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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
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
How Cryptocurrency Works?
Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.
How To Invest In Cryptocurrency Stocks?
Cryptocurrency can be purchased in two ways: through mining or exchanges. The process of confirming and adding transactions to the blockchain public ledger is known as cryptocurrency mining. Cryptocurrency exchanges are another option. Exchanges make money by charging transaction fees, but there are alternative platforms where you may communicate directly with other cryptocurrency traders.
Can I Invest In Cryptocurrency?
Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process.
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.
Is Crypto Legal In India?
Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India
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.
Is Bitcoin And Cryptocurrency The Same Thing?
Bitcoin is a cryptocurrency that was designed to facilitate cross-border transactions, eliminate government control over transactions, and streamline the entire process without third-party intermediaries. The absence of intermediaries has resulted in a significant reduction in transaction costs. Satoshi Nakamoto, the creator of Bitcoin, created the first cryptocurrency in 2008. It began as open-source software for money transfers. Since then, plenty of cryptocurrencies have emerged, with some focusing on specific fields.
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.
Is Mining Cryptocurrency Legal?
Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.
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.
