Users can easily exchange and swap tokens on the platform in a decentralized fashion. Kyber Network CrystalThe tokens on sale were Kyber Network Crystals (KNC) which reserves will need for the right to operate on the platform. A small fraction of the trade value will be paid by the reserves to Kyber Network in KNC. The KNC collected by Kyber Network in fees will be burned and taken out of circulation. This could increase the value of KNC as the total supply reduces.
Alternatively, payment for a purchase could be made in bitcoin with the vendor receiving ether. The vast majority of existing cryptocurrencies and tokens are decentralized and trustless in nature, yet, they trade mostly on centralized exchanges.
Participants have already been distributed their allotment of KNC in anticipation of public trading, details of which are expected to be announced shortly. Kyber network is a decentralized exchange that allows a seamless and secure conversion with guaranteed liquidity. The project runs entirely on the blockchain, and allows secure exchange of crypto tokens with no single point of failure, making it extremely difficult to compromise the exchange. Kyber is also a payment service provider, with a dedicated token conversion service.
The project is led by Loi Luu and advised by major industry players like Ethereum’s Vitalik Buterin, among others. Kyber’s on-chain liquidity protocol allows decentralized token swaps to be integrated into any application, enabling value exchange to be performed seamlessly between all parties in the ecosystem. Using this protocol, developers can build innovative payment flows and applications, including instant token swap services, ERC20 payments, and financial DApps – helping to build a world where any token is usable anywhere. Kyber is a decentralized liquidity network for enabling instant and seamless transactions between platforms, ecosystems and other use cases.
KyberNetworkhas nailed their Initial Coin Offering (ICO) having successfully raised ETH 200,000 or $51 million (at the current exchange rate). The Singapore based company reported a smooth ICO in a market that has experienced more than a bit of volatility in recent weeks as Chinese government officials cooled on tokenized offerings and cryptocurrencies in general. KyberNetwork says that more than 21,000 individuals participated in the public token sale of KyberNetwork Crystals (KNC).
To keep up with centralized exchanges such as Binance and Bittrex, Kyber Network will need to support hundreds of tokens for its users. So at this time all eligible users in their Slack community will be whitelisted and will be able to buy their tokens in the public sale. Additionally, to avoid clogging the Ethereum network and allow more time for their users to participate in the token sale, KyberNetwork has also extended the sale period by additional 24 hours. Kyber Network is a digital asset exchange that lets you convert and exchange tokens securely and instantly.
Decentralized, trustless liquidity sources are vital to the long-term success of DeFi. As such, Kyber designed a fully on-chain liquidity protocol with a high degree of composability.
- Kyber Network is an on-chain instant payment and exchange service with its own KNC token.
- KyberNetwork Crystal (KNC) is a token of the KyberNetwork platform – a decentralized service for an instant exchange of cryptocurrency assets.
Exchange and conversion of digital assets
KyberNetwork is a new system which allows the exchange and conversion of digital assets. We provide rich payment APIs and a new contract wallet that allow anyone to seamlessly receive payments from any token. Users can also mitigate the risks of price fluctuations in the cryptocurrency world with our derivative trading.
KyberNetwork explains that it uses a unique approach that incentives reserve managers to guarantee liquidity and enables trustless and instant convertibility of any tokens. KyberNetwork said it will also allow for complex financial instruments like derivative options and forward contracts.
The design allows for any party to contribute to the liquidity pools, including decentralized exchanges and essentially any other decentralized protocol. On the flip side, Kyber allows takers such as end-users, crypto wallets, and even smart contracts to seamlessly perform instant and trustless token exchanges with minimal slippage. Hurdles that Kyber Network needs to overcomeKyber Network plans to support more and more crypto-assets as it goes through its phases of development.
Kyber Network wants to become an exchange that is akin to the crypto-assets it supports and overcomes some of the flaws that existing centralized and decentralized exchanges exhibit. KyberNetwork is designed to solve the issue of liquidity by introducing a new system for any user to trade any token instantly and completely securely with guaranteed liquidity. Their approach is through the utilization of reserve managers, who are incentivized by monetizing their otherwise idle assets. By serving trade requests from users, reserves earn profit from the spread determined by reserve managers. As the network gains more traffic through collaborations with wallet providers and various other token projects, reserve managers will benefit directly from the trading volume due to network effects within KyberNetwork.
In brief, Kyber Network is a decentralized exchange which allows conversion of digital assets – specifically tokens and cryptocurrencies. They provide an exchange interface, payment APIs and smart contracts that allow anyone to seamlessly receive payments from any token. KyberNetwork’s vision is to become a trustless, decentralized platform that will allow for instant trading and conversions between any crypto-assets.
Kyber Network is an on-chain liquidity protocol for aggregating liquidity across diverses sources, powering seamless token swaps within any decentralized application. All DeFi applications need access to a reliable source of liquidity to successfully provide digital financial services to its users. Because Kyber Network is compatible with existing smart contracts, it can integrate with other blockchains such as Ethereum. With the platform handling the transfer of assets, a user can send payments in one token with the recipient paid in a different token.
It also allows for proxy payments, derivatives, and cross-chain payments. It’s all based on-chain for better security and other decentralization benefits.
KyberNetwork Crystal (KNC) is a token of the KyberNetwork platform – a decentralized service for an instant exchange of cryptocurrency assets. Kyber Network (KNC) is a new system which allows the exchange and conversion of digital assets. Kyber Network is an on-chain instant payment and exchange service with its own KNC token. The platform is designed to facilitate the exchange of digital assets and to enable users to easily receive payment in the form of any type of token.
The network is also designed to minimise the volatility that is typically associated with cryptocurrency. The platform has a reserve of tokens of all kinds that provides high liquidity, enabling tokens to be traded instantly.
This entry was posted in Asia, Blockchain & Digital Assets, Global, Offerings and tagged ico, initial coin offering, knc, kybernetwork, loi luu, singapore. The Kyber Network ICO (initial coin offering) raised $52,000,000 USD by selling . The Kyber Network ICO began on September 15, 2017 and ended on September 16, 2017.