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What is NKN?

NKN (New Kind of Network) is a decentralised data transmission network powered by Cellular Automata. Incentivised by blockchain, the open-source group plans to change the design of the internet by improving security and ensure network neutrality.

Cellular Automata will operate the same way as Filecoin and IPFS but in the network domain. This means you’ll receive a token reward based on your data transmission capacity, instead of your storage space as is common with IPFS. But despite NKN’s ambitious goals and the relative infancy of the project, its support team is a group of talented individuals.

How Does NKN Token Blockchain Internet Work?

NKN wants to create a contemporary enhanced version of the internet. It will build the new version on blockchain technology with the aim of creating an internet that is decentralised, safe, active, shared, and owned by the community. This innovation is a decentralised data transmission network (DDTN). The extensive network of independent nodes will transmit data, acting as cellular automata which will change state based on a combination of received inputs and the state of its neighbors.

The team at NKN believes blockchain technology has already revolutionised two “pillars” of internet technology, including computing power (with bitcoin and Ethereum proof of work systems), and storage (with systems such as IPFS and Filecoin). NKN now wants the network infrastructure to run on blockchain.

NKN’s dense whitepaper mentions that the service will simplify the creation of dapps (decentralised applications) due to its low intermission, large bandwidth, and high scalability. But unless the group releases an API, it’s not clear how developers will use it. The company claims it will “tokenise” the network, encouraging users to share their bandwidth in exchange for currency.

NKN Service Analysis

Though relatively young, the NKN platform is planning to release a beta version of its network in the first quarter of 2019, and a full version in the third quarter. But as of March 2019, it’s not crystal clear what the company will release to end users. Currently, NKN seems more focused on creating back-end solutions that developers or service providers can use.

On the group’s Twitter page is a small internet service provider called Speedy Net. It offers fast broadband to rural areas as an early adopter of the technology. NKN claims the provider is based in the American Midwest, but a quick internet search yields result for a tiny British company. Though no information is available for this company, it’s encouraging to see interest in applying the technology.

Bottom Line

There’re many groups working with blockchain claiming to have created an innovative product. But most are using jargon to advance a rehashed and often ineffective product.
NKN is the opposite as they’re developing an amazing product. However, they need to improve their marketing to better explain it to the public. Computer scientists seem to have written the scholarly publications, but a robust public relations initiative could attract more investment and early adopters. Nevertheless, chances are high NKN’s technology could become universal in the future.

Jeff Mwaura No Comments

Cred Launches Secure Easy-To-Use Cryptocurrency

If you have enough balance in your crypto wallet but lack a healthy traditional credit history, it may be impossible to get a loan from a conventional lender. Thanks to blockchain technology, there are new lenders who assist crypto enthusiasts use their crypto assets as collateral to access finance. One of these lenders is Cred. Formerly Libra Credit, Cred offers fiat and cryptocurrency loans backed by digital currency and aims to provide access to credit anywhere, anytime.

What is Cred?

Cred is the brainchild of ex-PayPal executives Lu Hua and Dan Schatt. It made its debut in 2017 with the aim of providing “credit for the real world”. Its token sale in 2018 raised over $26 million in funding. A desktop platform for crypto-to-crypto/fiat lending went live in Q3 2018, while the mobile app was launched by close of 2018.

Cred’s mission is to solve the main issues that bedevil cryptocurrency consumers such as transparency, ease-of-access, and understanding. Many are the times’ consumers feel intimidated when looking to invest in cryptocurrency. According to Brendon McQueen, Founder & CEO of Cred, this is because consumers lack education, in the crypto industry, lack of trust in the industry, as well as confusing product offerings.

The unique position of Cred will address this issue head-on by offering an easy-to-use platform that allows users to track the progress of the cryptocurrency invested, receive daily market recaps, news updates, and learn about each coin before investing.

Cred Loans

Cred offers loans in a decentralised lending ecosystem based on the Ethereum blockchain. These loan products are ideal for the demand for credit that traditional banks cannot fulfill. The main target is people with crypto assets, first-time borrowers and citizens in developing countries.

The Cred ecosystem comprises a proprietary AI-based credit model for risk assessment and multiple partnerships with e-wallets, decentralised exchanges, stable coins, identity verification, and KYC.

