What is Kyber Network?
Kyber Network is a decentralised exchange that is based on the Ethereum blockchain. The platform allows instant conversion and exchange of digital assets. It comprises of operating properties of an exchange such as instant trade, high liquidity, and decentralized execution. Kyber Network focuses on making it possible for users to securely exchange crypto tokens instantly at a minimal cost. It uses smart contracts for trading cryptocurrencies.
Headquartered in Singapore, the Kyber Network was co-founded by Loi Luu, Yaron Velner, and Victor Tran. In August 2017, the testnet for the Kyber Network went live following which there was an initial coin offering (ICO) in September 2017. The native token for Kyber Network is called KNC. Currently around 25 cryptocurrencies are supported on the Kyber Network.
Features of Kyber Network
- Trustless: User tokens are not held by the Kyber Network operator which thereby are secured from theft losses. Thanks to the smart contacts, the integrity of the operator is ensured.
- Instant trade: The platform enables an exchange or converts request immediately within a single transaction. The exchanged tokens are received by the users instantly as soon as they are transferred.
- Compatibility: Kyber Network’s payment API can communicate with existing contracts without making any changes. The platform also has a new contract wallet that allows the user to pay with token A to a contract that expects token B. The Kyber network enables conversion from currency A to currency B seamlessly.
- High Liquidity: The platform provides high liquidity of tokens as it maintains a reserve of tokens thereby offering tokens instantly at the time of trading.
Where to buy Kyber Network?
KNC tokens are listed on exchanges like Binance, Liqui, Huobi, Zebpay, and others.
Kyber Network Wallets
The KNC tokens can be stored in any wallet that supports ERC20 such as MyEtherWallet. Hardware wallets like Trezor and Ledger Nano also support KNC tokens.
Kyber Network Price Trends
On 28 May 2018, the market capitalisation of Kyber Network was $161,293,227 while the price of 1 KNC token was $1.20. The price of 1 KNC token at the beginning of January 2018 was $2.62. In February 2018, the price crossed $3 mark. However, following March, the price of the KNC token kept falling and was below $1 by early April. In May the price of the token bounced back to $2.
Risks involved with investing in Kyber Network
Cryptocurrencies are subject to government regulations and are volatile in nature. It is not easy to predict the rise and fall of the price. Hence, it is advised to invest in mutual funds instead as it is a more secure and reliable mode of investment.
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