What Is The Kyber Network?

The infographic below discusses all you need to know about the Kyber Network. In this digital world full of cryptocurrencies, complications and solutions abound.

The Kyber Network is a token-to-token swap platform that’s adding an additional tool to the decentralized finance industry. Essentially, it allows users to transfer one cryptocurrency immediately into another, on any dApp, without any hassle, in just a few clicks.

This means that vendors can accept payments in multiple tokens, and users can utilize token-based platforms & services with other tokens.

The Kyber Network Token

The Kyber Network of course has its own token. Here’s some facts about KNC:

*What Is KNC & What Is It Used For?

The Kyber Network’s deflationary ERC-20 token is called KNC (Kyber Network Crystal). It’s used by Reserve Managers to pay exchange fees for on-chain exchanges.

KNC is meant to help unite the community, grow the protocol, and create a strong economic system. The reserve (see below) is charged a small KNC fee for each token exchange, after which the tokens are burned.

This burning of KNC tokens could potentially increase the diminishing supplies’ value. The token will also help govern the DAO (Decentralized Autonomous Network) on a protocol level & for individual implementations on various blockchains.

*Fun Facts About The Kyber Network Token

The following is some information about the history of the KNC token:

Its token sale, which happened from September 15th-17th, 2017, raised 200,000 ETH, making it one of the largest ICOs in 2017.

The first trading of the KNC token took place on Sunday, September 24th, 2017, for $1.85, according to CoinCheckup.com.

Its all-time high price in USD was $5.84, while its all-time high price in BTC was 0.00049039.

It experienced its highest rate on March 9th, 2019, when it grew as much as 51.12% in one day (true as of 22/03/2019).

It’s traded on Bitrue, DragonEX, Binance, Coineal, & 55 Global Markets. Popular trading pairs include: ETH, BTC, XRP, & KRW.

How Does The Kyber Network Work?

At its core the Kyber Network has 5 roles that keep the system going. There are of course the everyday users. These are any entity that sends or receives tokens.

This includes individuals, smart contract accounts, & merchants. Then there are reserve entities. Sources of liquidity for the platform are called reserve entities, and they store tokens that are exchanged on the network.

They include the Kyber Network’s own reserve, public reserves, & private reserves. Reserve contributors are next. These provide capital to the reserve entities & share the platform’s profits.

Next, there are reserve managers. These maintain the reserve, determine exchange rates, & feed the rates to the Kyber Network.

Finally, there is the Kyber Network operator. They will be responsible to add & remove reserve entities, and list & delist pairs of tokens in the network. The infographic below has a detailed diagram of how each role function together.

We certainly look forward to seeing where the Kyber Network goes from here. The infographic below has much more to say about the Kyber Network. You’ll find a wealth of information on this amazing project.

Have a great day,

The Cyberius team.

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