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NKN(NKN)

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$0.125907
(2.69%)
0.00000179 BTC
Market Cap (Rank#450)
$95,038,805
1,355 BTC
Vol 24h
$3,769,138
53.7225 BTC
Circulating Supply
754,831,361.68
Max Supply
1,000,000,000
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285 days agocryptodaily
Republican Lawmakers Demand To Know How Prometheum Got SEC Nod
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285 days agocryptodaily
Republican Lawmakers Demand To Know How Prometheum Got SEC Nod
Republican members of the House Financial Services Committee are demanding that SEC Chair Gary Gensler explain how Prometheum got approval from the SEC. The lawmakers have petitioned both financial regulators for more information regarding the company’s registration status. Republicans Demand Answers The Republican lawmakers on the Financial Services Committee, led by Chairman Patrick McHenry, have questioned how the previously unknown entity was able to beat other, more established entities to obtain approval from the United States Securities and Exchange Commission (SEC) as a broker-dealer for crypto. The members have directed their inquiries to the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) in a letter signed by 23 House Financial Services Lawmakers. Several questions have been raised regarding the context of Prometheum’s approval, especially since the approval came shortly after a joint hearing held by the House Financial Committee and the House Agriculture Committee on digital assets. The letter stated, “The timing of the approval raises concerns that it was aimed at demonstrating that legislation is not needed because there is a workable regulatory framework for the custody of digital asset securities.”’ A Play By Gensler? The letter has also flagged serious concerns about whether the Securities and Exchange Commission put Prometheum up as a poster firm to shore up SEC Chair Cary Gensler’s argument that no new laws were required to regulate the crypto space in the United States. The approval comes just before McHenry’s committee is about to send the digital assets legislation to the house floor. However, Prometheum executives have insisted there is nothing to be surprised about regarding the approval. They added that they followed the registration process step-by-step, just like other firms looking for approval. Prometheum’s co-CEO, Aaron Kaplan, has also insisted that the firm would go about demonstrating the right way to build a crypto platform that is also fully compliant with current laws and regulations. In response to the letter, the company released a statement, responding, “Prometheum purpose-built its technology with the goal to develop a market infrastructure for digital asset securities that is compliant with the federal securities laws. This technology will serve as a building block for a compliant and orderly digital asset securities marketplace that protects investors and serves their best interests.” Lawmakers Wary Of Prometheum The Republican lawmakers are the latest to call for more information and an investigation into the sudden approval of Prometheum, a company that has not done any trading as yet. Several other Republican members of the Senate have called for greater scrutiny of the prevailing situation. Republican lawmaker Thomas Tuberville has alleged that the company may have provided false testimony to Congress or violated several US Securities Laws. Meanwhile, Democrat lawmaker Ritchie Torres has requested an investigation of the Securities and Exchange Commission. Prometheum’s China Connection Prometheum has previously collaborated with the Shanghai Wanxiang Blockchain Inc. to develop a blockchain trading software, a point that has been noted by lawmakers. While the collaboration has been concluded, reports have highlighted the involvement of a Chinese firm during Prometheum’s early days. According to several reports, a Chinese entity owns a portion of the company and even has a representative, Feng Ziao, as a director at Prometheum. Lawmakers have also pointed to the connection between Wanxiang and the Chinese Communist Party (CCP), which has led to significant concerns about national security and data privacy. Furthermore, Kaplan’s posts on social media have also garnered considerable attention. Kaplan’s views closely align with that of the Securities and Exchange Commission and differ from those taken by crypto-space members. Kaplan has insisted that existing Federal Securities Laws are sufficient to regulate crypto. Kaplan and other top executives at Prometheum’s connections with the Securities and Exchange Commission and FINRA have also been discussed. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
290 days agocointelegraph
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297 days agocointelegraph
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320 days agocointelegraph
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About NKN?

