What is New Kind of Network (NKN)?

In an era where the internet is increasingly dominated by centralized giants and growing concerns over data privacy, security, and scalability, New Kind of Network (NKN) enters the scene as a refreshing and innovative blockchain-based solution. 

So, what is New Kind of Network (NKN) and why is it gaining attention in the crypto space? This article breaks down the core of NKN, its technology, goals, market performance, and future potential.

What is New Kind of Network (NKN)?

New Kind of Network (NKN) is a decentralized and open-source protocol that reimagines how peer-to-peer (P2P) communication and internet sharing can be more secure, efficient, and censorship-resistant. 

Essentially, NKN allows users to share their network bandwidth and internet connectivity, creating a distributed and dynamic internet ecosystem.

The goal is simple yet ambitious, to decentralize internet infrastructure, enhance network scalability, and boost security, all while supporting a new wave of dApps.

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Creator of New Kind of Network (NKN)

New Kind of Network (NKN) was co-founded by Yanbo Li, Bruce Li, and Yilun Zhang, a trio with strong roots in networking and blockchain technologies. 

They’re supported by high-profile advisors, including:

- Stephen Wolfram, creator of Mathematica and Wolfram|Alpha

- Whitfield Diffie, one of the inventors of public-key cryptography

This strong technical backing gives NKN a solid foundation to achieve its ambitious goals.

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Uniqueness of New Kind of Network (NKN)

New Kind of Network (NKN) is not just another blockchain protocol. It’s packed with features that set it apart from traditional internet infrastructure projects:

1. Decentralized Node Network

Since the launch of its mainnet in July 2019, NKN has built a network of up to 25,000 full consensus nodes, making it one of the most decentralized networks in the world. These nodes help maintain the health, security, and functionality of the entire ecosystem.

2. Real-World Use Cases

NKN is already making waves with real-world applications:

- Content Delivery: Partnered with Chinese streaming giant iQIYI.

- Edge Computing: Collaboration with China Mobile.

- D-chat: A decentralized and secure messaging app.

- nShell: A tool for secure, remote terminal access.

These use cases show that NKN isn’t just theory, it’s being put to work in serious business scenarios.

3. Scalable Consensus with Cellular Automata

Unlike traditional consensus mechanisms, NKN uses Cellular Automata, where simple local decisions lead to fast global convergence. This allows the system to scale seamlessly, even with a massive number of nodes.

4. Peer-to-Peer Communication Without Servers

NKN uses public keys as global addresses. This enables direct peer-to-peer messaging without the need for central servers. For routing, it uses the Chord Distributed Hash Table (DHT) system, allowing efficient message delivery.

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Tokenomics of New Kind of Network (NKN)

The NKN token powers the network, incentivizing users who contribute bandwidth or relay data. Here's a snapshot of the token’s supply metrics based on recent data.

Market Cap: $22.58 million

24h Volume: $39.3 million

Fully Diluted Valuation (FDV): $28.69 million

Circulating Supply: 786.84 million NKN

Max Supply: 1 billion NKN

With over 75% of tokens already in circulation, New Kind of Network (NKN) shows strong community distribution.

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New Kind of Network (NKN) Current Price and Performance

New Kind of Network (NKN) has seen its ups and downs in the market, but continues to hold attention for its potential utility:

As of now:

Current Price: $0.02869

24h Change: -13.51%

All-Time High: $1.48 (April 10, 2021)

All-Time Low: $0.006411 (March 13, 2020)

This means the token is still 98% below its ATH, offering potential upside for long-term believers, especially given the strong fundamentals.

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How is the New Kind of Network (NKN) Secured?

Instead of using traditional Proof-of-Work like Bitcoin, New Kind of Network (NKN) uses a method called Proof-of-Relay (PoR), also known as “useful Proof-of-Work”. 

In this system:

- Miners are rewarded for relaying actual data, not just solving cryptographic puzzles.

- This promotes useful participation, improving overall network efficiency and scalability.

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Why New Kind of Network (NKN) Matters

The shift to Web3 and decentralized applications requires robust, scalable, and censorship-resistant internet infrastructure. 

New Kind of Network (NKN) is one of the few projects focusing on that exact niche. It’s not trying to replace the internet but to upgrade its underlying fabric using blockchain and decentralization principles.

If successful, NKN could power everything from decentralized video platforms to secure chat apps and even next-gen IoT networks.

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Conclusion

New Kind of Network (NKN) is an innovative project trying to tackle some of the internet’s deepest flaws, centralization, inefficiency, and security. Backed by a skilled team and proven use cases, it’s one of the most unique projects in the blockchain ecosystem.

With a relatively low market cap, high node count, and ongoing partnerships, NKN might be worth watching, especially for those interested in infrastructure-level blockchain projects.

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FAQ

What is NKN used for?

NKN enables users to share bandwidth and internet connectivity in a decentralized way. It also powers apps like secure messaging (D-chat), content delivery (iQIYI), and edge computing.

How is NKN different from traditional internet providers?

NKN doesn’t rely on centralized servers. Instead, it uses blockchain to connect devices directly in a peer-to-peer network.

Is NKN a good investment?

While this isn’t financial advice, NKN is still far from its all-time high and offers real-world utility, making it an interesting project to explore for tech-savvy investors.

Where can I buy NKN?

NKN is available on major exchanges such as Binance, KuCoin, and Gate.io.

How can I earn NKN?

By contributing bandwidth or relaying data through the NKN node software, users can earn tokens via the Proof-of-Relay mechanism.