1) What is the Kyber Network (KNC)?
Kyber Network is a protocol that is ERC20 compliant. In initials, it’s KNC. It allows users to exchange assets based on Ethereum with crucial features, including:
- Instant automation of transactions
- A decentralized network
- Very minimal exchange fees.
Kyber Network falls among the few well-performing ICO’s that launched within 2017. It continues to record increases in recognition and acceptance among users. Also, the value of tokens-Kyber Network Crystals keeps growing.
2) Brief History
Kyber Network launched on the 7th of August, 2017. It was a sample smart contract on the Network and an e-wallet as a prototype. The dashboard control with the codes is secret, only available to the team of developers.
The Kyber Network’s ICO took several milestones. Why? It upholds the Know Your Customer policy as part of product and network transparency.
The key Milestones were:
From 2017, August 18th-25th, dedicated to creating whitelist. The Kyber network community pulled together more than 25 million participants via Slack. An extract with an initial list of verified users (prospective purchasers of KNC tokens). It comprised accounts for KakaoTalk, Telegram -for Koreans) and WeChat was also eligible. The final whitelist closed in 3 days only. It had excess subscriptions surpassing the initial float of tokens.
From 2017, the 31st of August to the 10th of September. Registration opens, whitelist applicants were eligible to register to buy the Kyber network coins.
From 2017, the 15th of September to 17th marked the actual selling of the tokens.
From 2017, the 27th of September marked the sale of KNC via Binance exchange.
The successful ICO attained the funding limits set at 200 000 ETH. Raking in $60 million – that’s Ethereum at the rate of $300). KNC rose to fall among the three most successful ICOs of the year 2017.
3) How does Kyber work?
Apart from being an exchange, Kyber Network acts as the medium for transfers of tokens. Thus it’s great for both p2p transfers and ICOs.
The tokens sent mustn’t match with those of the prospective recipient preferences. Kyber facilitates conversions. For instance:
Sample Transfer via the Kyber Network
John owes Sam 0.01 ETH. John only owns REP, and Sam wants repayment on ETH. Here’s how the Kyber protocol could assist in settling the transaction.
John is aware via the Kyber Network interface conversion rates are at 1 ETH = 16 REP.
John will key in the request via Kyber to convert at rate 0.01 ETH an amount equal of the REP for transfer to Sam. Kyber contracts will check out to ensure that John has enough of REP before converting.
After the transaction receives approval, the contract sends 0.01 ETH to Sam’s address. If John has a Kyber Network standard of the contract wallet, the amount will display in Sam’s account. Showing that the payment originated from John’s address.
Finally, John’s REP, and some small fee, adds up to the reserve fund from which ETH originated.
4) Kyber Network Technology
The core technology design of Kyber Network composes the protocol with smart contracts. In all, the user interface drives to enhance the usability of all tokens.
First, the aggregated liquidity pool brings sources into a single interface. It allows the takers to find their best rates. Again, the liquidity providers tap from many strategies to provide for the pool.
Second, Kyber is a permissionless protocol, enabling developers to plugin reserves. Staking comes in as a function built on a ready platform. The Chrism of Kyber technology provides unrivaled:
- Instantaneous transaction settlements. Those take place in single blockchain transactions composed of arrays of functions. And, it occurs within a smart contract.
- Atomicity, where trade requests by takers are either expected, else if, halted. There’s no room or risk of partly executed trades.
- Public rates verification. Here’s where any user to pick the spot rates for exchange by the various reserves. Queries within smart contracts attain that.
- User-friendliness with great ease of integrations with other cryptocurrency asset apps. Traders can merge up more than one trade, and execute it is a function within a smart contract
5) Kyber Staking
Kyber Network confirmed the plans to add a staking option to roll out by the end of June 2020. The partnership is between Kyber and StakeWith.US. It’s a Singaporean blockchain infrastructural company, with profound expertise in staking services. The move aims at providing stakeholders plus the community with greater flexibility. More so, it will increase their controls on decisions.
