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Buy Kyber Network (KNC) India – BuyBitcoin

Written by bccblog

What is Kyber Network (KNC)?

Kyber Network is a decentralized exchange that just went live on the Ethereum blockchain. Kyber Network is one of the most anticipated projects coming out of Singapore, so, since my arrival, I’ve spent a lot of time looking into exactly what it is that they’re building. At first glance, they’re building an exchange for trading cryptocurrencies that uses smart contracts and a system of reserves to guarantee instant trades.Buy Kyber Network (KNC) India – BuyBitcoin.

Buy Kyber Network (KNC) India - BuyBitcoin

A deeper look reveals that the Kyber Network exchange has a secondary function beyond trading one asset for another. The exchange will also be used to facilitate cryptocurrency payments, which could one day bring interoperability to a world where thousands of cryptocurrencies exist.

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Kyber Network team & progress

The Kyber team is impressive. Loi Luu, Yaron Velner, and Victor Tran are the founders behind the project. Luu previously created Oyente, the first open-source security analyzer for Ethereum contracts, and cofounded SmartPool, a decentralized mining pool project. Velner has been active in the Ethereum bug bounty program, and Tran is also a lead developer at SmartPool.

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The team has a well-rounded advisory board with the most notable member being Vitalik Buterin, Ethereum wunderkind.

Why Was There a Need for Kyber?

The team behind Kyber created this platform in response to multiple factors, including the risks of centralization. While cryptocurrencies are decentralized and trustless, most exchanges are centralized, something Kyber addresses with its decentralized nature. The existing decentralized exchanges come with their own problems, such as a vulnerability to external hacking or manipulation. That vulnerability is a byproduct of the delay between when the order is initially created and accepted within a block. By providing instant transfers, Kyber is able to eliminate this vulnerability.

Actors in the KyberNetwork

There are 5 roles for the actors in the network:

  1. Users who send and receive token to and from the network. Users in KyberNetwork include individual users, smart contract accounts and merchants.
  2. A reserve entity (ies) provides liquidity to the platform. This can be Kyber’s reserve or other third party reserves that are registered by other market makers. Reserves can also be classified into public and private reserves which do and do not take contributions from the public.
  3. Reserve contributors who provide capital to the reserve entity and share the platform profit. This actor only exists in public reserves which accept contributions from the public to build up the reserve.
  4. Reserve manager who maintains the reserve, determines exchange rates and feeds the rates to the Kyber Network.
  5. Kyber Network operator who is responsible to add and remove reserve entities, list/ delist pairs of tokens in the network. Initially, the Kyber team will act as the Kyber Network operators to bootstrap the platform in the early phases. Later on, proper decentralized governance will be set up to take over the task.

The Kyber Network Token

The token Kyber Network uses is called Crystal (KNC). Reserve managers use this to pay for reserves to operate. KNC is also used to pay for the costs of operating the network, as well as to give incentive to third parties.

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Kyber Network plans to “burn” (destroy) KNC the more it’s used, something which will lower the overall volume of KNC available and eventually prop its value up – if things go right.

Buy Kyber Network (KNC) India

BuyBitcoin will soon add Kyber Network (KNC) cryptocurrency to the platform. Keep visiting for updates.

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