Blockchain technology underpins this cryptocurrency, which wants to transform how we use the internet. Centralized communication is currently the norm. Internet service companies have complete control over your data and can stifle your connection at any time. Net neutrality has sparked such controversy, in part because of this, that this effort seeks to address it. Your NKN investment will allow you to access the internet similar to how Ethereum has decentralised applications.
To facilitate the distribution of network resources, users will be able to trade network connectivity and data transfer via this decentralised exchange. A new kind of mining called Proof of Relay will be used to reward those who want to host a relay node to fuel this platform. Incredibly, this project seems to have found an excellent method to use the blockchain in a very important way, and you wonder why it hasn’t been done before.
The NKN Overview
NKN’s price fluctuated quite a bit over the year. In April 2021, the NKN price peaked at $1.48, a record high. There is a 1.65% increase in the NKN price today, to $0.2896. Despite NKN’s current market rank of #278, we believe the stock’s price is close to its support levels, even though it is underestimated. We can examine the price movement of NKN and see whether it can offer decent returns on investment at this moment.
If you’re interested in making smarter investment decisions, here’s all you need to know about the NKN price forecasts as well as the technology, network, and chart analysis to help you do so
The NKN Cryptocurrency
New Kind of Network, as described in the official whitepaper, is a next-generation public blockchain infrastructure that is extremely scalable, self-incentivized, and constantly changing. Decentralization and self-evolution of the network are addressed by NKN using Cellular Automata (CA) approaches. Tokenization of the network’s connection and data transmission capacity is made possible using the Proof of Work technique.
As with Ethereum and Bitcoin, NKN emphasizes decentralising network resources like how FileCoin and IPFS operate in terms of decentralising processing power. An open Internet that is both healthy and safe for investment is possible because of the NKN network’s ability to be both cost-effectively distributed and decentralised as well as secure and strong.
The NKN Projects
Currently, there are three significant NKN initiatives in the ecosystem. Among them:
It’s a PaaS, or Platform as a Service, that’s decentralised. A low-cost, high-performance communication service for people, machines, and the Internet of Things (IoT) is now available. Chats and Instant Messaging, Direct File Transfers, IoT communications, Remote control of servers, or Live chat support services are just a few examples of its many applications.
An SDK that supports Java, Go, Android, and iOS is available. Currently, the project is functioning on a freemium basis, which eliminates the need to set up and maintain the project’s infrastructure, making it free to trial.
T-Mobile is a texting service that utilises blockchain technology to simplify the explanation. The user’s personal information is protected by the secure chat because it is stored on the user’s device. Only encrypted messages and no data are saved in the cloud. It can be used in either English or Chinese.
It is completely anonymous, and each user on the network has a randomly created ID that they use to communicate with each other. In contrast to messaging networks like WhatsApp, this one is open-source. As a result, it is accessible to everyone, yet the private key used to encrypt user data is a secret to everyone else.
It is an all-in-one remote access tool that adheres to the strictest security and privacy protocols. With a single click, consumers can access all of their personal and private information. It may be accessed by anyone, at any time, regardless of where they are in the world.
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With up to 30 thousand servers spread over 40 countries, NKN’s tunnelling nodes are always accessible. Because it can transmit data across TCP as well as UDP, it’s quite stable and dependable. With several concurrent paths and unprecedented levels of reliability, this reduces the net latency.
Why Use Ken?
This peer-to-peer network infrastructure built on top of blockchain technology is already being used by the NKN network. NKN is supported by Cellular Automata theory, which aspires to transform the internet with a true version of the native token incentive and decentralisation mechanism.
In addition, they’ve examined their work and developed defences to avoid the following assaults from harming their network.. These include:
When a fraud node attempts to impersonate several users, it is referred to as a “Sybil attack.” To commit fraud, miners can deliver more copies and get compensated for doing so. Using many Sybil identities, but only transferring data once, physical forwarding is accomplished.
Attacks on Dos
- Denial of Service (or DoS) refers to an attack that targets a specific offline resource. In such assaults, the attacker aims to prevent the account holder from posting transactions
- by preventing them from being targeted.
- Nodes’ neighbours can be manipulated to communicate with other malicious nodes through the Eclipse Attack. Peer sampling techniques determine the network’s
- vulnerability to such attacks, which can be mitigated by selecting neighbours with care.
- The term “double spending attack” refers to a situation in which the same token is used twice. Nodes in traditional blockchains prevent double-spending threats by reaching a consensus to confirm the transaction order.
Ken Research and Development
The price of NKN coins has risen dramatically utilising some of the most popular technical indicators. Prices rose at the start of the year, rewarding traders for their risk by providing a healthy return. In February and March 2021, there was a significant increase in volatility as the price began to rise in the uptrending direction.
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Even still, the price hike for NKN was nothing compared to the one that occurred back in April of this year. NKN reached an all-time high of $1.48 in price in April 2021 during a period of extreme volatility for the coin. Using the Bollinger bands, we can see just how much more volatile the market has become.
Forecast of Ken’s Price
The RSI indicator generated an overbought signal in April 2021 for the same time frame. The RSI properly forecasted that the NKN price will begin to decline in the months to come. The NKN price dropped to its lowest point with the least amount of volatility in June 2021. As the market began to build up speed and move again,
it appeared that the NKN token was going upward for some time. There are currently 76.15 points on the RSI.
After reaching its all-time highs in April of last year, the Accumulation/Distribution indicator begins a downward trend. After the price increase in April 2021, the average rise in volume began to decline, indicating that the market had lost interest. Having reached the 50-day moving average following the decline in August 2021, the price started to rise again.
Jonathan Herrod is a content writer who enjoys writing about technology, video games, and other topics. The author of informative articles that are well-researched and written with attention to detail has been writing professionally for nearly three years and specializes in the creation of well-researched and written attention to detail articles.