You can access loans in a seamless digital lending process which involves 5 steps. This includes application, verification and credit assessment, confirmation, collateral deposit, and disbursement. A borrower can pledge any crypto- asset as collateral and receive loans in their desired assets.

Key features of the platform include:

  • Extensive exchange partnership network
  • Diversified sources of credit funds including individual lenders, financial institutions, and stable coin providers.
  • A collateral grade algorithm to verify the volatility of collateral assets
  • In-house proprietary AI-based credit models
  • Identity-verification platforms to outsource the verification process
  • Reduced-interest repayments when you use LBA (CRED’s native token) as collateral
  • Single digit interest rates
  • Fast access to credit

Why Buy Cred?

The blockchain ecosystem is easy to explore and conquer. According to the World Economic Forum, 10% of global GDP will be on blockchain by 2025.

In 2017, roughly 2.2 trillion of new corporate bonds were issued in comparison to $780 billion in new corporate equity. But despite its massive size, the debt markets face a myriad of issues. They include

  • Liquidity risks
  • Barriers to interoperability between markets and regions
  • The heavy concentration of players crucial to market operations create a single point of failure

Cred has one of the strongest team with solid development after ICO. Partnerships with UPA, Uphold, and Binance labs could help mass adoption of the platform, as well as create opportunities beyond the exchange listing. Given that 40% of the world’s population is unbanked, Cred could open the door for everyone to lend, borrow or invest. Though not completely risk-averse, blockchain-based lending platforms such as Cred can offer borrowers and lenders a transparent, global, rewarding experience.

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What Is NEM XEM New Economy Movement Coin?

It began as a proof-of-concept before it was adopted by the commercial blockchain Mijin, making the value of XEM – the platform’s currency to rise.

How Does NEM Work?

NEM’s architecture consists of two components: the node which is the NEM infrastructure server or NIS, and the client which communicates with the nodes.

NanoWallet supports NEM with a fully-developed cryptocurrency wallet built with HTML and JavaScript. These coding languages allow the NanoWallet to operate on any platform with a web browser. You just need to download the NanoWallet to use NEM.

Both the NCC and NanoWallet can operate offline, and this provides enhanced security using an air gap system. It also provides protection from external attacks by connecting the NIS through a firewall. If you have internet, you can interact with the NEM blockchain even with a low-end computer or mobile device. In case of a hacking attempt on the NIS, the hacker will not access the NEM wallet software, given the platform’s extra layer of security.

The Difference between NEM and Bitcoin

The NEM platform has set out two strategies to build a better blockchain.

Harvesting

Harvesting is the alternative to mining. It was designed by NEM to generate XEM and to help maintain the integrity of the NEM blockchain. When someone does a transaction, the first computer to see and verify the transaction will inform nearby users of that transaction. “Generating a block” is the name of the process. If you generate a block in NEM with more than 10,000 XEM, you will receive the transaction fee on that block as payment.

Vesting XEM and proof-of-importance

Bitcoin uses a proof-of-work system where your computer does the work for the blockchain and you get coins in return. NEM uses a proof-of-importance system when it comes to harvesting. Importance measures how much you’re invested in the NEM system.

Once you have vested 10,000 XEM in your wallet, you can generate new blocks and earn the transaction fee for all transactions on that block. The non-vested XEM in your wallet will vest XEM at a rate of 10%. 20,000 non-vested XEM in your wallet will take 7 days to reach the minimum 10,000 vested XEM.

Making Money with NEM

Get paid in XEM – Since XEM and NEM are still young, the value is low and this allows you to buy a lot of XEM for less. For example, $90 worth of XEM would get you 3,000 XEM in April 2017. By September the 3,000 XEM were worth $900 in value. Receiving payments in XEM could be an investment in the network’s future and your wallet’s value.

Get Vested – Another way to make free money is to begin harvesting as this will allow you to earn small amounts of XEM for helping maintain the system’s security and accountability. But to do this you would need a minimum of 10,000 XEM vested.

NEM is relatively young, and any new cryptocurrency will face challenges and risks in its lifetime. NEM also lacks a concrete roadmap, thus users will have to wait and see. Since it was built from scratch, it has the potential to avoid the pitfalls that befell other bitcoin forks.