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