD | |
Notable Exchanges | Binance, BTCC, Bybit, Hotcoin, and BYDFi | |
Price Prediction for 2024 | Expected to reach $0.16506781214508798, according to some experts; PricePrediction.net predicts an upturn towards $0.0822, and TradingBeast predicts ~$0.129 by the year's end |
What You'll Learn
NKN's price history and future predictions
NKN, or New Kind of Network, is a blockchain-based peer-to-peer network that aims to address issues of centralization, scalability, and security faced by the current internet. The NKN coin is the native token of the NKN network, with a maximum supply of 1,000,000,000 tokens. NKN has had a volatile price history since its launch, with its price reaching an all-time high of $1.48 in April 2021 during the crypto bull run. However, it experienced a correction shortly after and ended the year below $0.4.
In 2022, NKN faced a challenging market environment and regulatory pressure, causing its price to fall below $0.2 by mid-year. The coin traded around $0.18 in Q3, and November 2022 was particularly devastating, with NKN prices tanking to $0.14.
Entering 2023, NKN made modest recoveries, touching $0.138 in February and $0.139 in June, bolstered by strategic partnerships and technological upgrades. As of September 2023, NKN is trading at its 2018 price levels, with a live market capitalization of $63,926,153 and a 24-hour trading volume of $2,316,801 USD.
Now, let's look at some future predictions for NKN's price:
- According to Cryptopolitan, NKN is expected to have a maximum price of $0.12 in 2023, $0.18 in 2024, $0.26 in 2025, and $0.37 in 2026.
- CoinCodex predicts that NKN's price will rise by 65.23% and reach $0.131303 by October 23, 2024.
- DigitalCoinPrice forecasts that NKN will be on an ascending trajectory over the next decade, with average prices of $0.17 in 2023, $0.29 in 2025, $0.87 in 2030, and $1.62 in 2032.
- Cryptonewsz's NKN price prediction for 2024 suggests a minimum price of $0.10 and a maximum price of $0.29, with an average price of $0.195.
- Wallet Investor considers NKN a suboptimal choice for long-term investment, projecting a depreciation to $0.0116 in one year and an 87.625% devaluation over the next five years.
It is important to note that these predictions are speculative and subject to change due to the volatile nature of the cryptocurrency market. Investors should always conduct their own research and carefully consider their risk tolerance before investing.
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The New Kind of Network's unique selling points
The New Kind of Network (NKN) is a unique cryptocurrency with several selling points that set it apart from other crypto projects. Here are some of its key unique selling points:
Decentralization and Open-Source Protocol
NKN is a decentralized, open-source network protocol for public blockchain-based peer-to-peer (P2P) networks. It aims to address the challenges of centralization, scalability, and security faced by the current internet infrastructure. By creating a decentralized network, NKN enhances data transmission and connectivity, making it more efficient and secure.
Proof-of-Relay (PoR) Mechanism
NKN utilizes a unique consensus mechanism called Proof-of-Relay (PoR), also known as "useful Proof-of-Work". Unlike traditional proof-of-work (PoW) mechanisms, PoR rewards miners for relaying real-world data along the network. This means that participants are incentivized to contribute to the blockchain network by sharing their connectivity and bandwidth, receiving rewards in return.
Global Accessibility and Unrestricted Internet
NKN was created to provide a new type of unrestricted Internet network that can be globally accessible. Similar to how Bitcoin does not depend on banks or institutions for transaction validation, NKN aims to enable the global transfer of data without relying on big telecommunication monopolies. This approach addresses issues such as inefficient bandwidth usage, government censorship, and invasion of user privacy.
Scalability and Security
NKN's main objectives include decentralizing internet infrastructure, improving scalability, and enhancing network security. By harnessing the collective power of the community, NKN seeks to create a cost-effective platform for decentralized applications. Its consensus algorithm, based on Cellular Automata, enables system-level convergence with a simple local majority rule, allowing for scalability to arbitrary numbers of equal consensus nodes.
Real-World Use Cases
NKN has several notable use cases, including a content delivery system with Chinese video giant iQIYI, edge computing with China Mobile, a secure messaging app called D-chat, and nShell for secure remote terminal access. These real-world applications demonstrate the practical value and potential of the NKN network.
In summary, NKN's unique selling points revolve around its decentralized nature, innovative consensus mechanism, global accessibility goals, and enhanced scalability and security. These features, combined with its experienced team and growing network, make NKN an interesting project in the crypto space.
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The team behind NKN
NKN has attracted notable advisors to its team, including Whitfield Diffie, the inventor of public-key cryptography. Diffie joined the team in March 2019. Another key advisor is Stephen Wolfram, the creator of Mathematica and Wolfram|Alpha, as well as the founder and CEO of Wolfram Research.
The company's community also includes a dedicated group of technology enthusiasts and geeks who share the vision of building a better and more decentralized internet. NKN's code is available in multiple programming languages, making it accessible and easy to adopt for developers.
NKN aims to address the challenges faced by today's internet, such as centralization, scalability, and security concerns. It utilizes a novel public blockchain and economic incentives to motivate users to share network connections and unused bandwidth. The network always seeks the most optimal route to its destination, ensuring fast and efficient data transmission.
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How to buy NKN
NKN (NKN), or New Kind of Network, is a decentralized, open-source network protocol that operates on a public blockchain-based peer-to-peer (P2P) network. It aims to address the challenges faced by the current internet, such as centralization, scalability issues, and security concerns.
