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NKN

NKN

4.3

Price
$0.0924
9/24/2022, 4:20:07 PM
diamondHands

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Market

Market stats

Market cap

$64.9M

Volume (24h)

$4.1M

Circulating supply

700.0M NKN

Typical hold time

11 days

Popularity

#123

All time high

$1.48

Price change (1h)

+0.48%

Price change (24h)

-0.75%

Price change (7d)

-2.43%

Trading activity

83% Buy0% Buy
17% Sell100% Sell

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NKN is on the decline this week.

The price of NKN has fallen by 2.43% in the past 7 days. The price declined by 0.75% in the last 24 hours. In just the past hour, the price grew by 0.48%. The current price is $0.0924 per NKN. NKN is 93.76% below the all time high of $1.48.

The current circulating supply is 700,000,000 NKN.

About

New Kind of Network (NKN) is a public blockchain that aims to use economic incentives to motivate Internet users to share network connections and utilize unused bandwidth. NKN aims to be a network for building decentralized applications in a way that enhances peer-to-peer data transmission and connectivity.

What Is NKN?

NKN is a new type of peer-to-peer network connectivity protocol. This ecosystem is powered by a novel public blockchain. NKN uses economic incentives to encourage internet users to share network connections and utilize idle bandwidth. In simpler words, NKN provides an infrastructure for a decentralized internet with no intermediary involved.

According to the whitepaper, the internet is gradually losing its spirit and original vision. For example, spectrum and bandwidth have been underutilized, information is fragmented, and there is a lack of privacy protection. All these drawbacks signal that the network needs reform. Moreover, existing solutions are not appropriate for next-generation blockchain systems, as they utilize a centralized approach to improve efficiency. These solutions sacrifice the scalability of the network to speed up consensus. 

To overcome these issues, NKN offers a completely decentralized and peer-to-peer network having no need to develop and run centralized servers. NKN works without making direct use of an IP address. Data is solely kept on the local device, ensuring a high level of privacy and security. Consequently, the NKN network offers improved efficiency, sustainability, and safety for society. It significantly reduces the costs and complexity, as well as eliminates the centralized target for attacks or hacking. Also, from a developer standpoint, it is comparatively easier and less expensive to develop on NKN’s network than the traditional approach. In addition, NKN supports all types of applications and helps people discover and search for applications and services.

Other prominent features offered by NKN include nMobile and nConnect. With nMobile, NKN provides a one-stop solution for decentralized chat and wallet integration. Also, it removes the possibility of security breaches by providing decentralized servers. Similarly, with nConnect, NKN offers a unique remote-access solution. This feature enables users to access their private data and files with just one click.

NKN token is the native utility token of the platform and can be used for a variety of purposes on the network. The distributed network is powered by the NKN token. Moreover, the NKN token works as a self-incentivized digital asset that secures the network.

History of NKN

The NKN platform was introduced in 2018 by cofounders Yanbo Li, Yilun Zhang, and Zheng “Bruce” Li. The whitepaper was published on March 13, 2018. However, the NKN mainnet was launched in July 2019.

Yanbo Li handles the position of CEO at NKN and has several years of experience working for companies like Nokia, Siemens, and Qualcomm.

Likewise, Yilun Zhang is CTO at NKN. He completed his PhD in physics from the University of California San Diego. 

Moreover, Zheng “Bruce” Li is co-CEO at NKN and has vast experience in the telecoms sector. He also held several managerial positions at Google, Nortel, Nokia, etc.

How Are New NKN Tokens Created?

NKN uses a mechanism known as “proof of relay” (PoR). The mechanism may also be referred to as “useful proof of work.” This differs from the traditional proof of work in which miners are rewarded for verifying and securing the blockchain. In contrast, PoR rewards the miners for relaying the useful or real-world data over the network.

PoR is quite essential for the NKN network, as token rewards are directly linked to the amount of data being relayed. An ideal proof should fulfill the following conditions:

  • Verifiable: Anyone, whether or not participating in data transfer, can correctly validate the proof using just publicly available facts.

  • Unforgeable: No party can forge a valid proof with nontrivial probability unless they control all involved nodes (computers that connect to a cryptocurrency network).

  • Untamperable: No party can modify a valid proof with nontrivial probability unless they control all involved nodes.

How Many NKN Tokens Are There?

The maximum supply of NKN tokens is capped at 1 billion NKN.

How to Buy NKN Tokens

Users can buy NKN tokens at various cryptocurrency exchanges like Coinbase, an easy-to-use and secure platform

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Social

NKN on social media.

NKN was mentioned in 73 out of 1,542,865 social media posts on Twitter and Reddit on Sep 23, 2022. 54 unique individuals are talking about NKN and it is ranked #577 in most mentions and activity from collected posts.

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Key indicators

Contributors

54 people

Posts

73 posts

Dominance

0%

Volume rank

#577

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FAQ

What is the current price of NKN?

The price of 1 NKN currently costs $0.0924.

What is the market cap of NKN?

The current market cap of NKN is $64.89M. A high market cap implies that the asset is highly valued by the market.

What is the all time high of NKN?

The all-time high of NKN is $1.48. This all-time high is highest price paid for NKN since it was launched.

What is the 24 hour trading volume of NKN?

Over the last 24 hours, the trading volume of NKN is $4.05M.

What other assets are similar to NKN?

Assets that have a similar market cap to NKN include Adshares, MAGIC, Divi, and many others. To see a full list, see our comparable market cap assets.

How many NKN are there?

The current circulating supply of NKN is 700 million.

What is the typical holding time of NKN?

The median time that Coinbase customers hold NKN before selling it or sending it to another account or address is 11 days.

What is the relative popularity of NKN?

NKN ranks 73 among tradable assets on Coinbase. Popularity is currently based on relative market cap.

What is the current trading activity of NKN?

Currently, 83% of Coinbase users are buying NKN. In other words, 83% of Coinbase customers have increased their net position in NKN over the past 24 hours through trading.

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