Just in 2021, around 3.9 trillion gigabytes of traffic passed through servers. As the IoT makes us increasingly digitally dependent, more people flock to streaming services and social media platforms. However, as data usage increases, expectations for high-quality, low-latency streaming persist. NKN, also known as New Kind of Internet, aims to solve this problem. To uncover more about the project, keep reading this Zatrun.com article.
What is NKN and How Does It Work?
NKN is a blockchain project that allows its users to share their network bandwidth and internet service with other users. The project was founded in January 2018 and uses a “Proof-of-Relay (PoR)” consensus system. This decentralised network built on its own blockchain offers developers the opportunity to create applications. Developers can use their preferred programming languages in the platform and find answers to their questions with community help.
The network supports all types of applications such as AR/VR, IoT, edge computing, real-time 3D games, and optimised routing. It improves quality by combining many protocols that simplify data transmission and encourage it. These protocols include services such as remote access systems, decentralised chat, wallets, and developer tools. Thus, it integrates data transmission into the blockchain.
In basic terms, NKN crypto enables everyone in the world to share their bandwidth. This bandwidth is the service that project later provides to its customers for faster data transmission. Users who provide bandwidth on the network are known as “nodes.” They receive incentives in the form of cryptocurrency based on the amount of bandwidth they provide.
The project works as a content delivery network (CDN), and this is not a new concept. Netflix, Amazon, and others cannot meet customer demand without using a CDN. However, the platform innovates by bringing CDN to the blockchain.
Is It a Good Investment?
NKN coin is a cryptocurrency that operates on the platform as an ERC-20 token. Whether you want to execute smart contracts or benefit from different services like programming, you need NKN. Users who provide bandwidth to the network receive payment in NKN coin.
Initially functioning solely as a content delivery network, NKN has continued to expand into the Web3 space. Currently, the platform supports many features such as Dapp development. It has a decentralised and secure chat application called nMobile. It also has nConnect, which allows data storage without compromising privacy, and DataRide, which supports application development. Currently, the NKN token ranks as the 306th largest project and, if it continues to develop, has the potential for significant gains.