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What is the New Kind of Network (NKN)?
The New Kind of Network (NKN) is a P2P blockchain that aims to make internet connectivity and speed more accessible to everyone.
The platform achieves this goal by combining several proprietary protocols, such as a decentralized wallet, blockchain, and data access platforms. The NKN has grown rapidly since its beginning.
The NKN network access protocol that leverages token economic incentives to encourage users to share excess network bandwidth.
NKN has developed a novel Majority Vote Cellular Automata consensus process, a Proof of Relay method in which a node’s anticipated payouts are determined by its network connectivity and data transmission power.
When forwarding data, a node validates its relay workload by appending a digital signature, which is subsequently accepted by the system via a consensus method.
The system will presumably be driven towards a low latency, high capacity data transmission network by the rivalry between nodes in the network.
Aside from mining and transaction fees, the NKN token could be utilized to buy bandwidth-based solutions in the NKN ecosystem
Who are the founders of the New Kind of Network (NKN)?
A.Wolfram and Whitfield are said to have founded the platform in January of 2018. However, NKN’s mainnet was launched later in 2019.
It’s also important to note that the NKN platform has approximately 25 thousand full consensus nodes, which is greater than Ethereum and Bitcoin, both of which are considerably more prominent and as a result, it’s become the world’s largest blockchain network in terms of full consensus nodes.
In an interview, NKN’s co-founder and co-CEO Bruce revealed that they offer financial incentives to encourage Internet users to share spare bandwidth and network connections.
He went on to give an example. “How can I share my under-utilized bandwidth and unused data with others in need and gain some rewards? I have a data package with 50Mbps and 8GB of data per month. Both in terms of technology and business approaches, NKN can help”.
What makes a New Kind of Network (NKN) unique?
- The new MOCA consensus method from NKN is horizontally scalable and can handle any volume of consensus nodes. More so than Bitcoin and Ethereum, the NKN mainnet can accommodate lakhs of complete consensus nodes.
- The combined speed of various routes can be used by nodes and clients. By connecting more NKN nodes to the network, the overall performance can be scaled horizontally.
- There is no need to construct or manage centralized servers because everything is a P2P. Eliminating the single point of failure and a centralized focus for cyberattacks or hackers, and also dramatically reducing complexity and expenses.
Problems NKN intends to solve
- Technical hurdles
By eliminating technical hurdles the network minimizes developer onboarding problems.
- No Responsiveness
Developers were also concerned about responsiveness. Data transmission latencies can make Dapps ineffective and cause them to behave unpredictably.
The implementation of proximity routing in The New Kind of Market alleviates these concerns. This method allows nodes and clients to make use of the combined speed of many routes to accelerate data transfer.
- Security
Data leaks are a significant risk addressed by the NKN. Data theft/ leaks have become more regular and massive in magnitude during the last five years.
To restrict hackers from accessing your data, the NKN uses unique security measures. Furthermore, the protocol is non-custodial, which means that your data is only saved on local devices.
How Many New Kind of Network (NKN) Coins?
NKN has a circulating supply of 700,000,000 NKN coins with the maximum supply being 1,000,000,000 NKN coins.
How does the New Kind of Network (NK?) Work?
The New Kind of Network mixes different protocols to form a one-of-a-kind market ecology.
The NKN is a hybrid Proof-of-Work (PoW) blockchain. The New Kind of Network advances the PoW concept by establishing a network infrastructure that is more decentralized, constantly growing, and self-organizing. The Proof-of-Relay technique is also used by NKN to ensure network connectivity and data transmission bandwidth.
The following are a few of the major components in the network.
- NKN
NKN serves as the network’s native cryptocurrency. To use any of the services, operate or programme smart contracts, and more, you’ll need to have NKN. The ecosystem’s reward token, NKN, is also quite important.
- The nConnect Protocol
This protocol provides safe remote access to individual files and data. To secure your privacy, the system uses encryption and the unchangeable characteristics of blockchain technology.
- The Mobile system
nMobile is yet another interesting feature. nMobile allows users to connect in an encrypted format. Furthermore, the Wallet is non-custodial, which contributes to the platform’s overall security.
- Global ID
The network’s Global ID functionality facilitates access to NKN apps and systems. The protocol uses a special NKN address to make it easy to locate people and apps when they’re needed the most.
- dataRide
DataRide is available to developers. This attribute offers a wealth of tools and technical documentation to help you create Dapps faster. There are several pre-built modules in this section, as well as the possibility to develop unique ones as required.
Conclusion
The importance of NKN’s open source is that it allows the community to come together. As a public blockchain, this is NKN’s most important feature.
The foundation of a blockchain is community consensus. The value of NKN, like that of Bitcoin, is based on its users and ecosystems. Open source is also a reflection of the NKN team’s self-assurance in terms of technology and community building.
The community may only publicly appreciate technologies that are open and transparent. Only the community understands the importance of NKN, and the project could take a long time.
The worth of NKN is influenced by a variety of variables. It was developed with a finite amount, much like all other cryptocurrencies. This means the government can’t generate inflation (currency depreciation) by cranking up the printing presses. Limited availability can cause a price increase.
For new investors who are thinking of investing in NKN, It’s a good idea to do some research before actually purchasing any cryptocurrency. This entails looking at the price history for periodic trends and signals that your investment’s price is more probable to climb than decline.
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