Kyber Network (KNC)
Emerging cryptocurrency like Ethereum and bitcoin have been gaining popularity and tractions because they allow users to transact and manage their transactions in decentralized and trustless models without the involvement of third parties. Although this makes them interesting, there are many risks involved in the already existing exchanges that the Kyber Network wants to address. Kyber Network is an on-chain decentralized exchange that provides users with several useful applications that include providing payment APIs for merchants and users and building a practical exchange where they can instantly convert tokens trustless and effortlessly. KyberNetwork manages to solve problems faced by users in the cryptocurrency using its key feature which includes:
The exchanged maintain a reserve of all tokens to provide users with high liquidity. Users can get their tokens instantly when they trade. They won’t need to wait for hours like when trading with other crypts.
Trustless and secure
Kyber Network users smart contracts on every operation happening on the platform. They never hold user’s funds and no trust is required when trading.
The exchange does not allow changes to integrate with the Kyber Network. It is compatible with other platforms which means it is easily incorporated into other platform and digital exchanges.
Get token instantly once they tar on the exchange, no deposit required or waiting for confirmation, once you transact, it is included in the blockchain immediately.
What are the main components of the system?
KyberNetwork comprises of four main system components. The components include:
- User’s wallet: the Kyber Network user wallet apps with a friendly interface to support users. It can be integrated with existing apps like token, metamask, status and other to help improve the adoption of Kyber Network.
- Operator dashboard: the operator dashboard helps operators of the exchange to successfully manage the entire system. They can add or remove new reserves and change the network parameters using the dashboard.
- Smart contracts: KyberNetwork has several contracts, including the main contract that serves as the entrance to the system for reserve managers and users. They also have different contracts used in maintaining reserves and a contract wallet that provides a convenient interface to all features that the exchange supports.
- Reserve manager portal: reserve portal aids the management of reserve by displaying their network status, performance, algorithms to make prices/rebalance and supporting different other strategies.
The Kyber Network exchange was founded by Loi Luu, who is also the CEO and Yaron Velner the CTO. Loi is a researcher working in smart contracts security, cryptocurrencies and distributed consensus algorithms while Yaron holds a Ph.D. in computer science.