NKN price

FAQ About NKN

• What is NKN?

  NKN, which stands for New Kind of Network, is a decentralized and open-source network protocol built on a public blockchain, facilitating a peer-to-peer (P2P) network. It aims to tackle several problems with the existing internet infrastructure, including issues of centralization, scalability, and security. The main goal of NKN is to enable the sharing of network bandwidth and internet access among users. It employs a distinctive consensus mechanism based on Cellular Automata, allowing for system-level agreement through straightforward local majority rules. The native cryptocurrency of the NKN network is the NKN token, which has a capped supply of 1,000,000,000 tokens.

• How to buy NKN

  To buy NKN, you can follow these general steps:
  
  1. Choose a cryptocurrency exchange and Create an Account
  Start by selecting a reputable and reliable cryptocurrency platform that supports NKN trading. You can also buy NKN here on Toobit. Sign up.
  
  2. Complete Verification (Not Mandatory):
  Read our How to Complete Identification on Toobit guide for more information.
  
  3. Deposit Funds:
  Deposit funds into your Toobit account. This could be done via credit/debit cards, or your crypto wallet.
  
  4. Navigate to NKN:
  Once your account is funded, navigate to the Markets section of the platform.
  
  5. Buy NKN:
  Locate NKN in the list of available cryptocurrencies.
  Place a buy order. Read our How to Buy Crypto on Toobit guide for more information.

• How to Sell NKN?

  You can sell NKN to USDT here on Toobit. Read our guide on How to Trade Spot on Toobit for more information.

• What is NKN price Now?

  Are you looking for NKN Price? Live NKN price is updated in real-time on Toobit.

• How to Withdraw NKN on Toobit?

  You can withdraw NKN and other crypto tokens into USDT here on Toobit. Read our How to Withdraw Crypto on Toobit guide for more information.

• How does NKN work?

  NKN utilizes a worldwide addressing system grounded in public keys, allowing for seamless peer-to-peer communication without the need for centralized servers. Packet routing is facilitated by the Chord Distributed Hash Table (DHT), which assigns each NKN address to a unique and verifiable location on the Chord DHT ring. The security of the NKN network is maintained through a process known as Proof-of-Relay (PoR), which incentivizes miners to transmit real-world data across the network. This approach contrasts with conventional proof-of-work models that reward miners for performing hash computations.

• What are the potential use cases for NKN?

  NKN presents various promising applications, such as a Content Delivery Network, Edge Computing solutions, D-chat (a secure messaging application), and nShell (for secure remote terminal access). These functionalities aim to leverage the strength of the community to build an economical platform for decentralized applications. By tokenizing network connectivity and data transfer capacity, NKN seeks to motivate the sharing of network resources, enhancing both resource utilization and the efficiency of data transmission.

• What is the history of NKN?

  NKN was established by Yanbo Li, Bruce Li, and Yilun Zhang, all of whom have extensive experience in networking software and blockchain technology. The initiative officially commenced in July 2019 with the launch of the NKN Mainnet and has expanded to support approximately 25,000 full consensus nodes. Among its advisors are notable figures such as Stephen Wolfram, the innovator behind Mathematica and Wolfram|Alpha, and Whitfield Diffie, a pioneer in public-key cryptography. NKN aims to decentralize internet infrastructure, enhance scalability, and boost network security.

• What is NKN Used For?

  NKN serves as the currency for transactions within the decentralized network, primarily facilitating access to connectivity services. Users are required to pay a fee when they tap into the NKN network for internet access or bandwidth.
  Moreover, NKN acts as a reward for users who contribute additional bandwidth and network connectivity to others on the platform. It is also awarded to participants who mine the network by participating in activities such as traffic relay and block maintenance.

• What Are the Advantages of NKN?

  NKN enables the sharing of network bandwidth and internet connectivity. It achieves this through a variety of innovative protocols that include blockchain technology, data access solutions, and decentralized wallet systems.

• What Makes NKN Different From Others?

  The primary objective of The New Kind of Network (NKN) is to establish a decentralized network that can grow to rival the internet, according to their official website. The project's vision and implementation strategies are distinctively tailored to its goals.
  There are already several projects operating on the NKN network, with a few being highlighted and regularly endorsed by the platform. One notable example is nMobile, a decentralized messaging app that leverages NKN technology for secure and private messaging. Another significant offering is nConnect, a decentralized application (DApp) that enables users to access remote computers and file systems from various devices, creating a seamless remote access experience.

• What Makes NKN Unique?

  The NKN Mainnet was launched in July 2019 and currently supports up to 25,000 full consensus nodes. As outlined in NKN’s whitepaper, the project focuses on three primary objectives: decentralizing internet infrastructure, enhancing scalability, and boosting network security. The overarching goal of NKN is to establish an affordable platform for decentralized applications by leveraging the collective power of its community.
  Prominent applications of NKN include its content delivery system in partnership with the major Chinese video company iQIYI, edge computing services in collaboration with China Mobile, the D-chat secure messaging application, and nShell, which provides secure remote terminal access.
  NKN employs a consensus algorithm founded on Cellular Automata, where a straightforward local majority rule can achieve system-wide convergence in just a few iterations. The design is intended to accommodate any number of equal consensus nodes.
  Additionally, NKN utilizes a global addressing framework based on public keys, facilitating direct peer-to-peer communication without the need for centralized servers. Packet routing relies on the Chord Distributed Hash Table (DHT), which assigns each NKN address a random and verifiable location on the Chord DHT ring.