What is Kyber Network Crystal (KNC)?

What is Kyber Network Crystal (KNC)?

By PrisonedBus9641 | Cryptonews9641 | 6 Mar 2020


What is this new cryptocurrency that add on Coinbase as an affordable asset in the last two week?

Kyber Network Crystal is an ERC-20 token and a integral part of Kyber Network ( the ERC-20 token are part of the Ethereum blockchain and they depend on its  computer skills).

KNC connects many users in the Kyber Network and it include liquidity contributors and different entities that leverage on the liquidity network.

This token is now supported also by Coinbase.

 

 

What is KNC used for?

KNC is used to facilitates the smooth operation of the reserves system in our liquidity network. To operates and provide token liquidity 3rd party token reserves are required to purchase KNC to pay for their operation in the network. Kyber Network charges also transaction fees in KNC from these reserves.

By registering and plugging into this liquidity network the DApps (decentralized applications) and companies earn commission in KNC after every transaction that they facilitate in KN. For example a Dapps platform integrated whit the KN's APIs will receive referral fees in KNC for directing more user to Kyber Network.

 

Various properties of Protocol Architecture (retrieved from 'Whitepaper')

  •  Aggregated liquidity pool. The protocol aggregates various liquidity sources into oneliquidity pool, making it easy for takers to find the best rates offered with one function call.
  •  Diverse sources of liquidity. The protocol allows different types of liquidity sources to be plugged into. Liquidity providers may employ different strategies and differentimplementations to contribute liquidity to the protocol.
  •  Permissionless. The protocol is designed to be permissionless where any developercan set up various types of reserves, and any end user can contribute liquidity.Implementations need to take into consideration various security vectors, such asreserve spamming, but can be mitigated through a staking mechanism. We can expect implementations to be permissioned initially until the maintainers are confident about these considerations.
  • Instant Settlement. Takers do not have to wait for their orders to be fulfilled, since tradematching and settlement occurs in a single blockchain transaction. This enables trades to be part of a series of actions happening in a single smart contract function.
  •  Atomicity. When takers make a trade request, their trade either gets fully executed, or isreverted. This “all or nothing” aspect means that takers are not exposed to the risk of partial trade execution.
  •  Public rate verification. Anyone can verify the rates that are being offered by reserves and have their trades instantly settled just by querying from the smart contracts.
  •  Ease of integration. Trustless and atomic token trades can be directly and easilyintegrated into other smart contracts, thereby enabling multiple trades to be performed in a smart contract function.

 

 

What is KyberSwap?

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With KyberSwap you can trade while being in complete control of your wallet balance even when you are asleep, working or hanging out with your friends.

It is possible with the Limit Order. A limit order is used to buy or sell a token at a specific moment with a specific pre-determined sell price. WITH THIS FUNCTION THE SALE IS EXECUTED ONLY IF IT REACHES THE ESTABLISHED PRICE.

In the other exchanges user has to first deposit and lock up funds on the exchange in order to crate a limit order. KyberSwap allows to you to do so without depositing any funds. Funds stay in your wallet until trade execution. This mean that no one can withdraw, trade or execute incorrect trades without your permission.

For Limit Orders you pay a Low fees of as little as 0.1% and this is only paid if your trade is executed. If you hold KNC token in your wallet you get a discount on fees. Basically with KNC limit orders get even cheaper.

How to use KyberSwap?

1) First you have to go to the limit order section to get started.

2) Then choose the tokens you would like to make the order and just fill in the desired swap rate.

3) At the end submit your order and you'll receive a popup informing you of the order you just placed.

To see the status of trade go to the ''Manage your Order'' section. You can also delete an order that you place before. The orders that you can place are unlimited.

KyberSwap have  also its mobile app, then you can see your Order if you haven't near a PC.

 

 

 

 

If you want to listen my music visit my profiles!

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Link for coinbase earn:

Link to earn Eos:

https://coinbase.com/earn/eos/invite/dpgyvk4h

Link to earn stellar

https://coinbase.com/earn/xlm/invite/pknb120r

If you sell or buy $100 in Coinbase you receive other $10 with the link below:

https://www.coinbase.com/join/frisin_b?src=android-link

 

Monese referral link:

You will receive €5 after the first transaction with the physical card (you just need to pay 15cents in an amazon's gift card). You'll receive the other €15 after a total spending of €500. My referral code is FRAN4936. Download the app from the link below:

https://monese.app.link/4UNw65rgn0?invite=FRAN4936


PrisonedBus9641
PrisonedBus9641

Hello to everyone! I'm a content creator that select the music side. My principally used app is 'Music maker jam' from Magix, that have numerous soundpools to mix. For my music follow me on Instagram, facebook, youtube and SoundCloud.


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