How to Buy NKN (NKN) in Australia

1. Choose a crypto exchange

First things first, you need an exchange that both has NKN, and is trustworthy!

You can find our top 3 exchanges for buying NKN here, alternatively you can also check our comparison of the best cryptocurrency exchanges in Australia if you’re generally interested in seeing which exchanges work for Australians.

2. Sign up with the crypto exchange

Once you’ve chosen your crypto exchange, it’s just a matter of signing up and getting your account verified. Most exchanges have streamlined this process very well so it shouldn’t take long.

3. Fund your account

The next step is to transfer AUD or another cryptocurrency into your account. Most top crypto exchanges offer various payment methods. From bank transfer to PayID, POLi pay and credit cards, it’s very straightforward.

4. Buy NKN

And of course, the final step is to find NKN on the exchange and buy it. A lot of exchanges offer different ways of buying cryptocurrencies, like market orders and limit orders.

Where to Buy NKN (NKN)

ExchangeRatingAvailable CryptocurrenciesFeesVisit Site
Swyftx Logo5/5350+0.6%VISIT SITE
Binance Logo4.5/5300+0.1%VISIT SITE
Digital Surge Logo4/5200+VariesVISIT SITE

How to Sell NKN

  1. Sign into the exchange
  2. Find where you stored your NKN, either on a hardware wallet or on the exchange.
  3. Transfer your NKN to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
  4. Sell NKN.
Businessman looking at crypto trend

Considerations when looking to buy NKN.

NKN (or New Kind of Network) is an open-source protocol that allows peer-to-peer networks to share bandwidth and Internet connectivity. Alpha, and Whitfield Diffie, inventor of public-key cryptography as advisors. NKN Mainnet launched July 2019, and now has more than 25,000 full consensus nodes (more that Bitcoin or Ethereum).

Notable uses for NKN are:

  • Content Delivery System (contract with Chinese video giant iQIYI).
  • Edge computing (contract with China Mobile
  • D-chat (secure messaging application)
  • nShell (secure remote access to terminals)

NKN's consensus algorithm is based upon Cellular Automata: A New Kind of Science and Ising Model. This model uses a simple local majority rule to allow for system-level convergence in a limited number of iterations. The goal of the design is to scale to arbitrarily many equal consensus nodes.

NKN uses a global addressing system based on public key to allow peer-to-peer communication without centralized servers. The routing of packets uses Chord Distributed Hash Tables (DHT), which map each NKN address with a random position on the Chord DHT ring.