How and Where to Buy Rakon (RKN) – Detailed Guide
- What is RKN?
- Step 1: Register on Fiat-to-Crypto Exchange
- Step 2: Buy ETH with fiat money
- Step 3: Transfer ETH to an Altcoin Exchange
- Step 4: Deposit ETH to exchange
- Step 5: Trade RKN
- Last Step: Store RKN securely in hardware wallets
- Other useful tools for trading RKN
- Frequently Asked Questions
- Latest News for RKN
- RKN Price Prediction and Price Movement
What is RKN?
What Is Rakon (RKN)?
Rakon is a blockchain-based network that is designed to connect infrastructure, satellites and navigation and communication systems in trustless ecosystems that do not depend on middlemen or intermediaries. The network uses smart contracts to power frequency control and timing solutions for devices such as wireless controls, smart power grids, aviation systems and other applications. According to its white paper, the vision of Rakon is to "enable transparent information flow and efficient collaboration."
RKN is the token that powers the activities of the Rakon ecosystem. It is used as "fuel" to execute the smart contracts that operate on its network.
Rakon is expected to launch in the fourth quarter of 2020.
Who Are the Founders of Rakon?
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.
What Makes Rakon Unique?
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.
Related Pages:
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.
Curious how crypto ICOs take place? Read an in-depth guide on Alexandria, CoinMarketCap's online educational resource.
Stay up to date on the ways crypto and blockchain are changing industries with the CoinMarketCap Blog.
How Many Rakon (RKN) Coins Are There in Circulation?
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.
How Is the Rakon Network Secured?
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.
Where Can You Buy Rakon (RKN)?
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.
RKN was first tradable on 25th Dec, 2019. It has a total supply of 285,714,286. As of right now RKN has a market capitalization of USD $53,594,487.44. The current price of RKN is $0.188 and is ranked 377 on Coinmarketcap and has recently surged 84.17 percent at the time of writing.
RKN has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Ethereum from any fiat-to-crypto exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy RKN.
Step 1: Register on Fiat-to-Crypto Exchange
You will have to first buy one of the major cryptocurrencies, in this case, Ethereum (ETH). In this article we will walk you through in details two of the most commonly-used fiat-to-crypto exchanges, Uphold.com and Coinbase. Both exchanges have their own fee policies and other features that we will go through in detail. It is recommended that you try both of them and figure out the one that suits you best.
Select Fiat-to-Crypto Exchange for details:
- UpHold
Being one of the most popular and convenient fiat-to-crypto exchanges, UpHold has the following advantages:
- Easy to buy and trade among multiple assets, more than 50 and still adding
- Currently more than 7M users worldwide
- You can apply for UpHold Debit card where you can spend the crypto assets on your account like a normal debit card! (US only but will be in the UK later)
- Easy to use mobile app where you can withdraw fund to a bank or any other altcoin exchanges easily
- No hidden fees and any other account fees
- There are limited buy/sell orders for more advanced users
- You can easily set up recurring deposits for Dollar Cost Averaging (DCA) if you intend to hold cryptos long term
- USDT, which is one of the most popular USD-backed stablecoins (basically a crypto that is backed by real fiat money so they are less volatile and can be treated almost as the fiat money it's pegged with) is available, this is more convenient if the altcoin you intend to buy has only USDT trading pairs on the altcoin exchange so you don't have to go through another currency conversion while you buy the altcoin.
Type your email and click 'Next'. Make sure you provide your real name as UpHold will need it for account and identity verification. Choose a strong password so that your account isn't vulnerable to hackers.
You will receive a confirmation email. Open it and click on the link within. You will then be required to provide a valid mobile number to set up two-factor authentication (2FA), it is an extra layer to the security of your account and it is highly recommended that you keep this feature turned on.
Follow the next step to finish your identity verification. These steps are a bit daunting especially when you are waiting to buy an asset but just like any other financial institutions, UpHold is regulated in most countries such as the US, the UK and the EU. You can take this as a trade-off to using a trusted platform to make your first crypto purchase. Good news is that the whole so-called Know-Your-Customers (KYC) process is now fully automated and it shouldn't take more than 15 minutes to finish.
