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Undoubtedly, the internet has revolutionized almost every aspect of our lives over the past few decades. However, with time, it has faced challenges threatening its original vision.
For instance, its spectrum and bandwidth aren’t fully utilized, there’s increased infringement of data privacy and the centralized nature of the network makes it susceptible to malicious attacks.
How can anyone possibly fix these internet issues?
The New Kind of Network (NKN) believes it has viable and timely solutions required to solve the problems of the Internet 2.0 in use today by leveraging blockchain technology.
Key Takeaways:
New Kind of Network (NKN) aims to address the problems of structure, utilization and centralization facing the internet.
NKN uses the highly scalable Proof of Relay (PoR) consensus mechanism, which rewards miners who relay transmitted data on the platform.
The platform’s various products, such as dataRide, nMobile and nConnect, are designed to provide users with an incentivized data sharing and transmission experience.
NKN is an open-source blockchain protocol designed to provide a peer-to-peer (P2P) connectivity platform to incentivize internet users in a way that optimizes internet bandwidth for improved speeds and lower costs.
The protocol aims to disrupt the traditional centralized client-server model of the internet and telecom networks in the same way Bitcoin and Ethereum disrupted centralized finance by decentralizing computing power.
NKN hopes to position itself as a critical pillar in a blockchain-powered internet, where users can share network connections in an open, efficient and secure way. Its network operates on an incentive model in which users are rewarded for sharing their internet connection and bandwidth. By better optimizing internet bandwidth, users can enjoy improved speeds at reduced costs.
NKN functions as a connectivity exchange for data transmission. The platform utilizes a distributed ledger of nodes in a P2P network to identify and record validated network traffic transactions, and is capable of supporting millions of nodes. Currently, the platform has 91,582 full consensus nodes (as of Sep 1, 2023) on its mainnet, which is vast as compared to about 10,000 nodes on Bitcoin’s network.
Think of nodes as cell towers. The more cell towers a telecom company has, the better the customer’s internet experience. Each node facilitates data relay and bandwidth sharing, contributing to overall network capacity. The nodes need only connect to their neighbor nodes to efficiently provide clients with connectivity.
NKN’s nodes operate 24/7 and have internet connections from about 100 Mbps up to 1 Gbps, with each one serving thousands of clients concurrently. The best part is that the transactions don’t depend upon a central authority or a telecom organization to process data transfer transactions.
NKN’s distributed network is powered by the NKN token. Users can buy the tokens to complete digital asset transfers and pay for data transmission resources on the platform, and they can also mine tokens. The New Kind of Network has made it easy for everyone to mine tokens. You only need simple hardware, like a home router or PC with a stable internet connection. Next, choose an automated solution to complete the process — or mine the tokens the old-fashioned way. Either way, the platform has created three packages to help users mine tokens:
One-click solutions for people with little to no basic knowledge of terminals
Configure NKN for miners with basic knowledge of terminals
Configure and Build NKN package for miners with advanced knowledge of terminals
NKN is a developer-friendly network. It supports all major programming languages, including C++, Java, Python, JavaScript and Golang, and mobile phone languages for iOS and Android.
The platform also provides an end-to-end system that allows DApp developers to build faster and easier without moving through different blockchain protocols and security providers. Finally, DApp developers can use the NKN blockchain to host and monetize their DApps.
NKN seeks to create a decentralized and anonymous P2P internet system that improves efficiency, sustainability and safety. To achieve this novel feat, NKN relies on the following series of technical features.
As the network layer of NKN, the Decentralized Data Transmission Network (DDTN) primarily transmits data to any node/client, without any central server. Since the network may contain over a million nodes that join or leave at any moment, the platform has chosen a proper topology to maintain scalability and security.
NKN uses a Chord Distributed Hash Table (CDHT) network topology, with the features below:
Connected network with a small diameter
Efficient routing algorithms between nodes
Balanced load among nodes, given random traffic and evenly distributed resources and destination
Unpredictable but verifiable choice of neighbor nodes to prevent attacks
Each node has a randomized specific address and is connected to another set of nodes with the right distance for verification. This innovative mapping topology makes the routing of any node pair deterministic and verifiable while also protecting the network from malicious attacks.
In a centralized system, a middleman is used as the central authority to determine the validity of transactions. Since NKN is a decentralized network, it relies on a unique voting model based on Cellular Automata or Majority Voting Cellular Automata (MVCA) to achieve scalable consensus.
Via the MVCA model, nodes only need to reach a consensus with their neighboring nodes, translating to a faster global consensus. This makes the MVCA consensus algorithm scalable for millions and even billions of nodes.
NKN relies on a Proof of Relay (PoR) consensus mechanism, which is a variation of the proof of work (PoW) consensus mechanism. PoR is used to determine how much data each node relays. Unlike traditional PoW systems that reward based on computing function, PoR rewards miners who relay useful data along the network.
PoR is an important feature on the network because the amount of data relayed is directly correlated to the amounts of the token rewards.
PoR is implemented through a special hash signature chain that randomly selects data samples in an uncontrollable yet verifiable way. This allows for secure data transmission that’s impossible to tamper with, resistant to attacks and massively scalable.
