NKN – an acronym for New Kind of Network – can be compared to Substratum and Ontology, two projects that are building a decentralized internet solution. But a better perspective would be a triumvirate where NKN provides decentralized networking, Ethereum takes care of the decentralized computing, and Filecoin/IPFS does the hosting via decentralized storage.
One of the first applications built on NKN is a Smart home IoT, a Proof-of-Concept for what the team calls the “Airbnb of the Future,” a decentralized sharing economy. The NKN hype started two years ago where an impressed observer exclaimed:
This project has the highest potential to achieve mass adoption out of all the competitors in this space!Ikenna Odinaka
At the time of writing, NKN is already the biggest blockchain network in the world with over 101,000 nodes, with Bitcoin and Ethereum having roughly 10,000 nodes each. We’re getting ahead of this puzzle, so let’s start from the beginning.
What is NKN?
Network Infrastructure for a Decentralized Internet, known as NKN, is the working of unique peer-to-peer networks based on blockchain technology. The NKN Ecosystem is powered by a novel public blockchain that uses monetary incentives to push Internet users for network connection sharing. This way, they will be able to utilize the bandwidth that is still unused available with them.
Thus, NKN offers the “new Internet,” i.e., the public internet network and more network resources.
This project was launched in the year 2018. The founder of the NKN network is Bruce Li, who was also the ex-Chief Operating Officer for the cryptocurrency project. In an interview, the founder stated that the network operates from offices based in Beijing and another in Silicon Valley.
Using the NKN blockchain, you can share your Internet connection with different users from across the Internet in a P2P manner.
The NKN network uses its consensus mechanism called Proof of Relay, or the POR consensus. The benefit of this consensus is that it is highly secure and evades attacks directed to the network. Hence, the transmission of data can be verified, and the verification cannot be tampered with.
Currently, there are more than 25K nodes to validate financial transactions and all the imaginable data on the NKN blockchain. This makes NKN an already impressive network, wherein the participants receive rewards.
Therefore when it comes to the NKN price predictions, it is essential to learn about the use cases of the NKN token.
Cellular Automata, A New Kind of Science, and the Ising Model build NKN’s consensus algorithm. A simple local majority rule can allow nodes to reach an agreement in a small number of iterations.
The NKN network has several Chinese collaborations under it as it forms the next-generation blockchain systems. These include:
- D-chat: This is a private and decentralized network-based chat system that offers end-to-end encryption and is based on the NKN network. It is completely free for integration with the Chrome browser and also provides offline messaging. More than 10k nodes are operating and even allows the users to upload audio, video, or pictures.
- nShell: It is similar to SSH in many aspects. It executes shell commands from users who are authenticated by the NKN network. Thereafter, the network sends back results through the NKN-client and monitors for incoming requests from the NKN-multiclient-js application.
- Edge computing: The NKN entered into a partnership with China Mobile.
- Content Delivery System: NKN scored another partnership with iQIYI. This is one of the biggest and most-used platforms for video streaming in China, with a massive number of users. The entire financial system of a firm can be handled by the NKN network.
NKN current market position and data
The current position of NKN in the market can be estimated using the data provided by the well-known and authentic website, Coinmarketcap.
According to the current situation, the coin’s trading volume reached 5,858,874.03, i.e., it went down by 5.40 percent compared to the Analysis from the previous day. When this article is being framed, the market rank for the cryptocurrency is #189. The circulating supply for the cryptocurrency is 700,000,000 NKN with a cap of 1,000,000,000 NKN tokens.
Technical Analysis of the price movement
The NKN token spiked when it was released into the market back in 2018. Hitting a high of $0.48, it fell to $0.05 price levels. Since then, the coin price remained in the range of $0.01 and $0.02 and finally speaking at 1.48 USD. This was the new all-time high for the cryptocurrency, experienced in April, around six months ago.
As seen in the chart above, we can see that the current price of the NKN token is 0.28 USD. The NKN price today is up by 2.6% when compared to the data yesterday. In the above 1-day price chart, we can see that the coin cost saw a massive drop of $23.39 on September 7th. This was due to the news of China’s ban on cryptocurrencies.
Also, if we look at the NKN technical analysis 1-day chart, it is visible that we are in a downtrend in the short term, since September 7th. Another notable drop of 14.73 percent was seen on September 20th. This made the price movement even more bearish. Therefore, it can be concluded that the NKN token was not a good investment for the short term.
As mentioned in the NKN live price chart, the highest price for today was 0.02889 USD, while the minimum price was $0.2749.
NKN price forecast by market experts for 2021-2024
Various market experts have made their NKN price predictions based on their own advanced technical analysis tools. This section will discuss the NKN price prediction forecast by multiple websites, each having its special prices for NKN shortly.
We will research multiple viewpoints to indicate the NKN coin price in the cryptocurrency market.
