Kyber Network Hopes to Interconnect all Blockchains
By Tyler Smith – Cryptocurrency Broker
The Kyber Network, an open-source protocol that supports the instant exchange and conversion of digital assets, is set to release the first version of their network. This move could be the company’s latest attempt to become a liquidity protocol to power on-chain token swaps. Users may soon be able to use the platform to trade Bitcoin and possibly buy Ethereum all on-chain.
Kyber are focused on making any token usable and exchangeable anywhere, as depicted through their mantra ‘Any Token, Anywhere’. The latest developments include ecosystem and technical updates to achieve their long-term goals and a decentralised relay between EOS and Ethereum. A user who may buy EOS for speculation or to use on the Dapp platform will be able to seamlessly exchange to Ethereum in the future using the Kyber Network.
The first version of the protocol will help establish the network as a liquidity protocol that can be incorporated on top of any blockchain that enables smart contracts through on-chain token swaps. The network conducts on-chain token swaps through APIs using standardised liquidity models to connect the networks through relay bridges. Instead of buying Bitcoin to then exchange or use to buy Ether, which incurs a fee, a user will be able to enact direct swaps using Kyber.
Kyber have shown their endorsement for Ethereum and described the network as one of the most vibrant developer for Dapp ecosystems. The team have already facilitated liquidity between Ethereum and Bitcoin with an earlier initiative through Wrapped Bitcoin (WBTC), an ERC-20 token backed by real BTC. The team also plan to use the Ethereum network as their base for important protocol level systems and key for interoperability.
Many projects and developers believe that the use cases of cryptocurrencies and interoperability are key to success. Kyber believe that with this at the core of their business model they can help increase adoption across networks.
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