New Kind of Network is a public blockchain that provides incentives in the form of NKN tokens for users to share unused bandwidth and data, allowing higher network speed and reduced cost. It aims to be the decentralized foundation where Web3 apps are built and run with better efficiency.
The network was introduced in 2018 and its mainnet was launched in 2019. New Kind of Network's founders are Yanbo Li, Yilun Zhang, and Zheng Li. They are experts in blockchain technology, mobile data, and telecommunications, who spent years working for top companies like Nokia and Google before creating this blockchain network.
New Kind of Network operates on the basis of Proof of Relay, an improved version of Proof of Work. This consensus mechanism enables almost anyone to participate without a lot of initial investment or costly computer hardwares, and gives out rewards based on data relayed on the network.
NKN is the main native token of the New Kind of Network blockchain. It has 1 billion tokens in total, among which 700 million is in circulation.
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