As the blockchain market continues to flourish, more crypto assets are being made available to the masses on a near-daily basis. However, with this influx, the need to convert and exchange different currencies in a hassle-free manner is also increasing. As things stand, most of today’s crypto exchanges are centralized and are thus faced with threats related to internal fraud and external third-party hacks.
Another major issue that currently plagues the cryptoverse is a lack of exchanges providing instant remittance. Most of today’s exchanges, including centralized and decentralized ones, require customers to wait for extended periods before allowing them to withdraw their funds.
Kyber Network (KNC) serves as a decentralized Ethereum-based platform that helps in facilitating fluid digital asset conversions across various currencies. By employing a unique trustless framework, Kyber Network delivers users with flexibility and choice when it comes to token exchange and payment. For example, customers have the ability to make or receive payments in the token of their choice seamlessly— without having to deal with the hassle of making physical deposits or performing endless registration checks.
In a similar vein, trade requests and payments are safely executed in an instant fashion at rates that are competitive and free from the vulnerability threats that currently hamper the performance of other centralized exchanges.
Interested in Kyber Network? Here’s a quick rundown of the project:
Platform & Development
In short, Kyber Network uses an open-source protocol that can be easily integrated into existing business frameworks to facilitate cross-platform trading and payments. By implementing an on-chain decentralized exchange model, Kyber Network is able to provide its users with a host of useful applications, including payment APIs for merchants and users to instantly convert their holdings in a “trustless manner.”
Also worth noting is that the system does not make use of an ‘orderbook’ like most conventional trading platforms. Kyber Network users are provided with conversion rates beforehand so that when they receive their remittance, the amount corresponds to the predetermined exchange rate. Not only that, the platform does not levy any extra processing fees other than the gas charge that is intrinsic to the transaction itself.
Other key aspects of the Kyber Network include:
- A reserve warehouse which holds an appropriate amount of crypto tokens for maintaining exchange liquidity.
- The platform uses a standard contract wallet that allows Kyber Network to send a customer’s newly converted tokens to a destination address on their behalf.
According to the project’s roadmap, Kyber aims to launch its cross-chain trading module by the end of this year as well as deploy its propriety financial toolkit by early 2019.
Kyber is backed by a team of experienced blockchain professionals including Loi Luu — a well-respected cryptocurrency and smart contract specialist who is also known for his work with distributed consensus algorithms. Loi is also a regular speaker at several international crypto conferences and has previously been invited to events such as DevCon2, EDCON.
Yoron Velner is the CTO and Co-Founder of this project. Velner holds a Ph.D. in computer science from Tel Aviv University where his research specialized in implementing game theory incentives within blockchain protocols. Additionally, Yaron is one of today’s top contributors to the Ethereum Bug Bounty Program.
Kyber Network (KNC) currently trades for $0.99 and has a market cap of ~$133 million with a circulating supply of 134,132,697 KNC and a total supply of 215,625,349 KNC.
Kyber Network is looking to bridge the gap that currently exists between blockchain technology and its real-world implementation. By providing users and enterprises with a host of specially devised digital tools, Kyber aims to make blockchain adoption more streamlined across the globe. Given that the competitive landscape for decentralized exchanges is becoming increasingly crowded, Kyber will need to rapidly innovate around its platform to continue to stand out.
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Disclaimer: The author(s) of this article may have a position in one or more of the cryptocurrencies mentioned above. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.