This marks the first Kyber Network progress update post-token sale, and since this is our first it will be longer than most others. Prior to this, the team had been gainfully occupied with development roadmap, talent acquisition and we also had a general meeting to brainstorm ideas on how best to execute strategies in order to optimise the effectiveness of our releases. Staying true to our belief in having an open and transparent community, we have pledged to release 2 development updates a month to keep everyone informed of the team’s progress.

We aspire to be the enabling agent to power crypto-transactions to help others realize the full potential of a decentralized economy. As such, it is in our interest to partner with established players in the sector and offer our seamless crypto-asset conversion service to platform users.

Partnerships

We segment our partnerships into 3 broad categories: (1) reserves; (2) traffic generators; and (3) research/protocol.

Reserves: the supply-side, which comprises of liquidity providers in the form of token minters, individuals and organizations with significant token holdings, and to a small extent Kyber Network’s own reserve.

Traffic generators: the demand-side, which generates transaction volume and drives traffic to Kyber Network. Traffic generators include wallet providers and service platforms that require crypto-asset conversion service.

Research/protocol: to substantiate further analysis and examination of our platform components, mainly to improve the effectiveness and efficiency of on-chain or cross-chain transactions. One of the more exciting protocol partnerships that we have now is a collaboration with dappbase.com on the implementation of Peace-Relay.

Development roadmap

The diagram below is an illustration of the development timeline that the team has decided to comply to in the foreseeable future. Being a technical team with a strong product focus, the marketing and outreach aspect is structured to support the core platform and to enable our service to be as accessible as possible.

To stay true to our promise to have a functioning platform in Q1 next year, our main priority at this stage is the mainnet pilot launch of Kyber Network due February 2018. Confined only to Kyber Network Genesis Token (KGT) holders, the pilot launch is expected to allow block-instant token conversions, supported by a healthy reserve. Our arrangement with KGT holders during the pilot launch will be progressive, for we will gradually widen our engagement with KGT holders to participate in our pilot. The pilot period will be spent to refine the platform and to optimize our holdings, so that Kyber Network will be ready for the rest of the community 2 months after the commencement of the pilot.

From second half of November onwards, we will be releasing partnership updates intermittently to build up a strong support ecosystem for our platform, while we continue our development work on the product front.

For the core platform and reserve components, we can expect efforts and resources to be spent on optimizing price discovery and rebalancing (trading) strategies. Eventually, our testing rounds will also incur actual capital in order to evaluate the effectiveness of different strategies.

Meanwhile, here is a simplified update on the 2 major components of the exchange.

Core Platform updates:

Fixed several bugs and made several improvements to the MVP wallet’s logic

Designed a new wireframe for the wallet for desktop

Working on wireframe for the wallet on Android and iOS

Started work on data fetcher component for the reserve side

Increased head count, and we now have a total of 8 developers

Reserve updates:

Prepared detailed specifications of required data

Concretized the road-map, architecture and started discussions on basic rebalancing strategies

Even though based primarily on the MVP contracts, the smart contracts for a functional reserve still requires several additions to enhance security features and tier pricing

Finally

We are extremely grateful for the support that we have received from the community thus far. Our ambition for our platform goes far beyond a successful token sale, as we envision a highly accessible and usable platform for everyone. To attain that, our team needs to couple our aspiration to be a world-class decentralized exchange with a strong emphasis on implementation. For that, we will be timely with our delivery and keeping true to our words and promises to the community.

Lastly, if you are either a (i) service platform that requires token conversion service, or (ii) a wallet provider that accepts Ethereum and ERC20 tokens, or (iii) an organization with significant token holdings, or (iv) a research institute or organization that wish to work with Kyber Network, please write to TN Lee at the following address ([email protected]) to explore collaboration possibility.