What is Kyber Network (KNC)?

What is Kyber Network?

Kyber Network (KNC) is a reliable new decentralized trading platform that enables near-instant transactions and switching between any digital asset. Kyber Network promises to provide diverse payment APIs and a new contract wallet that allows to receive payments from any token and ensure high liquidity.

Kyber Network helps users to minimize risks in the cryptocurrency world through the use of transactions generated by Kyber Network. The main difference between Kyber Network and other digital asset exchanges is that it is based on Blockchain technology. The transaction process is on-chain, meaning it will be less likely to be “hacked” by hackers. It is also reliable and completely transparent.

The features of Kyber Network

As mentioned above, the Kyber Network has the advantage of developing based on Blockchain technology, different from today’s online trading platforms. KNC offers quick trading, high liquidity and compatibility. Blockchain technology gives Kyber Network better security, a reliable system and minimizing the risk of customer theft. Here are some of the salient features:

Trust and safety: All activities on Kyber Network are handled by smart contracts. Trust is needed. Kyber Network never holds users’ money.

High liquidity: Kyber Network announced it would reserve a large amount of tokens to provide high liquidity. You can get your token immediately when you trade.

Quick transactions: No need to wait for confirmation and no deposit required. You can get your Token immediately when your transaction is in Blockchain.

Compatibility: Kyber Network is compatible with existing contracts, so you do not need to change to integrate with Kyber Network.

How does Kyber Network work?

More convenient than online exchanges, Kyber Network is used as a means to transfer tokens from one person to another. In addition, the Token sent is not required to be the same as the Token that the recipient wants.

Kyber Network is a space that includes:

Users: Users including individuals, businesses and even smart-contract accounts can send and receive tokens on Kyber Network.

Capital-raising organization: This is the party that brings liquidity to Kyber Network. They may come from within the company or from outside.

Contributors: This is the object to provide money to organizations that raise funds. They are affiliated with these organizations and share profits after making transactions.

Capital manager: This person is responsible for maintaining the operation of the fund, calculating the exchange rate and putting it into Kyber Network’s network.

Kyber Network project development team

The Kyber Network project has a very strong development team, as well as a team of advisors with outstanding names. Some notable members:

Loi Luu : Founder and CEO of Kyber Network. He is known as a specialist in crypto and blockchain. Loi Luu was the founder of Oyente – the first open-source security analysis software for Ethereum smart contracts. He is also the co-founder of SmartPool, a fairly popular decentralized mining project.

Yaron Velner: Co-founder and technical director of Kyber Network. He has more than 10 years of experience as software engineer and technical leader at EZChip. Besides, he also participated in Ethereum’s bug-finding program and discovered many important errors.

Victor Tran: Co-founder and chief engineer at Kyber Network. He is an experienced back-end engineer and Linux system administrator. He has been involved in blockchain and cryptocurrency development since early 2016 and is the chief engineer at SmartPool.

In addition, there are many other talented members. A highlight that Kyber Netword has is the presence of Vitalik Buterin – Founder of Ethereum.

Image via coincentral

Conclusion

There are several ways to convert and trade from one currency to another. Kyber Network has created a way to make transactions more suitable for users, ensure liquidity and can trade instantly without being centralized.

As Kyber Network grows and achieves cross-chain interoperability, the platform will become more appropriate even if the cryptocurrency gains mainstream acceptance. No single crypto exchange project is exclusive in the market and this is a good thing.

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