New Kind of Network’s native cryptocurrency token NKN has seen its worth surge by over 1300% previously month alone.
What Happened: NKN rose to a excessive of $0.7749 on April 6, gaining 160% in a single day because the blockchain reported over 62,900 full consensus nodes, as first reported by Cointelegraph.
Measured by consensus nodes, NKN is actually the most important blockchain community operational on this planet immediately.
By comparability, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), that are the most important cryptocurrency blockchains by market cap, every has about 10,000 full consensus nodes in the meanwhile.
In a latest blog titled “Why billions of nodes matter,” Zheng “Bruce” Li defined, “NKN is essentially a information communication community. So the extra nodes, the upper the community capability.
Imagine it’s Vodafone in Europe, AT&T within the US, or China Mobile in China, the extra cell towers they’ve, the higher the person expertise on their smartphones. It applies to NKN as properly, since every node is doing the information relay and bandwidth sharing.”
Why It Matters: NKN is an open-source protocol for public blockchain-based peer-to-peer networks to share community bandwidth and web connectivity. The decentralized proof-of-work (PoW) community was launched in 2018 however has gained essentially the most traction previously few weeks.
According to information from Binance Research, the variety of every day transactions on the NKN blockchain spiked to an all-time excessive of 729, in comparison with earlier months, the place it recorded a mean of 20 to 30 transactions a day. The variety of massive transactions, that’s the on-chain transactions, exceeding $100,000, additionally witnessed a sudden uptick over the previous month.
The challenge’s elevated momentum took form shortly after crypto change Binance announced that NKN “hodlers” might earn as much as 20% APY on their holdings by means of their Binance financial savings account.
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