NKN price prediction by Wallet Investor
The future price prediction by Wallet Investor is somewhat optimistic. Wallet Investor states that the average price of the NKN token on significant crypto exchanges will remain shows a maximum price of $0.7051. The most popular technical indicators used by WalletInvestor show a stable price of 2.133 USD in the future.
There are chances that the NKN blockchain network will become one of the most extensive blockchain networks in the future as it becomes globally accessible. The future growth for the coin will be at par with all the other blockchains.
In the last few months, we saw that the NKN cryptocurrency represents a promising project. Hence, we can say that NKN is a profitable investment.
In the long term of 5 years, the website mentioned a price of 2.133 USD for the NKN coins. This makes the NKN token one of the most profitable tokens in the crypto space. Currently, as the cryptocurrency market suffers from China crackdown and regulation issues, NKN will emerge as a worthwhile investment in the crypto industry.
Therefore, according to the data by WalletInvestor, investors should buy NKN, and when the whole crypto industry is booming, the best time to sell NKN will come up.
NKN price prediction by DigitalCoin
DigitalCoin mentions the average price for KNK coins for 2021 to be 0.4199820157 USD. A price rise for the coin will put the coin at 0.5166892115 USD for 2022. The price for 2023 is $0.5863783278, and for 2024 is 0.7376222787.
The technical indicators show that the readers should buy NKN coins in the short term. The price of NKN has maintained a relatively stable price in short before a sharp decline in September.
The graph above represents the price of NKN in the short and long term until 2028. The price action predictions for 2023 are as follows:
NKN price prediction by TradingBeasts
TradingBeasts make a bullish price prediction for NKN until 2024.
Analysis for October 2021
The plunging price analysis by TradingBeasts for NKN presents a price of 0.3240349 USD as the minimum price, 0.4765219 USD as the maximum price, and 0.3812176 USD as the average price for the said month, as the change in the price is mentioned as 27.59 %.
Analysis for November 2021
The deep price analysis by TradingBeasts for NKN presents a price of 0.3262284 USD as the minimum price, 0.4797476 USD as the maximum price, and 0.3837981 USD as the average price for the said month, as the change in the price is mentioned as 28.45 %.
Analysis for December 2021
The deep price analysis by TradingBeasts for NKN presents a price of 0.3282745 USD as the minimum price, 0.4827566 USD as the maximum price, and 0.3862053 USD as the average price for the said month, as the change in the price is mentioned as 29.26 %.
For 2022, the price predictions are:
Likewise, the Analysis for 2023 is as follows:
Analysis for January 2023
The deep price analysis by TradingBeasts for NKN presents a price of 0.3469380 USD as the minimum price, 0.5102029 USD as the maximum price, and 0.4081623 USD as the average price for the said month, as the change in the price is mentioned as 36.61 %.
Analysis for February 2023
The deep price analysis by TradingBeasts for NKN presents a price of 0.3476444 USD as the minimum price, 0.5112418 USD as the maximum price, and 0.4089934 USD as the average price for the said month, as the change in the price is mentioned as 36.88 %.
Analysis for March 2023
The deep price analysis by TradingBeasts for NKN presents a price of 0.3481741 USD as the minimum price, 0.5120207 USD as the maximum price, and 0.4096166 USD as the average price for the said month, as the change in the price is mentioned as 37.09 %.
NKN minimum price by Cryptoground
The price of NKN is put at 0.3295 USD in a week from the current time. In one month, the NKN price forecast by CryptoGround states 0.2992 USD. About 6 months from now, the NKN price prediction is put at 0.4114 USD.
The price will be 0.5227 USD and 1.2443 USD, in one and five years, respectively.
NKN offers the network upon which all the other blockchains and platforms are developed, and where basically all the imaginable data is transferred from one place to another, which is what every network is hoping to achieve in different ways.
The challenge remains the same for all, which is to defeat corporations that usurp the profits and leaves no choice for end-users. NKN challenges telecom giants monopolizing profits and markets. We see this project as prevailing with the best developers growing their already impressive network of nodes. Mass adoption is on the horizon if the trend continues.
Is NKN a good investment?
NKN price prediction using technical analysis tools comes out to be bullish for the long term. NKN will rank amongst the most extensive blockchain network if local regulations restore adoption. Big telecommunication monopolies would into play and drive the prices higher. At its current price, NKN is nearly 70 percent below its all-time high of $1.48. That might impress investors hunting for cryptocurrencies to buy the dip.
How much will NKN be worth?
Deep Analysis shows that the price of NKN will reach 1$ by the end of this year. However, this would be a very bullish situation. If the entire market sees new heights, we will see NKN price prediction go higher. NKN can prove to be quite beneficial in the long term. However, it would help if you still did your research before investing.
Will the NKN token hit 1 USD this year?
There are high chances of NKN hitting the 1 dollar mark by the end of this year. But that depends on the project too. China’s strict stance on cryptocurrencies could lead to price falls of the entire ecosystem, as NKN operates from Beijing. In this case, the NKN price prediction will turn bearish.