It’s no surprise that the cryptocurrency world is vast. Most projects are powered by their own native tokens. Sometimes, these native tokens need to use their respective protocol. When a user doesn’t hold the native coin, you need to visit the exchange platform and exchange the tokens that you’re currently holding for the necessary native coin. This can be a cumbersome process.
Good news! You can eliminate the centralized exchange step with Kyber Network. With this project, users can convert or swap their cryptocurrencies to another. Here, the users have been involved with the limited fuss.
Want to know more information about the Kyber network? Yes! This article is all about Kyber Network.
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What is Kyber Network (KNC)?
Kyber Network (KNC) is one of the popular decentralized finance projects. KNC allows users to exchange cryptocurrencies according to their choice without the necessity of centralized exchange. Yes, you’ve heard it right! You can exchange from one digital token to another by eliminating the centralized exchange.
If you’re a merchant, you can effectively use this Kyber Network (KNC) in order to accept different ranges of cryptocurrencies. Also, receive payments according to your selected crypto asset. The KNC token is the native and governance coin of the Kyber Network. This native token acts as an important part of the KNC network. In general, the KNC token will connect multiple stakeholders or merchants into its ecosystem.
If you don’t own the native token, you should go to any exchange platform and purchase the respective native token before you participate. The ultimate goal of Kyber Network is to avoid the requirement for the exchange of tokens step. It makes it simple for users to switch between crypto coins.
What created Kyber Network (KNC)?
There are two people involved in the creation of Kyber Network – Victor Tran and Loi Luu are co-founders of the Kyber Network (KNC). The KNC was introduced in 2017 as the decentralized exchange platform for digital coins that has raised around $52 million from the initial token sale that was held in September 2017. The KNC Network software was introduced in February 2018 on Ethereum.
The co-founder Loi Luu owns a PhD from the “National University of Singapore” in computer science. At the university, Luu has worked on blockchain technology securities. Tran is another co-founder of KNC was involved in many cryptocurrency development projects from 2016 onwards. Victor Tran was the lead engineer for the SmartPool.
The main goal of Kyber Network is to protect its users from unauthorized people, fraud and hackers by providing them with a secure approach to exchange their cryptocurrencies or digital tokens.
How many Kyber Network (KNC) tokens are there in circulation?
The current value of the Kyber Network (KNC) token is $2.13. Currently, the total supply of KNC tokens is around 177 million. From which, 150 million tokens are present in circulation. The Kyber Network cryptocurrency is dynamic. Hence, KyberDAO will have the ability for users to vote to decrease or increase the token supply. There is no maximum supply of Kyber Network is mentioned.
Kyber Network has claimed its ICO (initial coin offering) has raised over $52 million in September 2017. At the time, the value of the KNC token is just 0.00166 ETH. As per the white paper, 61% of tokens are sold in the initial coin offering, 19% were distributed for the KNC founders, seed investors and advisors. The remaining 20% was saved for the company growth.
What makes Kyber Network (KNC) unique?
The primary feature of Kyber Network (KNC) is the tool enables users to instantly exchange cryptocurrency without any centralized exchange or third-party. Kyber Network architecture is developer-friendly that allows the protocol to be integrated with the remaining applications. Also, it can easily integrate with remaining blockchain-based protocols.
Decentralized Finance has several use cases. Hence, no individual protocol can meet the needs of every liquidity provider, merchant or other participant in the market. The architecture enables Kyber team members and developers to integrate the latest protocol rapidly into the Kyber Network to meet other liquidity requirements.
In the Kyber Network ecosystem, KNC token users play a key role in Kyber’s growth. It means users can decide the new update, incentive methods, value-capture possibilities and more. With the KyberDAO, users can vote according to their proposals. Many developers are involved, the size of the Kyber’s community is increasing day by day. As the DeFi market bloom, the Kyber Network will reach heights respectively. The on-chain design allows Kyber’s protocol to provide complete transparency, security and verifiability. The liquidity hub is used by most people around the world.
How does the Kyber Network (KNC) work?
As discussed earlier, Kyber Network allows users to exchange cryptocurrencies in a decentralized manner. For example, users can exchange Ethereum and other native tokens instantly. No centralised system is involved for exchanging the tokens from one to another. Kyber Network uses liquidity pools to exchange cryptocurrency.
Everything is as simple as peeling a banana. Users don’t need to create an account or register their personal information for exchange. As centralized exchanges ask users to create an account and share their details. Let’s consider, a merchant can allow customers to pay according to their cryptocurrency choice and receive the payment in the merchant’s preferred cryptocurrency through Kyber Network.
Another potential and powerful use case of Kyber Network is Decentralized Applications i.e DApps. Currently, you cannot use the decentralized application when you don’t have a native coin of the specific network. Thanks to Kyber Network, users can easily take the cryptocurrency that they’re currently using and swap them according to their usage. Here the cryptocurrency swapping will occur on the Ethereum (ETH) blockchain. It means, all the transactions occurred on the blockchain are transparent. The goal of Kyber’s network is to effectively work with the remaining blockchain that is available in the market.
There are so many people who have taken Kyber Network as an advantage ranging from decentralized applications, vendors, wallets and more.
Conclusion
The Kyber Network is the popular software that enables users to easily swap crypto coins without involving centralized exchanges. On the Kyber Network, the token swapping is done instantly. Users don’t need to create an account or register themselves to complete the exchange process. It allows merchants to accept multiple type of crypto payments while they can still get paid according to their preferences. For example, if a merchant wants to receive payment in Ethereum, Yes! This can happen with Kyber Network. The native token of Kyber Network is KNC.
