Among the thousands of cryptocurrencies that are present in circulation within today’s market, there are a few that have already made their mark while the others are upcoming.
Just as easily as some cryptocurrencies emerge, they may also fizzle out. Dogecoin is one of the biggest examples of a rapidly emerging cryptocurrency that was technically introduced into the market as a joke.
However, once it received support from the bigger players in the game like Snoop Dogg, Kevin Jonas, and of course, Elon Musk, the value of Dogecoin rose globally.
Even in India, the fame of Dogecoin led a large number of people to follow the global trends and began converting the value of DOGE to INR to be able to calculate their investments. Even though investors were scrambling to get their hands on Dogecoins, the attraction soon dipped and the prices fell marginally but rapidly.
This erratic and unpredictable rise and fall of the value of different cryptocurrencies is the reason why people express their doubts before buying them.
Investors and financial experts from all over the globe have molded themselves into this trend of cryptocurrencies. In recent years, the insurmountable popularity and attention that this ecosystem has gained are one of the major reasons why investors are entering this game and why newer cryptos are being introduced into the market very frequently.
Before investing in newer cryptos like Shiba Inu, NKN coin, TRX, etc, here are a few things you need to know that will help you transition smoothly into this arena.
Crypto, or cryptocurrency, is a type of virtual currency that may be used for a variety of purposes, including trading and exchange on numerous cryptocurrency exchanges available online.
Additionally, purchasing and selling products and services over the internet is also made possible using this form of digital currency. To put it another way, crypto is a type of blockchain-based platform that is fundamentally decentralized in nature.
Blockchain is a technology used mostly in cryptocurrencies that allows the platform to record and verify each transaction conducted across the network and create an online ledger of the transactions. Being decentralized, on the other hand, means that it can operate outside of the control and jurisdiction of any central authorities, allowing it to operate freely without government interference.
NKN stands for New Kind of Network and is an open-source protocol that is meant for peer-to-peer networks on public blockchain systems. This was created to help the public share their internet connectivity and network bandwidth. Created in January 2018, the main-net of NKN was not introduced until July 2019.
One of the reasons why NKN gained popularity was because of the 25,000 full consensus nodes that it comprises which is much more than the leaders of the crypto market – bitcoin and Ethereum. In terms of consensus nodes, NKN is considered the biggest blockchain network as people consider investing in NKN.
How NKN works
It is a public blockchain that uses several economic incentives as motivators for the users on the internet to be able to efficiently utilize the unused bandwidth and network connections. Another primary vision of NKN is to become a widely used network for the development of DApps in a manner such that the everyday peer-to-peer interaction on data connectivity and transmission increases.
The growth of NKN
In September-October 2021, NKN witnessed a massive surge in the price by more than 1300% overall. The blockchain added approximately 63,000 full consensus nodes almost overnight. The higher the number of nodes, the more would the network capacity be. The point of this network is to also improve the underlying technology behind the blockchain that would lead to achieving better node equality and increase the use of resources.
Basic features of NKN
If newer technologies are being introduced into the market, the creators have to go the extra mile to ensure that they are unique and have a USP for people to be lured to them. Here are a few important aspects of this network and technology:
- It is completely decentralized.
- The unique consensus algorithm behind it is called Major Vote Cellular Automata which provides several benefits to the users.
- It has the biggest blockchain in terms of nodes (113k nodes)
- The peer-to-peer exchange is seamless about the transfer of funds.
Advantages of NKN
Along with USPs, the NKN technology also poses several advantages that are appealing to the users:
- They have a variety of products like nMobile, nConnect, etc for the users
- Being one of the most secure modes of communication/chat globally, it ensures that all the data is kept private and on the devices of the users. The end-to-end encryption is activated at all times.
- The open-sourced nature helps it adapt to the unprecedented changes in the market and keep up with other technological innovations.
Use exchange platforms like CoinSwitch Kuber and invest or trade-in NKN with a mere starting value of 100 INR. Once you get a hang of the coin and its trends, you can increase your investment value and even look at the other benefits it offers. The predictions for this coin are looking optimistic and inviting for newer investors considering investing in NKN in the market.