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A public blockchain called New Kind of Network (NKN) aims to use financial incentives to encourage Web users to share network connections and make use of unused bandwidth. The goal of NKN is to serve as a network for developing decentralized apps in a way that improves connectivity and peer-to-peer data transfer. In this article, we’ll focus on NKN Crypto and learn how to buy them in India.
Introduction to NKN Crypto
Peer-to-peer (P2P) networks use the open-sourced New Kind of Network (NKN) protocol. The public blockchain at the core of the NKN architecture tokenizes network connectivity and data transmission capacity. To put it another way, NKN prioritizes the decentralization of network resources in a similar manner to how Bitcoin, Ethereum, and the InterPlanetary File System (IPFS), Filecoin, decentralize computing power and storage, respectively.
Which consensus mechanism is used in NKN Crypto?
NKN employs a mechanism called “Proof-of-Relay” (PoR). Another name for the mechanism is “useful proof of work.” The classic Proof-of-Work (PoW) model, in which miners receive rewards for validating and safeguarding the blockchain, is different from this. PoR, on the other hand, pays miners for sending over useful or real-world data.
PoR is very important for the NKN network because token rewards are based on how much data is relayed. Therefore, an ideal proof should meet the requirements below:
- Verifiable: Anyone can accurately validate the proof using only publicly known facts, regardless of whether they participate in data transfer.
- Unforgeable: Unless they possess complete control over all involved nodes (computers that connect to a Crypto network), no party can forge credible evidence with nontrivial probability.
- Untamperable: Unless they own all of the involved nodes, no party can change a valid proof in a way that has a nontrivial probability.
Features of NKN Crypto available for users
The NKN blockchain is continually changing, from its fundamental design to expanding its features. NKN now provides four primary end-user features:
- nConnect: Secure remote access to users’ private data and personal files is made possible via the nConnect protocol. To protect user data, the system makes use of encryption and an immutable ledger.
- nMobile: This mobile software has several features and is accessible on iOS and Android. To enable safe communication and non-custodial token storage, its decentralized chat and wallet integration, in particular, are designed to be used.
- dataRide: To speed up the development of Decentralized Apps (DApps), the dataRide feature offers resources and technical guidance. It also has a framework for building custom modules, dApps, and template modules.
- Global ID: Access to the expanding NKN Crypto ecosystem of dApps and services is made easier with Global ID. In order to make it straightforward to locate people and programs when you need them, the protocol provides a unique NKN address.
How to buy NKN coins in India?
Below are a few simple steps you can follow and buy the NKN token in India with WazirX, India’s most trusted and widely used Crypto exchange.
The best way to buy NKN tokens is using P2P trade. To get answers to all your queries related to the P2P trade, click here!
Step 1 – Sign-Up on the WazirX platform
To begin buying and selling NKN Crypto, you are required to create an account on the WazirX platform by signing up. Also, you can directly Log-in if you have an account already on the platform.
For your reference, here’s how you can open an account on WazirX.
Step 2 – Set up your account security by verifying your email address.
This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3 – Complete the KYC process.
After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.
Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.
Step 4 – Add funds to your WazirX account using P2P.
After integrating your bank account into your WazirX account, you can buy USDT through P2P to the WazirX wallet. The USDT will act as funds to help you buy your favorite Cryptos.
Step 5 – Finally, buy NKN on WazirX.
You can now easily purchase NKN tokens using P2P trade on the platform. Check the NKN to INR rate from here and NKN to USDT here.
After logging in to your WazirX account, you can choose USDT from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy” after entering the amount and checking the total USDT amount to be paid.
Your order will be placed according to the price you have input. A seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.
It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the NKN coins you purchased in your WazirX wallet.
Happy Trading!
Frequently Asked Questions
What Is Virtual Currency?
Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.
What Is Crypto?
Crypto or a cryptocurrency is a digital currency protected by cryptography, making counterfeiting and double-spending nearly impossible. Blockchain technology is used to produce cryptocurrencies (a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a government does not issue them. The word "cryptocurrency" refers to the encryption methods employed to keep digital currencies and the network secure.
What Is The Meaning Of Crypto?
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
What Are The Best Cryptocurrencies To Invest In?
The best cryptocurrencies to invest in would be the ones you study and analyze in detail. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, and many altcoins such as Tron, Ripple, Litecoin, etc.
How To Invest In Cryptocurrency In India?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.
How To Invest In Cryptocurrency?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.
Is Cryptocurrency Legal In India?
In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India
Are Cryptocurrencies A Good Investment?
Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.
What Is The Safest Cryptocurrency To Invest In?
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
Are Cryptocurrencies Legal In India?
In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
