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The New Kind of Network (NKN) is a public blockchain designed to facilitate the sharing of internet connectivity and network bandwidth. The platform accomplishes this task through the integration of a variety of proprietary protocols including a decentralized wallet, blockchain, and data access systems. Since its inception, the New Kind of Network has seen rapid expansion.
Today, the network operates as one of the largest in the world. The network currently hosts +73,000 active nodes located across 71 countries. The blockchain has successfully completed 10,416,387 transactions over 2,880,024 blocks. Here are some of the reasons why the New Kind of Network continues to expand.
What Problems Does New Kind of Network (NKN) Solve?
Another major concern for developers was responsiveness. Delays in data transmission can make Dapps unusable and act erratically. The New Kind of Market reduces these issues through the introduction of proximity routing. This strategy enables nodes and clients to leverage the aggregated speed of several routes to speed up data transmission.
Another major concern that the New Kind of Market addresses is data breaches. Over the last five years, data breaches have become more common and larger in scale. The New Kind of Network incorporates end-to-end and hop-by-hop encryption without Public Key Infrastructure or 3rd party certificates to prevent hackers from accessing your data. Additionally, the protocol operates in a non-custodial manner meaning that your data is stored only in the local devices.
Benefits of New Kind of Network (NKN)
There are a variety of benefits that New Kind of Network users gain when they join the platform. For one, the protocol provides a high level of transparency. The network operates as a decentralized open-source code that eliminates the need for centralized servers. The removal of all middlemen from the equation reduces costs and the complexity of transactions.
Regular users gain rewards for their network contributions. These economic incentives help to keep the community in unison and the network continually expanding. Anyone can secure a passive income simply by sharing their connectivity and bandwidth. Notably, rewards are paid out in the platform’s utility token NKN.
One of the biggest advantages of the New Kind of Network is its scalability. The platform is infinitely scalable due to its technical structure. It can support an arbitrary number of consensus nodes into the millions. The throughput of the network only increases with the addition of new nodes.
The New Kind of Network was built on top of the NKN blockchain. This open-source decentralized network enables developers to build applications leveraging the network’s features. Developers can utilize their favorite programming languages when creating Dapps on the New Kind of Network. They can also find all the answers to their questions by consulting the community. Impressively, the network supports all application types including AR/VR, IoT, edge computing, real-time 3D gaming, and optimized routing.
How Does Kind of Network (NKN) Work
The New Kind of Network combines multiple protocols to create a unique ecosystem in the market. The protocol introduces a remote access system, decentralized chat, wallet, developers tools, and more to accomplish its goal to simplify and incentivize data transmission. Here’s how these components fit into the big picture.
The nConnect protocol enables secure remote access to your private data and personal files. The system leverages encryption and the immutable nature of the blockchain tech to protect your data.
Another cool feature is nMobile. This system includes multiple components such as a decentralized chat, wallet integration, and solution utilization. You can communicate in a secure manner using nMobile. Additionally, the Wallet is non-custodial which helps to improve the overall security of the platform.
Developers gain access to dataRide. This feature provides a plethora of resources and technical documentation to streamline Dapp creation. This section also includes some already built modules and the ability to create custom ones when needed.
The Global ID feature of the network helps to streamline entrance into New Kind of Network applications and systems. The protocol incorperates a unique NKN address to make it simple to find users and applications when you need them most.
NKN is the native cryptocurrency for the network. You will need to hold NKN to participate in any of the features, execute or program smart contracts, and more. NKN also plays a vital role as the rewards token for the ecosystem.
Network (NKN) Consensus
The New Kind of Network operates as a hybrid Proof-of-Work (PoW) blockchain. The New Kind of Network expands on the PoW concept by creating a more decentralized, dynamically evolving, self-organizing, network infrastructure. NKN also uses the Proof-of-Relay mechanism to guarantee network connectivity and data transmission capacity.
History of New Kind of Network (NKN)
The New Kind of Network was founded in January 2018 and operates out of Silicon Valley, San Francisco. Its Founders, Yanbo Li, Yilun Zhang, Zheng Li, wanted to create a better blockchain for data transmission. As part of this strategy, the developers combined the best elements of traditional data center-focused content delivery and decentralized P2P CDNs for web acceleration and caching.
How to Buy New Kind of Network (NKN)
New Kind of Network (NKN) is available for purchase on the following exchanges.
Binance – Best for Australia, Canada, Singapore, UK and most of the world. USA residents are prohibited from buying NKN. Use Discount Code: EE59L0QP for 10% cashback off all trading fees.
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens. This exchange currently accepts International & United States residents.
WazirX – This exchange is part of the Binance Group, which ensures a high standard of quality. It is the best exchange for residents of India.
A New Kind of Network (NKN) – An Improved User Experience
The development team behind the New Kind of Network managed to combine some of the top features in the sector to produce a more responsive and secure alternative. The near-infinite scalability and improved responsiveness of the network have helped to cement the protocol in the market. Today, the New Kind of Network serves as a valuable option to those seeking to create or host Dapps that require linear scalability.
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