NKN is the abbreviation of New Kind of Network – a type of peer-to-peer network connection protocol and an ecosystem built on the blockchain platform. New Kind of Network (NKN) was launched in November 2018 and was created by Singapore-based non-profit company NKN to leverage economic benefits to incentivize users to share network connections and take advantage of unused bandwidth.
New Kind of Network is designed to solve most of the Internet’s problems today, such as slow connections, complex, expensive, and vulnerable client-server models. To address these issues, NKN has launched a peer-to-peer Internet with an open connectivity infrastructure that allows application developers to build an Internet for all at a low cost, security, and global connectivity.
NKN uses a Proof of Relay (PoR) consensus algorithm, allowing participants to receive rewards by providing more network resources than they consume to maximize resource savings. In addition, NKN can transfer data quickly and efficiently by encouraging users to join the connection and providing bandwidth by encrypting the network connection.
The NKN Token (NKN) is a token of the NKN network, used to pay transaction fees and reward miners to ensure network security. In addition, NKN is also used by users to participate in governance activities, vote on essential platform decisions, and execute smart contracts on NKN’s blockchain.