Posted on April 1, 2018
KyberNetwork is an on-chain protocol which allows instant exchange and conversion of digital assets (e.g. crypto tokens) and cryptocurrencies (e.g. Ether, Bitcoin, ZCash) with high liquidity. KyberNetwork will be the first system that implements several ideal operating properties of an exchange including trustless, decentralized execution, instant trade and high liquidity. Besides serving as an exchange, KyberNetwork also provides payment APIs that will allow Ethereum accounts to easily receive payments from any crypto tokens. As an example, any merchant can now use KyberNetwork APIs to allow users to pay in any crypto tokens, but the merchant will receive payments in Ether (ETH) or other preferred tokens.
Kyber network utilizes a network of reserve operators, who maintain a reserve of all tokens to provide liquidity for transactions. In order to be a reserve operator, you must have a certain amount of KNC.
Being based on the Ethereum blockchain, Kyber Network will only support ERC20 tokens at the beginning, but cross-chain trading is in their roadmap.
– The Kyber reserve network allows very high liquidity
– Allows anyone to seamlessly receive payments in ETH from any token
– Allows people to participate in ICOs without having ETH
– The Kyber exchange will never have the lowest conversion rate between coins because it has to be profitable for reserve operators
The network is not up yet. It is scheduled to be launched in Q1 2018. The testnet was deployed in August 2017.
02.11.2018: First mainnet launch, support trading between tokens and ETH
Q2 2018: Support trading arbitrary token pairs
Q3 2018: Support trading advanced financial instruments
Q1 2019: Support cross-chain trading
Before operating, KyberNetwork reserves the need to pre-purchase and store KNC tokens. In every trade, a small fraction (exact numbers are to be determined) of the trade volume will be paid by the reserve to KyberNetwork platform in KNC. This small fee represents the reserve’s payment in return for the right to be able to operate and earn profits from trading activities in KyberNetwork. The collected KNC tokens from the fees, after paying for the operation expenses and to the supporting partners, will be burned, i.e. taken out of circulation.
KyberNetwork is similar to 0x and OmiseGo since they all are decentralized exchange protocols.
KyberNetwork is in partnership withTrust, imToken, Request network, Enigma, Appcoins and WAX.
KNC is traded on Binance, Huobi, OKEx, Coinnest, Kucoin and Liqui.
Kyber Network is an application layer built on the Ethereum blockchain.
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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations