A major indication of a rising altcoin cycle is when hardly heard ventures start recorded extra ordinary gains as traders rush to capitalize on the rally.
In the last 30 days, New Kind of Network (NKN) has emerged come out as a surprise gainer, rallying 1,400% to hit an all-time peak of $0.779 on April 6, after recording a low of $0.052 on March 8.
NKN is a P2P network linked covenant that utilizes rewards to “motivate internet users to share network connections and utilize unused bandwidth.”
From the time of roll out in January 2018, the venture has systematically given rise to a proactive community that has transformed into the “biggest blockchain network in the world in terms of full consensus nodes” as per the venture’s official web page. Currently, 67,266 nodes run the network and the system has the ability to support millions of full consensus nodes.
The price of NKN token really started to gain momentum after Binance announced on March 11 that NKN holders could gain 20% APY on their holdings in case they are willing to stake their holdings through Binance savings account. In the past few weeks, interest towards the venture is on the rise as the token’s price rally started luring added attention.
The solutions provided by the network have also assisted in boosting client base, with products such as the nMobile messenger which facilitates private messaging service that can challenge WhatsApp and nConnect, which is a distinct remote access tool that is centered on ensuring safety and privacy.
When we say NKN is the indispensable networking foundation for web 3.0, we don’t mince words.
– 100% private p2p communication
– Over 52,000 unstoppable community nodes
– Killer apps like Surge, nConnect, nMobile$NKN #BUIDL #web3https://t.co/k4YPzkw9YQ pic.twitter.com/bRVaamTJmv— NKN (@NKN_ORG) April 2, 2021
As per NKN co-founder and co-CEO Bruce Li, the processing capability of NKN in the last month is mainly linked to the overall optimism of the broad-based cryptocurrency market and the concentration in recent times on Web 3.0 framework-linked ventures such as Filecoin (FIL) and Storj.
Li also underlined the effect of miners on the crypto market and cited NKN’s robust mining network and its concentration on Web 3.0 as leading forces behind the latest growth of the covenant.
Li said:
“NKN happens to be both Web 3.0 infra (networking and data transmission) and have a strong mining community. 30% of NKN tokens are mined or to be mined.”
To those investors who consider institutional investment as main criteria to validate a venture, Li pointed out that Coinbase Custody provides backing for NKN, which reflects a “certain level of quality for the project.”
With the groundwork for Web 3.0 continues to be set out and decentralized ventures enter into mainstream business, NKN is carving a niche of its own.