Kyber Network

KNC
-3.31 % (24hr)

$ 0.1314209592

❝ Kyber Network is a trustless decentralised cryptocurrency exchange which facilitates an exchange of numerous digital asset on-chain which result in the transparent and instant execution of transactions. ❞
Market Cap

$ 17.63M

Current Supply

$ 215.6M

Max Supply

$ NA

24hr Volume

1.041M

Proof

PoS

website

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Introduction

Kyber Network is a trustless decentralized cryptocurrency exchange allowing conversion of numerous digital assets in its platform. The exchange is designed to be instant, liquid and compatible which ensures users to experience the seamless exchange and conversion of digital currencies in a transparent fashion.

Its coin is traded with a symbol of KNC

How Kyber Network Works

Kyber Network promotes the use of decentralised and trustless models in exchange without the involvement of third parties. Kyber Network addresses many key risks involved in trading or investing through traditional exchanges. It promises to provide rich APIs and new contract wallet allowing anyone to send and receive payments from any tokens.

To mitigate the risk of high volatility in the cryptocurrencies, Kyber Network allows hedging positions through its derivative trading platform. Every operation in the platform is executed on smart contracts which means better security, transparent and reduced chance of funds getting lost compared to other centralised traditional exchanges. Unlike other exchanges, the prices of the token are determined by reserve managers. To be reserve manager in the exchange, the user needs to register and get verified by the operator.

Key Features

Trustless and Secure: Every operation on the exchange is executed through smart contracts, where no trust is required and Kyber Network doesn't hold user's fund to facilitate transactions.

High Liquidity: The exchange maintains a reserve of the token coins with itself to provide high liquidity means a user doesn't have to wait for matching order to get filled in to get the transaction executed.

Instant Trade: There is no waiting time or confirmation period and no deposits are required to execute the transaction. Once the transaction is included in the blockchain, user instantly gets the token.

Compatibility: Kyber Network is compatible with existing smart contracts and no specific changes are required to integrate with the network.

Application of Kyber Network

Exchange: The primary feature of the Kyber Network will be to convert and exchange tokens in a secure and instant way.

Proxy Payments: Kyber Network facilitates the conversion of token and enables payment in any token from your own token seamlessly

Derivatives: Kyber Network offers derivatives trading, allowing traders to hedge their bets against price volatility.

Cross-Chain Transaction: Receive payments from bitcoin and other cryptocurrencies in Ether.

Founder and History

Kyber Network was created by Loi Luu (CEO and Co-Founder), Yaron Velner (CTO and Co-Founder), and Victor Tran (Lead Engineer and Co-Founder). Both Loi and Yaron is a research fellow in cryptocurrencies and blockchain protocol while Victor specialises in IT systems.

Kyber Network has completed its ICO sale in September 2017 in which it has raised $60 million while reaching full funding cap of 200,000 ETH in just over a day. The company is supported by some of the leading venture capitalists including Signum Capital, Kinetic Capital, Blockchain Partners Korea, Hyperchain Capital etc.

Vitalik Buterin, Co-founder of Ethereum is listed as one advisor of the exchange and according to reports, this will be the last company in which Buterin will join as an advisor.

Roadmap

  • In Q1 2018, Kyber Network will launch mainnet which support trading between tokens and ETH,
  • In Q2 2018, it will start trading in arbitrary token pairs
  • In Q3 2018, will start to support advanced financial instruments
  • And, in early 2019, it will start supporting cross-chain trading

Exchanges

  • Binance
  • COSS.IO
  • Ether Delta
  • Tidex
  • Liqui
  • Mercatox
  • Coinnest
  • Kucoin

Wallet

  • MyEtherWallet

How to Buy KNC Coins

  • The first and foremost thing for buying KNC coins is wallet setup in MyEtherWallet. If you have one, go directly to next step
  • Open an account on of the exchanges that support KNC coins
  • Next step involves purchase of Ethereum (ETH) and if you already own it, then transfer it to your account
  • Then you can convert Ethereum(ETH) to Kyber Network coins (KNC)
  • And, then using the address of myEtherWallet, transfer your coins to store it securely

Conclusion

Kyber Network is a trustless decentralised cryptocurrency exchange which facilitates an exchange of numerous digital asset on-chain which result in the transparent and instant execution of transactions.

Key Links

Website: https://kyber.network

Twitter: https://twitter.com/kybernetwork

Reddit: https://www.reddit.com/r/kybernetwork

White Paper: https://kyber.network/assets/KyberNetworkWhitepaper.pdf