The Ethereum blockchain has been the foundation of a good many cryptocurrency systems, and now it welcomes another newcomer, the Kyber Network.
The Kyber Network is a peer-to-peer cryptocurrency asset exchange that’s built on Ethereum’s decentralized chain. It boasts of an energetic reserve pool that guarantees liquidity in order to maintain swift and affordable exchanges.
Kyber Network was developed in Singapore by Loi Luu, Victor Tran, and Yaron Velner. It uses Kyber Network Crystal (KNC) as its ERC-20 crypto currency for the payment of exchange fees. KNC currently touts a 157,166,004 circulating supply. But Kyber’s total supply as of February 4, 2019 is said to be around 215,250,053. KNC’s peak price hit $5.32 on January 9.
KNC cannot be mined, but it can be awarded to Reserve Managers, Reserve Entities, and Reserve Contributors. It can be utilized to pay trade fees and operate network reserves. These tokens can be secured in any wallet that’s ERC-20 compatible, like TrustWallet and MyEtherWallet.
The debacle that hit several centralized cryptocurrency exchanges, the increasing security concerns, and complaints about regulations, exchange costs, and cash out delays have led to consumers looking towards OTC and decentralized exchanges. At the moment, IDEX, OasisDex, and OAX are the cryptocurrency exchanges of note. An increasing number of investors are also saying that decentralized exchanges are the future.
This is working out in Kyber Network’s best interest. The company’s assurances of bookless trades and liquidity is appealing, so is the development roadmap it showed to early adopters and investors.