A telltale sign of a growing altcoin season is when obscure and lesser-known projects start to generate frightening gains as traders scramble to jump on the price hike.
The New Kind of Network (NKN) emerged over the past month as one of those surprise winners, rising 1,400% from a low of $ 0.052 on March 8 to a new all-time high of $ 0.779 on April 6.
NKN is a peer-to-peer network connectivity protocol and ecosystem that uses economic incentives to “motivate Internet users to share network connections and use unused bandwidth.”
Since its launch in January 2018, the project has steadily grown its active community to quietly become the ‘largest blockchain network in the world in terms of full consensus nodes’ according to the project website, with 67,266 nodes currently in operation. network operation and the ability to support millions of full consensus nodes.
Binance staking helps ignite the NKN price
Price action for NKN really started to rise after Binance’s March 11 ad that NKN holders could earn 20% APY on their holdings if they deposited them into their Binance savings account.
The project’s momentum continued to gain momentum over the following weeks, as the token price swings began to attract additional attention.
The solutions offered by the network have also helped to increase its user base, with products like nMobile Messaging which offers a private messaging service capable of competing with WhatsApp and nConnect which is a unique remote access solution focused on the maintaining security and confidentiality.
When we say that NKN is the must-have networking base for Web 3.0, we don’t mince words.
– 100% private p2p communication
– More than 52,000 unstoppable community nodes
– Killer apps like Surge, nConnect, nMobile$ NKN #BUIDL # web3https://t.co/k4YPzkw9YQ pic.twitter.com/bRVaamTJmv
– NKN (@NKN_ORG) April 2, 2021
According to NKN Co-Founder and Co-CEO Bruce Li, NKN’s performance over the past month is largely linked to the general bullish sentiment in the broader crypto market and the recent focus on projects related to the crypto market. ‘Web 3.0 infrastructure such as Filecoin (FIL). and Storj.
Li also highlighted the impact that miners have in the market and pointed to NKN’s strong mining community and focus on Web 3.0 as the driving forces behind the protocol’s recent growth.
“It turns out that NKN is both infra Web 3.0 (networking and data transmission) and has a strong mining community. 30% of NKN tokens are mined or intended to be mined. “
For those who prefer to see the institutional investment in a project to validate its candidate status, Li pointed out that Coinbase Custody offers support to NKN, which he said indicates a “certain level of quality for the project”.
As the foundations of Web 3.0 continue to be laid and decentralized projects become part of mainstream awareness, NKN has quietly positioned itself to see more benefits as blockchain technology becomes more integrated. technical and financial infrastructure.
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