Rakon price

RKN

Rakon was created by Orbit Network Inc. through its subsidiary Blockchain Development Inc. The project was first conceived in the third quarter of 2018, and it is expected to officially launch in the fourth quarter of 2020.

Orbit Network develops products that use blockchain technology and smart contracts, with the intention of increasing usability and driving global enterprise blockchain adoption. The company is behind other cryptocurrency projects, including Sports and Leisure (SNL), a token pegged to Ether (ETH) and designed to connect the traditional and digital sports and leisure industries, and New York Exchange (NYE), which seeks to bridge traditional stock and commodity trading with cryptocurrency trading.

Orbit Network also operates Orbitex, a platform for trading both traditional and crypto assets.

Rakon is focused on integrating blockchain-based, smart contract systems into industries that rely on highly advanced emerging technologies. Its revenue model is centered around establishing itself as a go-to solution for fields of global positioning systems — otherwise known as GPS — telecommunications, defense, space, the Internet of Things and others. It is particularly focused on integrating smart contracts into frequency control and timing solutions.

Following its launch, Rakon's first use case is expected to be in the telecommunications sector, with Orbit Network announcing in August 2020 that it will be partnering with firms in the United States, Canada, India, Turkey and the United Kingdom to allow users to top up their mobile phones using RKN. The company also stated that RKN will serve as the exclusive asset of its Orbit Network Chain Server.

Rakon also anticipates that cryptocurrency investors will see RKN as having growth potential, further supporting the project through their purchasing decisions.

Rakon has a fixed maximum supply of 285,714,286 tokens. RKN was first made available for purchase through an initial coin offering that began in April 2019, during which ETH could be exchanged for RKN — with a minimum transaction amount of 1 ETH. The project has also stated that users will be able to earn RKN by promoting it on social media and other internet platforms.

According to its white paper, Rakon has an 85% token distribution plan, which will be featured in an updated white paper, and network fees will be distributed to RKN tokenholders on a pro rata basis each quarter.

RKN is an ERC-20 token. Therefore, Rakon relies on the Ethereum blockchain network to verify and process its transactions. Ethereum uses a proof-of-work consensus algorithm, meaning that miners compete among each other to add new blocks to the blockchain and a majority of all nodes in the network must confirm a record for it to be posted.

While RKN transactions themselves are secured by the decentralized Ethereum blockchain, the token's ERC-20 contract on Ethereum is controlled by its issuer. Thus, the security of user funds is also the responsibility of Rakon's founding company, Orbit Network. The company's website states that it completes its due diligence and follows strict protocols to keep its information systems secure.

Rakon is listed on a few smaller cryptocurrency exchanges — including Cat.Ex, CREX24, ProBit and STEX — where it is available to be traded against ETH and the stablecoin Tether (USDT).

Are you interested in buying RKN or other cryptocurrencies such as Bitcoin (BTC)? CoinMarketCap has a simple, step-by-step guide to teach you all about crypto and how to buy your first coins.

Learn about Sports and Leisure, a cryptocurrency developed by the same team behind Rakon.

Learn about Telcoin, another cryptocurrency seeking to change the telecommunications industry.

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