What is New Kind of Network? All About NKN Coin and NKN Ecosystem

Coin NKN – the name of the coin from the project dubbed “The new internet”. What are the issues raised for the New Kind of Network (NKN) project, and what exactly is the NKN coin? What makes the NKN ecosystem special? Let’s explore together with tradafx in today’s article about the NKN project!

1. WHAT IS NEW KIND OF NETWORK?

New Kind of Network (NKN) is a public blockchain designed to facilitate the sharing of internet connections and network bandwidth. Did you know how much traffic the global internet user community generates? This number has been estimated to be nearly 4 trillion gigabytes of traffic. And this figure won’t stop there — it will continue to grow as internet services and digital products keep evolving.

The NKN coin project, or New Kind of Network, is a blockchain-based content delivery network that utilizes Peer-to-Peer (P2P) connectivity protocols. It has deployed the world’s largest network of nodes to provide the most optimized routing solutions for its global clients. The NKN coin project is likened to a new generation of blockchain infrastructure that is highly scalable, self-evolving, and self-identifying.

1.1. Problems Solved by the NKN Coin Project

More than just a blockchain project, New Kind of Network also addresses several challenges related to network architecture and internet resource management. Some of the key issues include:

• Disruption of network neutrality
• Inefficient use of bandwidth
• Fragmentation of information across the network
• Limited privacy, etc.

Of course, these issues had been acknowledged and addressed by other networks and projects prior to the NKN coin. However, not all solutions proved effective or suitable. One of the first limitations to mention is the shortcomings of previous P2P networks.

The peer-to-peer network itself faces some major challenges, but those challenges also present opportunities for the NKN ecosystem project. The challenges include: the static network topology is toxic and vulnerable to attacks, there is no intrinsic economic agenda for network connectivity, data transmission, and the ability to scale the network is sacrificed to increase control.

Next, inefficiencies still exist in the global network in providing connectivity and transmitting information. A decentralized and anonymous P2P system offers great potential for improving efficiency, sustainability, and ensuring safety.

1.2. What Are the Goals of the NKN Coin Project?

From the moment it began to take shape, the vision of the NKN coin project has been to revolutionize the entire business and technology networking landscape. It took inspiration from multi-billion dollar companies like Uber and Airbnb, but aimed to do it all in a completely decentralized way.

From that ambitious mission, the goals of the New Kind of Network were broken down into:

• Allowing any node to freely connect to the open network from anywhere in the world
• Encouraging network sharing and incentivizing node participation in both encryption and data transmission
• From innovations at the network layer to ensure network neutrality,
• To always maintaining an open and scalable network,
• To the design and development of next-generation blockchain systems

The future generations of blockchain built on the NKN Network are capable of supporting new decentralized applications (dApps). These applications can connect and transmit data far more powerfully than before. With what the NKN coin project aims to achieve, not only is blockchain improved through core technologies, but even the decentralized network layers are revolutionized to a whole new level.

2. HOW DOES NEW KIND OF NETWORK WORK?

The consensus mechanism of the NKN token project is built on Cellular Automata (CA) — which can be simply understood as automated mobile data processing. Cellular Automata (CA) is a system composed of a group of nodes, where each node operates based on local rules. CA is used to achieve consensus among nodes in the most time-efficient and data-efficient manner. The architecture of the New Kind of Network consists of six layers. Please refer to the diagram below for a clearer view of the six-layer structure of the NKN coin project.

2.1. Network Layer (Layer Network)

The bottom layer of the New Kind of Network structure includes L1–L3 of traditional internet infrastructure — such as physical connectivity through mobile WiFi, fiber optics, and the TCP/IP software stack, which is the foundation of the internet. The Layer Network project itself acts like a software overlay layer on top of this existing structure.

2.2. NKN Net (nnet)

This is one of the core innovations of the NKN coin project — a peer-to-peer (P2P) layer network based on NKN’s advanced Chord DHT protocol. As the number of nodes in the NKN network increases, its efficiency also improves — outperforming similar protocols like gossip or libp2p in terms of scalability and effectiveness.

2.3. NKN Blockchain

The NKN Blockchain is considered one of the “bright gems” in the list of innovations within the NKN ecosystem. It uses a highly scalable Cellular Automata consensus mechanism, along with a Proof of Relay system based on signature chains for verification. The native NKN token incentivizes token holders and miners to contribute to the network by running nodes, storing and validating transactions, and providing services such as nCDN (decentralized content delivery network) and game streaming.

2.4. Services and SDK

The next layer in the NKN coin network architecture provides useful tools for developers of applications and services running on the NKN network. One of the flagship products is PubSub (marked in red in the image). Other utilities include traffic forwarding, geo-DNS for distributing traffic, TUNA to allow common application clients to lead to a variety of nodes. All channels are encrypted to ensure the security of payments.

2.5. Interface

The NKN coin project utilizes industry-standard interfaces for application developers, such as HTTP/JSON for web services, as well as WebSocket and Raw TCP/IP protocols.

2.6. Application

The nCDN feature stands for New Kind of Content Delivery Network, which is a data forwarding network of this application layer. There are a few applications that will benefit greatly from the data forwarding services of the NKN coin ecosystem and PubSub. Other network-centric applications include web accelerators (using P2P peering/routing discovery), P2P file sharing, and WiFi sharing.

3. WHAT MAKES THE NKN ECOSYSTEM SPECIAL?

The mainnet of New Kind of Network was officially launched in mid-2019. At that time, the NKN ecosystem had up to 25,000 consensus nodes — a number higher than Ethereum or Bitcoin. In terms of node count, the NKN coin network had already become the largest blockchain network. Currently, the number of full nodes on the NKN network has surpassed 90,000 nodes.

