π NKN Coin Complete Guide: Everything You Need to Know About the Next-Generation Decentralized Network
1. Introduction to NKN Coin
NKN (New Kind of Network) is not just a simple virtual currency, but an innovative blockchain project that builds a completely new concept of decentralized network infrastructure. Unlike the existing centralized Internet structure, NKN is creating a completely decentralized system where users directly become network nodes and transmit and route data.
The biggest innovation of this project is that it 'tokenizes the network itself'. Users provide their Internet connection and computing resources to the network, and in return, they receive NKN tokens as a reward. Just as Uber uses personal cars as a sharing economy, NKN is building a global decentralized internet infrastructure by sharing personal network resources.
2. Background and History of NKN
NKN's journey began in late 2017 by Yan Wang and Lu Yi, prominent Chinese cryptographers and entrepreneurs. They sought to solve the limitations of the existing internet structure, focusing in particular on security vulnerabilities, censorship issues, and low network efficiency due to centralization.
In January 2018, NKN successfully raised $12.5 million through an ICO and began full-scale development. In July of the same year, we launched a testnet to complete the initial concept verification, and in July 2019, we successfully launched the mainnet 'Major Tom'.
We started focusing on actual commercialization in 2020. In particular, as the demand for remote work and video conferencing skyrocketed during the COVID-19 pandemic, NKN's decentralized network technology began to attract attention. Currently, over 100,000 nodes are operating in over 60 countries around the world, and actual commercial services are utilizing the NKN network.
3. NKN's innovative operating principle
NKN's core technology is the application of the 'Cellular Automata' theory to the network. This is a method in which each node interacts with the surrounding nodes according to simple rules, forming a very complex and efficient network structure overall.
Unlike typical blockchains, NKN uses a unique consensus mechanism called 'Proof of Relay' instead of Proof of Work (PoW). Nodes do not simply calculate hashes, but actually perform useful work of transmitting and routing data, and receive NKN tokens as a reward for this.
NKN can also transmit data through multiple paths simultaneously through 'multi-path routing' technology. This is similar to using multiple lanes on a highway at the same time, and greatly improves network speed and stability. Even if there is a problem with one route, data transmission can continue through another route, providing a much more stable and faster service than the existing Internet.
4. Various practical use cases of NKN
NKN's technology is already being used in various fields. The most representative example is nMobile. This is a decentralized messenger app based on the NKN network, and unlike existing centralized messengers, it can send messages directly between users without going through any servers. Currently, hundreds of thousands of users are actually using it worldwide.
Another innovative use case is nConnect. This is an SDK (software development kit) that allows companies to connect their systems to the NKN network, and many global companies are already connecting their IoT devices and cloud services through NKN.
NKN is also attracting attention in the gaming industry. In particular, NKN's multi-path routing technology is greatly helpful in reducing latency and increasing stability in real-time multiplayer games. In addition, various Internet infrastructure services such as VPN services, CDN (content delivery network), and distributed storage services are being developed based on NKN.
Recently, NKN's utilization has been increasing in the Web3 and metaverse fields. NKN is being utilized as an infrastructure that allows decentralized applications (DApps) to communicate in real time between users without a central server.
5. Major exchanges where NKN can be traded
NKN tokens are currently actively traded on major cryptocurrency exchanges around the world. The most representative exchange is Binance, which offers various trading pairs such as NKN/USDT and NKN/BTC. Since Binance is the exchange with the largest trading volume in the world, it has abundant liquidity and is suitable for large-scale trading.
In Korea, Upbit offers the NKN/KRW trading pair, so Korean investors can trade directly in Korean Won. Trading is also possible on global exchanges such as Huobi, OKX, and Gate.io.
Each exchange has a different fee structure and service characteristics, so we recommend that you compare them thoroughly before trading. In particular, it is advantageous to choose an exchange with a large trading volume, as this allows you to trade at a better price and reduces the risk of slippage (price slippage).
6. Active NKN Community and Ecosystem
One of NKN's strengths is that it has an active community around the world. Tens of thousands of developers, investors, and users gather in the official Discord channel to share various information, from technical discussions to investment information. It is particularly impressive that the development team directly participates to answer users' questions and collect feedback.
The official Telegram channel is also very active, with real-time project updates and technical discussions. In addition to English, there are also communities in various languages, such as Korean, Chinese, and Japanese, so you can participate without language barriers.
The r/nknblockchain community on Reddit provides more in-depth technical discussions and project analysis. Also, you can check and contribute to the code of NKN, which is being developed as an open source project, directly on GitHub.
The regularly held AMA (Ask Me Anything) sessions provide an opportunity to communicate directly with the development team, and we support developers who contribute to the expansion of the NKN ecosystem through various hackathons and developer competitions.
7. Wallet Guide for Safely Storing NKN Tokens
Choosing an appropriate wallet is very important for safely storing NKN tokens. The safest option is a hardware wallet, and representative hardware wallets such as Ledger and Trezor support NKN. Hardware wallets have the advantage of having almost no risk of hacking because they store private keys offline.
Among software wallets, we recommend 'nWallet', the official NKN wallet. This is a wallet developed directly by the NKN team, and you can use various functions of the NKN ecosystem in an integrated manner. It is very convenient because you can use all the functions such as node operation, token staking, and DApp access in one wallet.
For mobile users, we recommend the official nMobile app. This app goes beyond simple wallet functions and provides messenger functions using the NKN network, so it is a good opportunity to experience the actual technology of NKN.
You can also store NKN in general wallets such as MetaMask, but in this case, it may be difficult to utilize all of NKN's unique functions. Regardless of which wallet you choose, be sure to back up your seed phrase in a safe place.
8. Key Things to Know When Investing in NKN
If you are considering investing in NKN, there are a few important things you should know. First, you should recognize that NKN is still a technology in the development stage. Although practical services are already in operation, it seems that it will take more time for the entire ecosystem to fully mature.
In terms of market volatility, NKN shows a high correlation with major cryptocurrencies such as Bitcoin and Ethereum. Therefore, it is important to carefully observe the flow of the overall cryptocurrency market. In particular, you should consider the impact of changes in the regulatory environment and technical issues on the overall market.
There are also technical risks. NKN's core technology, the cellular automata-based consensus mechanism, has not yet been sufficiently verified in a large-scale real-world environment. In addition, it is an important variable whether NKN can continue to maintain its competitive edge in the increasingly competitive decentralized network field.
Before investing, it is important to accurately understand your risk tolerance and appropriately adjust the proportion of NKN in your overall investment portfolio. Please be sure to follow the basic principle of cryptocurrency investment: 'Invest only the amount you can afford to lose.'
Lastly, we recommend that you pay attention to NKN's technical value and long-term development potential rather than a simple speculative perspective. Please continuously monitor the project's roadmap, partnership status, and development progress before making an investment decision.
So far, we have looked at a comprehensive guide to the NKN coin. As a leader in decentralized network technology, we have balanced the potential of NKN and the risks to consider when investing. We hope that you have a deeper understanding of cryptocurrency and blockchain technology, and if you have any questions, please feel free to leave a comment! We support your successful investment. π