NKN can be purchased on various centralized exchanges, including:
- Binance: One of the largest and most popular cryptocurrency exchanges, offering a wide range of features and cryptocurrencies to trade.
- Coinbase: A secure and user-friendly platform that provides an intuitive interface for beginners and advanced traders.
- KuCoin: A fast-growing exchange that offers a simple buying process and a wide range of cryptocurrencies.
- Bittrex: A US-based exchange known for its focus on security and compliance, offering a variety of cryptocurrencies.
- Huobi: A global cryptocurrency exchange with a large user base, providing a comprehensive platform for trading various digital assets.
- Gate.io: A reliable exchange with a user-friendly interface, offering a smooth trading experience and a variety of cryptocurrencies.
- Bitget: A rapidly growing exchange that provides a simple and intuitive platform for buying and selling cryptocurrencies.
- Crypto.com: A popular platform that offers a range of features, including crypto trading, NFT marketplace, and crypto-funded debit cards.
- BTCC: A well-established exchange, offering a secure and user-friendly platform for trading cryptocurrencies.
- Bybit: A cryptocurrency derivatives exchange that provides a range of trading options, including futures and perpetual contracts.
- Hotcoin: A global digital asset trading platform, offering a comprehensive suite of products and services for crypto enthusiasts.
- BYDFi: A decentralized exchange that allows users to trade cryptocurrencies directly with each other without an intermediary.
To buy NKN, follow these general steps:
- Sign up for an account on one of the above exchanges. You will need to provide personal information and verify your identity.
- Fund your account by depositing fiat currency (e.g., USD, EUR) or other cryptocurrencies.
- Once your account is funded, search for the "NKN/USD" or "NKN/BTC" trading pair, depending on the exchange.
- Choose your desired order type (market or limit order) and enter the amount of NKN you want to buy.
- Review the order details and confirm the transaction.
- Your NKN tokens will now be credited to your exchange wallet. If you prefer to hold your tokens in a private wallet, you can withdraw them from the exchange to your personal crypto wallet.
Remember to always do your own research, carefully evaluate the risks, and consider the volatility of the cryptocurrency market before investing.
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The pros and cons of investing in NKN
Pros
- NKN is a serious project with a strong team behind it, including founders with backgrounds in networking software and blockchain technology.
- It has a large number of active nodes located worldwide.
- It has a maximum supply of 1,000,000,000 tokens, with 754,831,362 NKN in circulation as of 2024.
- It has a unique consensus mechanism called "Proof of Relay" (PoR), which rewards participants for contributing to the blockchain network by sharing their connectivity and bandwidth.
- It is listed on various centralized exchanges such as Binance, Coinbase, and Crypto.com, making it easily accessible to investors.
- It has a relatively low price, which may make it attractive to investors looking for a low-cost entry point into the crypto market.
- It has a strong use case as a decentralized and open-source network protocol for public blockchain-based peer-to-peer networks, addressing challenges such as centralization, scalability, and security.
- It has notable use cases, including a content delivery system with Chinese video giant iQIYI and edge computing with China Mobile.
- It has a global addressing scheme that enables direct peer-to-peer communication without centralized servers.
- NKN is lightweight, allowing full nodes to run on minimal hardware.
- It has a high aggregate speed, allowing nodes and clients to utilize the aggregate speed of multiple routes.
- It is fully peer-to-peer and decentralized, reducing complexity and cost while removing a single point of failure.
Cons
- NKN is a highly volatile investment, with its price fluctuating depending on supply and demand.
- It is a relatively small cryptocurrency, ranked #486 by CoinMarketCap as of 2024, which may make it more susceptible to price manipulation and liquidity issues.
- It has a limited number of use cases and partnerships compared to more established cryptocurrencies.
- It faces competition from other projects in the blockchain and peer-to-peer networking space, which may impact its ability to capture market share.
- It is a relatively new project, founded in 2018, which may make it riskier than investing in more established cryptocurrencies.
- It has a limited track record, with its price history only dating back to 2018, making it difficult to predict its long-term price performance.
- It is subject to the same risks as other cryptocurrencies, including regulatory changes, security breaches, and market sentiment.
- It may be challenging to directly purchase NKN with fiat currency, requiring the use of intermediary cryptocurrencies such as Ethereum or Bitcoin.
- It is not immune to the risk of computer hacking and scams, which are prevalent in the cryptocurrency environment.
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Frequently asked questions
NKN, or New Kind of Network, is a network protocol for public blockchain-based peer-to-peer networks to share network bandwidth and internet connectivity. It aims to address issues like centralization, scalability, and security faced by today's internet.
NKN has a few unique features. It uses a consensus algorithm based on Cellular Automata, enabling system-level convergence with a simple local majority rule. It also employs a global addressing scheme to enable direct peer-to-peer communication without centralized servers.
NKN has been described as a very promising crypto with a strong team and a lot of expertise. It has a growing number of active nodes worldwide and has successfully completed numerous transactions. NKN's price has been volatile but is expected to increase in the long term. However, investing in any cryptocurrency carries risks, and it's essential to do your research before investing.
As of September 2024, the live NKN price is around $0.081736 USD, with a 24-hour trading volume of $8,176,172 USD. The price has been volatile, with surges and declines, but it is expected to grow in the future.
NKN can be purchased on several centralized exchanges, including Binance, Coinbase, KuCoin, Bittrex, Huobi, Gate.io, Bitget, and Crypto.com.