The live price of NKN (NKN) today is 0.125907 USD, and with the current circulating supply of NKN at 754,831,361.68 NKN, its market capitalization stands at 95,038,805 USD. In the last 24 hours NKN price has moved -0.001598 USD or -0.01% while 2,427,652 USD worth of NKN has been traded on various exchanges. The current valuation of NKN puts it at #450 in cryptocurrency rankings based on market capitalization.

Learn more about the NKN blockchain network and how it works or follow the price of its native cryptocurrency NKN and the broader market with our unique COIN360 cryptocurrency heatmap.

Introduction

NKN (New Kind of Network) is a novel, peer-to-peer network connectivity protocol and ecosystem powered by blockchain technology. It aims to revolutionize the internet by introducing a decentralized, shared, and open network infrastructure. NKN's unique approach to networking seeks to enhance network connectivity, security, scalability, and self-evolution capabilities.

Technology & Mechanism

Consensus Mechanism

NKN employs a unique consensus mechanism known as MOCA (Majority vOte Cellular Automata). This consensus algorithm combines cellular automata and the concept of ispp (information spreading protocol) to achieve efficient and secure consensus without the need for proof-of-work or proof-of-stake.

Blockchain Technology

NKN operates on its own proprietary blockchain, designed to handle large-scale network data transmission. It uses a highly scalable public blockchain combined with a decentralized data transmission network.

Key Features

Scalability

NKN's unique consensus mechanism and blockchain design allow it to scale efficiently, handling a large number of nodes without compromising performance or security.

Security

NKN's network is designed with robust security measures. Its decentralized nature and unique consensus mechanism make it resistant to common network attacks.

Privacy

NKN ensures user privacy by employing end-to-end encryption for all data transmitted over the network.

Decentralization

NKN is a fully decentralized network, with no central authority or single point of failure. This ensures the network's resilience and reliability.

Development Team & Governance

NKN is developed by a team of experienced professionals in the fields of networking and blockchain technology. The project is governed by the NKN Foundation, a non-profit organization dedicated to promoting and advancing the NKN ecosystem.

Use Cases & Potential Impact

NKN has a wide range of potential use cases, including decentralized content delivery, private networks, peer-to-peer applications, and more. It has the potential to disrupt traditional network infrastructure by providing a more secure, private, and efficient alternative.

Purchase & Storage

How to Buy

NKN can be purchased on several cryptocurrency exchanges, including Binance and Huobi. Users can trade Bitcoin or Ethereum for NKN.

Wallets & Storage

NKN can be stored in any wallet that supports ERC-20 tokens, including hardware wallets like Ledger and Trezor, and software wallets like MyEtherWallet and MetaMask.

Partnerships & Collaborations

NKN has formed partnerships with several notable companies in the tech industry, including Google Cloud, IBM, and China Mobile.

Roadmap

NKN's future plans include further development of its core technology, expansion of its ecosystem, and exploration of new use cases for its network protocol.

Risks & Challenges

Like any blockchain project, NKN faces potential risks and challenges, including regulatory hurdles, technological obstacles, and market competition.

Community & Regulatory Compliance

Community

NKN has a vibrant and active community of users, developers, and supporters. The community contributes to the project through code development, network participation, and promotion of the NKN ecosystem.

Regulatory Compliance

NKN is committed to complying with all relevant regulations and laws in the jurisdictions it operates in. It works closely with legal advisors to ensure its operations are fully compliant.

In conclusion, NKN is a groundbreaking project that aims to revolutionize network connectivity through blockchain technology. Its unique approach to networking, combined with its robust security measures and scalable design, make it a promising solution for the future of internet infrastructure.

NKN Price0.125907 USD
Market Rank#450
Market Cap95,038,805 USD
24h Volume3,769,138 USD
Circulating Supply754,831,361.68 NKN
Max Supply1,000,000,000 NKN
Yesterday's Market Cap91,676,848 USD
Yesterday's Open / Close0.123051 USD / 0.121453 USD
Yesterday's High / Low0.123361 USD / 0.120521 USD
Yesterday's Change
-0.01% ( 0.001598 USD )
Yesterday's Volume2,427,652 USD
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