At 20:00 - 22:00 PM, Saturday 13/06/2020, Atoken cooperated with Kyber Network to organize an AMA program with the theme "Introducing the new staking model of Kyber & KNC stake contest on AToken ”

Welcome 5000 brothers and sisters who attended AMA event with Kyber Network at AToken community with the topic "Introducing Kyber's new Staking Model & KNC stake contest at Atoken".

The guest character who is joining our AMA today is Jason

Invite Jason to introduce a little bit about himself.

Jason:

Hello Atoken community members

Surely those who love blockchain / cryptocurrency technology in Vietnam are aware of the fact that Kyber Network successfully launched an ICO in 2017 with a total value of $ 52 million. But not many of you really know what Kyber Network is doing; How does KNC play a role in the Kyber network; as well as the latest Kyber update (called Katalyst) coming up with the launch of KyberDAO organization and how the new KNC staking model will take place ... I hope I can answer all the questions Ask that today.

But for now, I want to thank Kyus and Paulus and the Atoken team on behalf of Kyber, because we have this AMA talk.

Paulus

Thanks for a short share of yourself @hiepcopywriter.

Can you share some brief information about Kyber Network for everyone here to know?

Jason

Put simply, Kyber Network is a protocol that allows transactions between ERC-20 tokens to take place in a decentralized and fully automated manner on the Ethereum blockchain. For example, you own a LINK (of ChainLink) in your wallet and want to sell LINK to buy KNC (Kyber). You can connect your wallet to the Kyber network and the exchange between 2 coins LINK vs.. KNC will take place entirely on the blockchain, automatically via Kyber's smart contract, directly from your wallet without having to trust the third party in the middle to make this transaction.

There are 3 main components involved in Kyber Network's ecosystem, including:

- More than 40 funds providing liquidity (also called Reserve), ensuring the regular supply of 70+ ERC-20 tokens in the Kyber network.

- 100+ decentralized applications (also called DApp) that integrate Kyber's protocol. Among them are the popular DApps such as Aave, Trust, Enjin, KyberSwap, Nuo, League of Kingdoms, MyEtherWallet and upcoming Atoken Wallet.

Paulus:

When it comes to Kyber Network, one topic that many people are interested in is the KNC co-operative of Kyber. Can you give the Atoken community more details about this KNC?

Jason:

"It can be said that KNC is like" "conductor" to make Kyber network operate smoothly. At the moment, KNC is used for:

- Liquidation funds need to accumulate and pay network fees to operate on Kyber. When a transaction is made within the Kyber Network, the reserve funds will have to pay 0.25% of that transaction volume to the network using KNC.

- 30% of the 0.25% of the collected network fee will be paid to DApps for generating transactions for the Kyber network.

- The remaining 70% will be burned and reduce the total supply of KNC tokens on the market. This will increase the value of the remaining KNC coins and bring benefits to many parties (especially KNC holders) in the long run.

Specifically, since operating on the mainnet, more than 210 million KNC tokens have been minted from the beginning. Nearly 7 million KNC was collected as a network fee. And 5 million KNC (70% of which) was burned and removed from total supply forever.

Because all transactions on the Kyber Network are done on the blockchain, information about the KNC is also transparent to anyone who can query. You can track Kyber's transaction volume, network fees, KNC prices and other data via: https://tracker.kyber.network/#/

However, the use purpose of the KNC will be changed after Kyber's Katalyst upgrade at the end of Q2 2020. ”

Paulus:

His summary of the Kyber Network project is very helpful. You can find out more about the project at the homepage: https://kyber.network/

Kyber Network's new Katalyst update by the end of June will surely have a lot of interesting things waiting for everyone to explore.

Could you please share more with the AToken community about the content of this update?

Jason:

Katalyst is the name for this upgrade of Kyber Network. This upgrade is quite important, because after it is done it will:

- Promote the Kyber Network soon to become the largest liquidity provider in the DeFi decentralized financial ecosystem.

- Encourage parties (reserve funds, DApps and KNC holders) to participate more actively in the Kyber ecosystem.

- Empowering the KNC holders, putting them at the center of the Kyber network through operating KyberDAO, and receiving rewards from there.

