One tell-tale sign of a growing altcoin season is that obscure and lesser-known projects begin to generate profits as traders strive to jump on the rising price.
New Type of Network (NKN) emerged as one of those surprise winners last month, 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 start in January 2018, the project has steadily expanded its active community to become the “largest blockchain network in the world in terms of full consensus nodes” according to the project’s website. There are currently 67,266 nodes on the network capable of supporting millions of full consensus nodes.
Binance Staking is helping to ignite the NKN price
The price movement for NKN really started to accelerate after Binance announced on March 11th that NKN holders could earn 20% APY on their holdings if they deposited them into their Binance savings accounts.
The momentum for the project continued to build in the weeks that followed as movements in token price attracted additional attention.
The solutions offered by the network have also helped expand the user base. Products like nMobile Messenger offer a private messaging service that rivals WhatsApp and nConnect, a unique remote access solution that focuses on maintaining security and privacy.
When we say that NKN is the indispensable networking foundation for Web 3.0, no words are shredded.
– 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
According to Bruce Li, co-founder and co-CEO of NKN, NKN’s performance over the past month has largely relied on the overall bullish sentiment of the broader crypto market and recent focus on infrastructure projects related to Web 3.0 such as Filecoin (FIL). and Storj.
Li also highlighted the impact miners are having on the market, citing NKN’s strong mining community and focus on Web 3.0 as the driving force behind the protocol’s recent growth.
“NKN is both a Web 3.0 infrastructure (network and data transmission) and a strong mining community. 30% of the NKN tokens are mined or have to be mined. “
For those who prefer to see institutional investment in a project to confirm its competitive status, Li highlighted the fact that Coinbase Custody provides support for NKN, which in his opinion indicates a “certain level of quality for the project”.
As the foundation stone for Web 3.0 continues to be laid and decentralized projects move into mainstream awareness, NKN has calmly positioned itself to achieve further benefits as blockchain technology is further integrated into the technical and financial infrastructure.
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