Everything To Know About NKN (New Kind of Network)

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What is NKN?

NKN

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.

How does NKN Work?

NKN Coin is the native token of the New Kind of Network, an open-source protocol for public Blockchain-based peer-to-peer Networks to share network bandwidth and internet connection. Project launched in January 2018, Mathematica and Wolfram | It includes Stephen Wolfram, the creator of Alpha, and Whitfield Diffie, the inventor of public-key cryptography, as consultants. Besides that, NKN Mainnet was launched in July 2019 and has up to 25,000 full consensus nodes.

NKN includes dataRide, a Platform as a Service product, and SDKs for developing dApps. NKN itself has already launched several dApps such as nMobile (an encrypted secure mobile wallet and chat app), nCDN (a crowdsourced service for content distribution), or D-chat (serverless, secure and private chat). The blockchain that underpins NKN is based on the Proof-of-Work (PoW) consensus mechanism.

NKN is a P2P networking protocol that uses tokenized economic incentives to motivate users to share unused bandwidth on the network connection. NKN coin is the native cryptocurrency of the NKN platform.

History of NKN.

NKN outlines three pieces of infrastructure needed to implement Web3 – computing, storage, and networking. Various blockchains like Etherreum are tackling decentralized computing while decentralized storage is being tackled by Filecoin, Arweave, Sia, and more. NKN aims to facilitate the development of decentralized networking. Data communication is a 1.4 trillion dollar business per year.

NKN is one of the largest blockchain networks by full consensus node count, with over 100,000 nodes around the world. Further, NKN states that 99.9% of the nodes are run by community members and powered by mining incentives. Less than 0.1% of nodes are owned by the project team for testing purposes. Built on top of the NKN’s peer-to-peer network infrastructure layer are several applications such as nMobile (secure private chat), nConnect (secure remote access), and Surge (private p2p file sharing).

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