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What is NKN ?
NKN works on a very interesting concept of sharing the unused bandwidth that sits idle in thousands of computers across the world. It incentives the users monetarily to motivate them to share internet connectivity and unused bandwidth to people in need.
About NKN
Yanbo Li – Co-founder of On-chain, is credited as the founder of the NKN cryptocurrency that was launched in 2017. The mainnet was launched in July 2019 and it lists some of the prominent players on its advisory board.
Primary features of NKN
It is decentralized that ensures no centralized authority trying to control the measures.
It has a unique consensus algorithm known as Major Vote Cellular Automata (MOCA), which is based on a Cellular Automata and Ising model.
NKN has the biggest blockchain network in the world, with more than 113k nodes across the world.
NKN (NKN) is a peer-to-peer cryptocurrency providing a seamless exchange of funds.
Is NKN a promising cryptocurrency?
NKN’s codebase is available on all programming languages that allows developers to utilize their services. It also facilitates end-to-end encryption that adds extra security to the network.
If you are looking to buy an NKN, then you can check for third-party cryptocurrency exchanges like Coinswitch .
How to use NKN?
NKN aims to solve the problems existing on Internet 2.0 through three solutions broadly named: decentralized data transmission network, proof-of-relay, and MOCA – a highly scalable consensus. You can use NKN (NKN) in the following ways:
Low Latency: This is specific to the gaming applications where you need low latency for a better gaming experience.
International Transfers: NKN could be easily transferred to family and friends that are sitting in any part of the world. The funds will be transferred securely with low fees & fast processing speeds.
Online Payments: NKN is accepted at thousands of stores worldwide, both offline & online.
Investment: NKN has shown stupendous returns in the past, which makes it a lucrative piece of investment.
Pros & Cons of NKN
Pros
Products: NKN hosts a variety of products such as nMobile, nCDn, and nConnect for the users.
Secure conversation: NKN has the most secure chat globally, and your personal data is kept only on your devices, with your private one-on-one chat ensured by end-to-end encryption.
Open-source: Due to the open-source nature of NKN, changes can be easily implemented to adapt to the market.
No centralized servers: NKN uses a global addressing scheme based on public keys, in order to enable direct peer-to-peer communication without centralized servers.
Cons
Dark Web: NKN was found being used as a mode of payment on the Dark Web.
Trade NKN on CoinSwitch
You can invest and trade with just Rs.100.
Allows instant withdrawal and deposit directly to bank accounts.
Trade-in NKN (NKN) at zero fees.
Intuitive and simple UI.
Easily manage your transactions and your portfolio.
NKN ICO summary
NKN held its ICO (Initial Coin offering) in April 2018, with the price fixed at $0.13 USD. It was able to raise around $12 Million from ICO and list some of the renowned persons on its board of advisors.
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Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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