The bull run of 2021 made it evident that while the crypto market is dominated by Bitcoin and Ethereum, there is more to the market than the two largest cryptocurrencies. The year 2021 can also be regarded as the year of altcoins as many new projected flooded into the market and a lot of existing ones reached to new highs. One of the lesser-known projects, NKN, amassed phenomenal gains during the bull run. It started off the year with a price level of $0.01757 and reached towards an all-time high of $1.48 – a staggering surge of more than 8,000%. Let’s delve more into what the project is and what does its future outlook look like.
What is NKN?
NKN or New Kind of Network was launched in 2019. NKN is a data relay network based on the blockchain technology. The aim of the network is to utilize unused bandwidth by incentivizing internet users to share network connections. Hence, it is working towards enhancing the peer-to-peer connectivity of users in the crypto market.
The NKN network aims to build the infrastructure for the new decentralized internet. It is also a user-friendly protocol focusing on the ease of use of the blockchain. NKN does not employ a single programming language but rather has multiple options. This makes it easier for developers to build on the network. Moreover, it makes use of optimized routing which ensures that data is relayed through the more efficient route without compromising on safety and security.
NKN is a novel public blockchain. It employs a new kind of technology to achieve its aim of decentralized internet. This idea alone makes it an interesting proposition. Moreover, the blockchain has many real-world use cases. From content delivery system to messaging applications, the possibilities of employing the blockchain run wild.
NKN has over 100,000 nodes which makes it the biggest blockchain network in the world. This feat achieved by the network is not an easy one. NKN has defeated the largest cryptocurrencies, Bitcoin and Ethereum, by a large margin in terms of nodes.
The recent performance coupled with the strong fundamentals of the project gives it a positive future outlook. According to the estimates of Wallet Investor, the cryptocurrency is expected to be operating at a price level of $0.68 in a year’s time while the five-year projection places it at $2.022. Digital Coin Price is also bullish on the cryptocurrency and suggests a year-ending price at $0.54 while the price is expected to reach $1.27 by 2026.