Last updated 05/10/2022
Official Website: https://kyber.network/
Kyber Network is one of the DeFi cryptocurrencies looking to build an alternative to traditional exchanges. Its exchange is powered purely by code, a distributed network of users, and the Ethereum blockchain.
Toward that goal, the Kyber team has built three tools designed to run on Ethereum:
1. A protocol for decentralized exchange.
2. An application programming interface (API) for asset conversions.
3. KNC cryptocurrency, which helps users govern their maintenance and operation.
Together, these tools have already helped launch KyberSwap, a decentralized exchange application that allows users to swap crypto assets without a central order book or operator.
Conversion rates for available assets are built directly into the protocol, meaning users only pay fees in ether (ETH) for executing trades, which then settle on Ethereum.
Kyber Network Crystal (KNC) is used as a governance token for operations outside of this exchange, including voting on updates to the software’s rules.
To understand the ins and outs of Kyber Network, it’s important to look at the network components that, help provide an exchange service.
Smart Contracts – Provide the infrastructure for tokens to be traded and exchanged.
Reserves – Offer liquidity to the network.
Takers - Execute trades and take liquidity out of the network. (Examples include Dapps, vendors, and wallets.)
Liquidity is provided through reserves for the Kyber Network. As a result, whenever a user begins a transaction, the network searches its pool of reserves to determine the best rate being provided by takers. There are three primary categories of reserves that give takers the option to instantly convert tokens at the best rate:
Price Feed Reserves (PFR) – PFRs serve as the protocol's market maker substitute, calculating conversion rates from price feeds and storing the results in smart contracts.
Automated Price Reserves (APR) – APRs supply the network with liquidity and rely on smart contracts to calculate prices for the tokens that are currently in circulation. The Kyber Network blockchain is used for all APR transactions, and smart contracts are employed to store tokens and exchange them with other users.
Bridge Reserves – Bridge Reserves connect to other decentralized exchanges to increase liquidity (e.g. Uniswap).
In the past, KNC had to be held by Kyber Network reserves in order to pay for network fees. However, a network upgrade erased that function, reducing resistance for the reserves. A percentage of the fees Kyber Network receives in ETH is sent to these reserves, which get them in accordance with the liquidity they offer.
Loi Luu and Victor Tran are cofounders of Kyber Network, a decentralized exchange for cryptocurrencies that raised $52 million from its September 2017 token sale. Luu holds a PhD in computer science from National University of Singapore, where he worked on blockchain securities.
You can store your KNC in Exodus along with various other cryptocurrencies. Exodus is free and easy to use and can be downloaded to either a desktop or mobile device. Exodus will then be tied to whichever device it has been downloaded to which will also be the device you will use to access and manage your crypto assets.
You can Buy & Sell Kyber Network Crystal v2 (KNC) by heading over to the Buy Coins page of our website. KNC is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying KNC has never been easier, simply place your order and provide your wallet address.
Once your payment arrives KNC will be sent directly to your wallet. If you choose to Sell Kyber Network Crystal v2 (KNC) you can send us the coins and receive a payment to your bank account. Details and valuation can be found on the ‘Sell Coins’ page.
Block Explorer: https://etherscan.io/token/0xdeFA4e8a7bcBA345F687a2f1456F5Edd9CE97202
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.