The Universal Communication System is a next-generation decentralized communication protocol designed to bridge traditional Web 2.0 services and the new era of web3 applications. The UCS uses NKN as its network layer, making NKN the TCP/IP layer (a communications tool that helps power the internet) in the UCS architecture.
NKN platform users can receive benefits from UCS, such as:
End-to-end encrypted communication without depending upon a central server
Facilitation of real-time communication
Flexibility and interoperability between platforms
Easy migration to (and integration with) any existing networks and protocols in Web 2.0 and web3
Simply put, the UCS offers NKN users fast and reliable interconnectivity between Web 2.0 and web3 applications without compromising security.
NKN’s ambitious infrastructure aspires to make the community’s communication and internet interactions simpler and more secure through innovative products, such as the following.
dataRide is derived from two words: data and rideshare. It rides on the premise that data connectivity is smoother when shared and incentivized.
dataRide is a decentralized, open-source PaaS (platform as a service) that allows for fast and secure streaming, messaging and file transfer from person to person, machine to human and machine to machine.
Here are a few areas of application:
Remote server control
Live chat support
IoT communication
Direct file transfer
Chat and IM
Developers can also benefit from the tool’s lightweight SDK (software development kit) and low-cost deployment to build the ideal internet experience.
Are you concerned that your messages on your preferred chat app could end up in the wrong hands or compromise your work?
If so, NKN's nMobile may be just the solution for you. It's an extra secure and decentralized chat app powered by dataRide that’s available for iOS and Android devices. By removing all centralized servers, the app guarantees security-sensitive audiences like crypto communities, finance, legal and health professionals a chat platform that’s impenetrable and truly private.
For AI buffs, the app has integrated OpenAI ChatGPT into its secure private chat to utilize it for private one-on-one chats in both private and public groups.
Common chat apps like Signal and WhatsApp may provide encrypted messaging services, but their reliance on a centralized database leaves them vulnerable to hacks and other online vices like SIM swapping.
With nMobile, all your messages are only stored on the device and only you can read them.
nConnect is a revolutionary remote access solution available for iOS devices that’s powered by the NKN P2P relay network. Users can access their private data remotely, even from devices protected by firewalls or gateways.
With a network of over 100,000 servers in more than 60 countries, nConnect ensures that quality tunneling nodes are available for users to access data and applications from anywhere.
NKN Coin is the native cryptocurrency of the New Kind of Network. It’s a utility coin that enables users to transact in digital asset transfers, pay for data transmission resources and purchase bandwidth. NKN Coin can be earned through mining the NKN blockchain.
The network offers two types of tokens: NKN mainnet tokens and ERC-20 tokens. Since 2019, the platform has allowed for two-way token swap, and has also resolved to support the dual existence of the tokens.
NKN has a maximum supply of 1 billion tokens, with a circulating supply of 650 million. The initial token allocation is as follows:
17% — Strategic building of NKN ecosystem
18% — Founding team and developers
35% — NKN token purchasers
30% — Miner rewards
As of Oct 2, 2023, NKN’s price was $0.09, a 93.72% decrease from its all-time high of $1.44 on Apr 9, 2021, and an over 1,000% increase from its all-time low of $0.0067 on Mar 13, 2020.
Price experts are fairly bullish on the NKN price forecast. According to PricePrediction’s forecast for NKN for 2025, the token is expected to hit a price of $0.26 and increase to $1.71 in 2030.
Another price prediction platform, DigitalCoinPrice, is bullish on NKN’s price, with a prediction of $0.31 by 2025 that could rise to $0.90 in 2030.
Looking at the prediction figures, the big question in the investor’s mind would be: Will NKN reach $1?
The price prediction experts agree that NKN has the potential to increase demand for its native token by growing its product offerings. With this trend and the immense potential of the general crypto market, NKN is expected to reach the $1 price point around 2030.
NKN is a pioneer in decentralizing the internet, a critical component of today’s world. Everyone wants an internet service that’s fast, secure and spy-free, and NKN is setting the pace.
With over 90,000 full consensus nodes spread across 50 countries, NKN is now among the world’s largest blockchain networks.
The NKN team has shown outstanding commitment to improving its platform through unique innovations and frequent product updates. The latest products, such as nPool, a beginner-friendly node mining pool, and Surge, a P2P file sharing client, are some of the innovative offerings that indicate NKN’s future growth.
Smart innovations coupled with an extensive global network of nodes are indicators that NKN is potentially a good investment for an investor with a long-term mindset.
That said, this isn’t financial advice, and we highly recommend you do your own research into NKN before investing in the project.
You can buy NKN tokens as a USDT Perpetual contract on Bybit (NKNUSDT). As a user-friendly crypto exchange, Bybit offers you unmatched transaction security, advanced data protection and triple-layer asset protection.
The internet currently faces serious structural, utilization and security issues. NKN aims to solve these problems by providing a decentralized P2P solution with blockchain technology. Through its incentivized program, NKN motivates internet users to share internet connections and utilize unused bandwidth. This way, the decentralized internet system becomes more open and secure while allowing users to retain control over their data — an indispensable infrastructure built by all and made for all.
#Bybit #TheCryptoArk