This Katalyst upgrade implies a lot of changes, both in terms of technical, operational model of network and tokenomic of KNC. In this AMA, I will summarize some key points as follows:

1- With funds that provide liquidity:

Instead of liquidity funds, they have hoarded some amount of KNC to pay network fees, now network fees will be paid in ETH. In addition, part of this fee will be rebate to the funds themselves, in order to encourage them to be more active on the Kyber network, as well as attract more Makets. Other markers come and provide a greater source of liquidity to the network.

2- With DApp decentralized applications:

DApp applications will no longer receive a fixed commission of 30% of the network fee they create. Instead, DApps themselves have the right to set the transaction fees (spreads) they intend to serve their users. This change gives DApp the right to flexibly determine its business model - an important factor for DeFi development.

3- KNC holder (KNC holder)

As planned, in the future, Kyber Network will become a true Decentralized Autonomous Organization (DAO), meaning that the community will be more involved in the operation and orientation of the Kyber network. Therefore, KyberDAO will also debut in this Katalyst upgrade. As follows:

- KNC holders can stake KNC into KyberDAO, participate in voting (voting) of the network's important parameters, and they will receive a reward (in ETH) from a portion of the network fee collected.

- The first time, the parameters that the KNC stake will vote is the distribution rate of the network fee: (1) How much% is used to pay KNC staker; (2) How much% of the KNC token is discounted to reserve funds; (3) What percentage of KNC will be burned?

- Votes are called epochs. Each epoch will take an average of about 2 weeks, and continue one after another. As such, KNC stakeholders will participate in the vote and have the opportunity to receive ETH rewards every 2 weeks. (Note, the mandatory condition for receiving a reward is that you must stake KNC into KyberDAO, you must perform the obligation to vote, and then be entitled to receive the reward).

- In case you have staked KNC on KyberDAO, but you were too busy to follow and vote continuously in the epoch. Another option is to AUTHORIZE your voting rights to third parties (called Pool Operators) so they can vote on your behalf. As a result, you are still considered to have performed your voting obligation in KyberDAO, and will receive that epoch reward as usual.

- The rate you receive after every epoch, will be proportional to the amount of KNC that you have stake in KyberDAO.

Let me give a visual example for ease of understanding:

- Suppose, you stake 10,000 KNC in KyberDAO and that amount accounts for 5% of total KNC in KyberDAO.

- And the internal distribution ratio of the network in that epoch is: 40% to pay the bonus to the staker; 30% pay bonus to the reserve funds; The remaining 30% is used to buy the corresponding amount of KNC and burn it.

- The network fee collected in that epoch is X ETH.

- Thus, the reward that you will receive after the epoch is: (X * 5% * 40%) ETH.

We hope that KNC's Katalyst upgrade will help the Kyber Network ecosystem grow bigger, and all participants will benefit from that growth.

Jason:

To learn more about Katalyst, KyberDAO and KNC's new staking model, please visit:

- Katalyst upgrade: https://blog.kyber.network/katalyst-n%C3%A2ng-c%E1%BA%A5p-giao-th%E1%BB%A9c-kyber-v%C3%A0- k% E1% BA% BF-ho% E1% BA% A1ch-n% C4% 83m-2020-84961632935f

- Introducing the stake, vote and get reward in KyberDAO: https://blog.kyber.network/kyberdao-gi%E1%BB%9Bi-thi%E1%BB%87u-v%E1%BB%81-en % E1% BB% 87c-stake-v% C3% A0-vote-e07e74808b09

- Related technical documents on Github (English): https://github.com/KyberNetwork/developer-portal/blob/stakingSection/README.md

- Exchange group about KyberDAO Vietnamese on Telegram: https://t.me/KyberVietnamese

- Exchange team about KyberDAO on Discord: https://discord.com/invite/NfFMVz6

- Official Twitter channel about KyberDAO: https://twitter.com/KyberDAO/

- KyberDAO mainnet official website (expected to go live by the end of Q2 2020): http://kyber.org/

The awards include:

👉 The 10 best questions in the registration form selected to answer in AMA ($ 50)

👉 The 10 best questions are selected directly to answer in the Q&A ($ 100)

👉 10 Quiz questions ($ 100)

👉Event Google Play: 10 friends to Google Play give 5 stars to AToken and get the best App review comment ($ 50)

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