New Kind of Network (NKN), a public blockchain, aims to use financial incentives to encourage Web users to share network connections and use unused bandwidth. The primary objective of NKN is to act as a network for developing decentralized apps that help enhance connectivity and peer-to-peer data transfer.
NKN Crypto: An Overview
P2P networks rely on the open-source New Kind of Network (NKN) protocol. The NKN architecture’s public blockchain tokenizes network connectivity and data transmission capacity. To put it another way, NKN prioritizes network resource decentralization in the same way that Bitcoin, Ethereum, and the InterPlanetary File System (IPFS), Filecoin, decentralize computing power and storage, including both.
In NKN Crypto, which consensus mechanism is used?
The NKN employs a mechanism known as “Proof-of-Relay” (PoR). The mechanism is also known as “useful proof of work.” This is distinct from the traditional Proof-of-Work (PoW) model, in which miners are rewarded for validating and safeguarding the blockchain. PoR, on the other hand, compensates miners for transmitting valuable or real-world data.
Because token rewards are based on how much data is relayed, PoR is critical for the NKN network. As a result, definitive proof should meet the following criteria:
Verifiable:
- Regardless of whether they participate in data transfer, anyone can accurately validate the proof using only publicly known facts.
Unforgeable:
- Each party can only forge credible evidence with nontrivial probability if they have complete control over all involved nodes (computers that connect to a Crypto network).
Untamperable:
- No party can change a valid proof in a way that has a nontrivial probability unless they own all of the involved nodes.
Users Can Access NKN Crypto Features
- The NKN blockchain constantly evolves from its basic design to adding new features. NKN now offers four key end-user features:
- nConnect: The nConnect protocol enables secure remote access to users’ private data and personal files. The system employs encryption and an immutable ledger to safeguard user data.
- nMobile: This mobile software has various features and is available on iOS and Android. In particular, its decentralized chat and wallet integration is intended to enable safe communication and non-custodial token storage.
- dataRide – The dataRide feature provides resources and technical guidance to speed up the development of Decentralized Apps (DApps). It also has a framework for creating custom, dApps, and template modules.
- Global Identification: Global ID facilitates access to the growing NKN Crypto ecosystem of dApps and services. The protocol provides a unique NKN address to make it easy to find people and programs when needed.
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