Step 2: Buy ETH with fiat money
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer. You may be charged higher fees depending on your credit card company and the volatile prices when using cards but you will also make an instant purchase. While a bank transfer will be cheaper but slower, depending on the country of your residence, some countries will offer instant cash deposit with low fees.
Now you are all set, on the 'Transact' screen under the 'From' field, select your fiat currency, and then on the 'To' field choose Ethereum, click preview to review your transaction and the click confirm if everything looks good... and congrats! You've just made your first crypto purchase.
Step 3: Transfer ETH to an Altcoin Exchange
But we are not done yet, since RKN is an altcoin we need to transfer our ETH to an exchange that RKN can be traded. Below is a list of exchanges that offers to trade RKN in various market pairs, head to their websites and register for an account.
Once finished you will then need to deposit ETH to the exchange from UpHold. After the deposit is confirmed you may then purchase RKN from the exchange view.
Last Step: Store RKN securely in hardware wallets
Ledger Nano S
- Easy to set up and friendly interface
- Can be used on desktops and laptops
- Lightweight and Portable
- Support most blockchains and wide range of (ERC-20/BEP-20) tokens
- Multiple languages available
- Built by a well-established company found in 2014 with great chip security
- Affordable price
Ledger Nano X
- More powerful secure element chip (ST33) than Ledger Nano S
- Can be used on desktop or laptop, or even smartphone and tablet through Bluetooth integration
- Lightweight and Portable with built-in rechargeable battery
- Larger screen
- More storage space than Ledger Nano S
- Support most blockchains and wide range of (ERC-20/BEP-20) tokens
- Multiple languages available
- Built by a well-established company found in 2014 with great chip security
- Affordable price
If you are planning to keep("hodl" as some may say, basically misspelt "hold" which get popularised over time) your RKN for a considerable long time, you may want to explore ways of keeping it safe, although Binance is one of the safest cryptocurrency exchange there had been hacking incidents and funds were lost. Because of the very nature of the wallets in exchanges, they will be always online("Hot Wallets" as we call them), therefore exposing certain aspects of vulnerabilities. The safest way of storing your coins to date is always putting them into a type of "Cold Wallets", where the wallet will only have access to the blockchain(or simply "go online") when you send out funds, reducing the chances of hacking incidents. A paper wallet is a type of free cold wallet, it's basically an offline-generated pair of public and private address and you will have it written somewhere, and keep it safe. However, it is not durable and is susceptible to various hazards.
Hardware wallet here is definitely a better option of cold wallets. They are usually USB-enabled devices that store the key information of your wallet in a more durable way. They are built with military-level security and their firmware are constantly maintained by their manufacturers and thus extremely safe. Ledger Nano S and Ledger Nano X and are the most popular options in this category, these wallets cost around $50 to $100 depending on the features they are offering. If you are holding your assets these wallets are a good investment in our opinion.
Frequently Asked Questions
Can I buy RKN with cash?
There is no direct way to buy RKN with cash. However, you can use marketplaces such as LocalBitcoins to first purchase ETH, and finish the rest of the steps by transferring your ETH to respective AltCoin exchanges.
LocalBitcoins is a peer-to-peer Bitcoin exchange. It is a marketplace where users can buy and sell Bitcoins to and from each other. Users, called traders, create advertisements with the price and the payment method they want to offer. You can choose to buy from sellers from a certain nearby region on the platform. is after all a good place to go to buy Bitcoins when you can't find your desired payment methods anywhere else. But prices are usually higher on this platform and you have to do your due diligence to avoid getting scammed.
Are there any quick ways to buy RKN in Europe?
Yes, in fact, Europe is one of the easiest places to buy cryptos in general. There are even online banks which you can simply open an account and transfer money to exchanges such as Coinbase and Uphold.
Are there any alternative platforms to buy RKN or Bitcoin with credit cards?
Yes. is also a very easy to use platform for buying Bitcoin with credit cards. It is an instant cryptocurrency exchange that allows you to exchange crypto fast and buy it with a bank card. Its user interface is very easy to use and the buying steps are pretty self-explanatory.