The advantages of New Kind Network over previous conventional Internet-related projects include:

• Global Coverage: As previously mentioned, there are currently over 90,000 nodes distributed across the globe, ensuring an expansive and decentralized network.
• Low Latency: This is primarily due to the broad distribution of nodes within the NKN coin network, allowing for faster and more efficient data routing.
• Low Cost: NKN servers are operated by the community, with fixed monthly operating costs covered by those involved in NKN coin mining. Moreover, the features offered across the NKN ecosystem help generate additional revenue on the network, providing extra profits for miners.

• Flexibility: The NKN coin network can scale up or down depending on demand by leveraging unused capacity through multi-functional NKN servers.
• Reliability: Compared to centralized networks, the NKN coin network has no single point of failure and is entirely distributed.

By nature, the public NKN coin network is a highly optimized software platform suitable for all types of applications that demand the best network connectivity.

4. WHAT IS NKN COIN?

NKN not only stands for New Kind of Network but is also the native token of the project. Besides being used to pay transaction and mining fees, the NKN token is also required to access various features within the NKN coin ecosystem, such as nCDN or TUNA, depending on the amount of bandwidth consumed.

Traders can now purchase NKN coin on top cryptocurrency exchanges such as Binance, Coinbase, Huobi, KuCoin, and others. The wallets supported by the NKN coin project include both cold wallets and hot wallets, with well-known names such as Metamask, Mycrypto, and others.

4.1. Basic Information about NKN Coin

Here are the key details investors should know about the NKN token:

• Token Name: NKN
• Blockchain: Ethereum
• Standard: ERC20
• Token Type: Utility
• Current Price of NKN (Today): 0.1596 USD
• Market Cap of NKN Coin: 112,113,314.36 USD
• Maximum Supply: 1,000,000,000 NKN tokens
• Circulating Supply: 700,000,000 NKN coins

Like other coins, the basic information above, along with the current price of NKN, can be easily updated on platforms such as CoinMarketCap and CoinGecko.

4.2. NKN Token Allocation

The supply of NKN coins is allocated as follows:

• Private Sale: 25% of the total supply, equivalent to 250,000,000 NKN tokens, priced at 1 ETH = 5,400 NKN.
• Early Bird Round: 5% of the total token supply, equivalent to 50,000,000 NKN coins, priced at 1 ETH = 4,500 NKN.
• Public Sale: 5% of the total NKN token supply, equivalent to 50,000,000 NKN coins, priced at 1 ETH = 4,150 NKN.

• Development Team: 18%

• NKN Foundation Fund: 17%

• NKN Coin Mining Activity: 30%

Below is the NKN coin allocation chart up until the end of 2022:

5. HOW TO DO NKN COIN MINING?

The NKN coin mining feature was introduced as soon as the project completed its mainnet launch. For NKN, miners earn NKN tokens by sharing their network connection and relaying data. In addition, miners in the NKN coin network work together to ensure the network is safe and secure. Therefore, the role of miners is very important to the NKN ecosystem.

You can start a full node in the NKN network without needing to stake NKN tokens beforehand. To start mining NKN coins, you need to run the NKN software, called the full node software, on a computer with an Internet connection. There are some basic requirements for the computer used to perform mining:

• Minimum RAM: 512 MB (1 GB or more recommended)

• Minimum disk space: 16 GB (recommended from 25 GB or more)

• Internet speed: At least 10 Mbps

• Most CPUs (Intel, AMD, ARM, MIPS) are compatible

• You must have a public IPv4 address or be able to configure port forwarding on your router (TCP/UDP ports 30001–30003)

The easiest way to start mining NKN coins currently is to deploy cloud mining via 1-click or “Fast Deploy” on nknx.org.

6. EVALUATING NKN COIN

In fact, the current price of NKN coin is not very high, and NKN coin is not in the top 100 cryptocurrencies by market capitalization today. This makes many investors feel uncertain about whether to invest in NKN coin. First, as usual, let’s take a general look at the recent price fluctuations of NKN:

6.1. The development team and investors of the NKN Coin Project

The development team of the NKN coin project consists of engineers with many years of experience in network software and blockchain technology. New Kind Network was co-founded by three individuals: Yanbo Li, Yilun Zhang, and Bruce Li, who share the same ambition and vision to build the world’s largest blockchain to provide Internet connectivity for anyone, anywhere.

Some major organizations and investors worldwide, such as Whitfield Diffie and Stephen Wolfram, have joined as advisors for the NKN ecosystem project. Additionally, NKN has collaborated with and provided services to large companies like iQiyi, China Mobile, and Synology.

6.2. Update new kind network roadmap 2022

The NKN project regularly updates its monthly reports on its website, and you can follow New Kind Network’s social media channels to stay updated with the latest reports. Looking back at 2021, it can be considered a challenging yet progressive and successful year for NKN coin, as the price of NKN reached its highest level of $1.48, marking the highest price point to date.

In 2022, NKN’s development goal was to seize the next wave in cryptocurrency and Web 3.0, with the promise of some unexpected events. According to a survey from the NKN coin Twitter, some future plans and projects for the network were revealed.

7. CONCLUSION

By now, you should have a basic understanding of what NKN token is, how the NKN coin network operates, and how NKN tokens are allocated. Through the analysis of the development team and the upcoming roadmap for the project, investors can remain hopeful that the price of NKN will increase again. The decision on whether or not to invest in NKN coin is ultimately up to you.