The Kyber Network is a promising project that is based on the Ethereum protocol and aims to fully decentralize the exchange of cryptocurrencies. If you prefer ERC20 Tokens like Basic Attention Token and DAI Stable Coin, I believe that you will also like Kyber. 😎
What is the Kyber Network?
While cryptocurrencies have been decentralized, many of the exchanges have become central contact points for trading cryptocurrencies. This circumstance has led to security gaps as many exchanges have been victims of hacking or internal theft. But not only that, because centralized exchanges led to increased fees, costs and slow transfer times. In some cases, the wallets have been blocked and users cannot withdraw their coins.
Decentralized exchanges have recently emerged to address the shortcomings of the centralized exchanges, but they have their own shortcomings, especially liquidity.
Vitalik Buterin, the founder of Ethereum, is not only a huge fan but also an important advisor of the Kyber Network:
The Kyber Network was founded to enable users to have a decentralized exchange that keeps everything directly on the blockchain and uses a reserve system instead of an order book to ensure high liquidity at all times. This reserve system enables the exchange and transfer of any cryptocurrency. Also, the costs are reduced to a minimum.
Kyber is an on-chain liquidity protocol that aggregates liquidity from a wide range of reserves, powering instant and secure token exchange in any decentralized application.
With the Kyber Network, users can send each token and have it converted to any other token on-chain before it ends up in the recipient's wallet.
While this is great for individuals, it also has great potential for businesses because it means that a merchant could accept any cryptocurrency and would only get the currency of their choice using the Cyber Network.
At the moment, Kyber Network is working on KyberDAO for KNC staking, voting, delegation, and claiming Ethereum rewards.
Kyber Network Crystal (KNC) Token
The reserve managers need KNC to work in the network, which ensures minimal demand for the token. In combination with future plans for burning coins, the price should continue to rise as you artificially create a shortage.
Kyber Network`s price today is $ 0.451366 with a 24-hour trading volume of $69,779,407. KNC has a circulating supply of 180 Million coins and a max supply of 211 Million coins. You find KNC on market cap rank #52.
KNC is an ERC20 token like BAT and DAI and can be stored in any hardware wallet with ERC20 support such as MyEtherWallet or MetaMask.
My Conclusion About Kyber
The Kyber Network could become a leading decentralized exchange that focuses on the immediate, trustworthy and cost-effective exchange of any cryptocurrency directly on the blockchain.
If the Kyber team continues as in previous months, we could see explosive growth in the Kyber network by the end of this year.
Most important: Vitalik Buterin in investing in KNC and supporting it.
Yes, I am also hodling a small amount of KNC in my portfolio. I will also use the Kyber Network from now on to swap my DAI tokens earned on publish0x to another token like BAT.
I hope I could provide you with some interesting and useful information.
Thank you guys for reading, liking, following, and tipping 👍
You may also like: "How To Earn Interest On Your Basic Attention Token And DAI Payouts 💰"