Kyber will put in place ‘Katalyst,’ as the upgrade plan. After it’s through, KNC owners will:
- One, delegate voting rights
- Second, delegate tokens to StakeWith.US’s special pool, the ATLAS.
It’s an opportunity for very busy KNC holders or those shy of voting via KyberDao. They can rope in knowledgeable third parties to act as proxies. Voting will cover protocol decisions while reward fees will be in Ether (ETH). So, Kyber will be the only protocol with deflationary staking fees – payable from network fees.
Thus, staking by KNC holders will allow receiving ETH rewards on numbers of tokens per stake. The basis for rewards and token burn will be deriving from on real network usage as well as DeFi growth.
KNC Network has confirmed plans to allow Staking. If everything goes per plan, the process shall end before the end of June. Therefore, users with atomic wallets stand to gain. The atomic wallet will consider community needs before they can allow holders to stake with KNC tokens
The atomic wallet provides staking opportunities with a host of validators with other crypto-assets. It takes place within decentralized networks with zero fee charges, and rewards can be received directly from miners.
While staking with atomic wallets, users get to select validators at no fees and their amounts of preference. Also, users are free to unstake anytime and access support via chat or emails on a 24 hours-7 days cycle.
6) Kyber Network Partnerships & Integrations
Continued growth and expansion of the Kyber Network have registered significant attention. Those are best gauged by the interaction in forms of products and services:
- Dapps for lending,
- Projects distributing tokens and
- Liquidity takers joining the ecosystem.
The atomic wallet blends, especially as storage for KNC tokens. It is an all-round interface to:
- Buy your crypto
- Review cryptocurrency and other assets- prices
- Stake with Crypto-assets.
Kyber Network has one outstanding capability. It’s the ability to host other resources and integrate them within its interphase.
7) Perspectives and Takeaways
Kyber isn’t relenting towards their focus – positioning themselves as an unrivaled solution.
Their scope is for both token swapping and fueling cryptocurrency asset liquidity.
The planned protocol enhancement-Katalyst will open up more stakeholder opportunities. Primarily, it will apply for consensus governance via the KyberDAO. KNC holders will have a wide array of possibilities. , culminating in increased value in the entire ecosystem.
One striking thing with the Kyber network is Vitalik Butellin as an advisor. He’s Ethereum’s founder, as KNC itself arises as an ETHR20 project. ETHR20 goal remains- offering secure templates where developers can build and integrate value. Developers get a unique opportunity to brainstorm products or services.
As of date, coingecko lists Kyber among the top fifty crypto-assets that bolsters value and confidence within all circles of the KNC stakeholders.
8) How to store and manage Kyber Network
Traders can securely transact with Kyber Network (KNC) tokens and all other Ethereum tokens, via the atomic wallet. It’s ERC20 compliant, therefore supports the exchanging of more than sixty pairs of crypto-assets.
No stringent KYC is required, and besides, you transact at minimal costs via the exchange that’s built-in within the atomic wallet. Another feature is the buy-crypto, which arises from the wallet’s ability for multi-currency support. It allows you to store and manage KNC tokens without the need to send them to other exchanges, adding to the convenience of the atomic wallet.
In terms of security, the atomic wallet encrypts the private keys for your KNC tokens. Consequently, the private keys remain within your wallet, away from the lurking dangers of being exposed to the internet.
Kyber is a strong token in value. Note: it emerged as an ICO. At the same time, the industry’s shift was towards IEO’s (Initial Exchange Offerings). It remains afloat, even as many scams flourished then.
On another scale, Kyber stands out as a reputable ERC20 compliant token. KNC projects a specific focus- offering developers a ready-vault for launching smart contracts.
When it comes to value addition, it’s opened many fronts for the opportunity. Proof of that arises with the array of partnerships seeking to plug into the ecosystem. And it’s bonus aside from blending well within the crypto-assets sector.
One major hurdle for crypto enthusiasts is acceptability across all stakeholders. KNC fulfills that gap via the arrays of liquidity options it offers.