Last week Kyber Network was recognized by some big players in the blockchain-space.

A few days ago we announced a wallet integration with MyEtherWallet, arguably the most popular Ethereum wallet in the market, and just days after that the Kyber Network Token (KNC) was listed on Bithumb, one of the world’s largest cryptocurrency exchanges. During this time the trade volume on the exchange exceeded $1 million daily transactions. These events serve as strong validation of Kyber Network as a company, and will surely be immensely influential in promoting the growth and adoption of our product.

Beyond this, Kyber Network had eventful two weeks. We conducted a community-wide thought experiment surrounding new KNC token use cases, and received helpful and insightful contributions; we welcomed three new people to the company, John Ng, Simon Kim, and Hwisang Kim; and we continued improving the efficiency and stability of our exchange, reserve, and smart contracts.

A huge thanks to the entire Kyber community, these momentous successes were made possible by your support and encouragement.

Technical development

Exchange

The last two weeks we turned our attention towards improving user experience on the exchange. We have been working to ensure that the exchange website is compatible with many different browsers and browser settings. To achieve this we are testing the website with new browsers and developing support for specific application functions that might disrupt the user interface. Beyond this we have also been working to improve the exchange’s support for the recently listed DAI token.

What was done in the last two weeks:

Tested the exchange website on Brave and Samsung browsers

Developed support for new Ledger firmware

Developed support for browsing when Google translate is enabled

Improved support for DAI token

Reserve

With regards to our reserve we focused on improving the efficiency and stability of our rebalancing and statistics systems. This meant developing support that allows our reserve to use Bittrex on top of Binance for rebalancing. We also modified our recursive trade strategy to ensure better rebalancing efficiency. Statistically, we analyzed price update frequency data to ensure that we optimize gas costs and also implemented volume prediction and expected user behaviour statistical systems.

What was done in the last two weeks:

Developed support for the reserve to use Bittrex on top of Binance for rebalancing

Changed in trade strategy and applied new recursive trade strategy for rebalancing

Analyzed price update frequence statistics to optimize gas costs

Finalized design for a low liquidity token price discovery algorithm

Developed support for volume prediction and expected user behavior statistics

Developed support for the accounting department

Smart contract

We have started on some promising new smart contract projects. First of all, we are in the process of developing support for two new reserve managers that will soon integrate with the Kyber Exchange. Currently two reserves are in development stage, and one is still being designed. Beyond this we are still making progress on our token-to-token conversion smart contract.

What was done in the last two weeks:

Developed support for two new reserve managers

Continued development and design for reserve smart contracts

Worked on token-to-token conversion

Community, Partnership and Listing

Kyber Network token utility thought experiment

By posing questions to the community at large and allowing them to research, debate, and discuss their positions, we are able to engage our community in the decisions of the company, while also bringing in new perspectives and suggestions.

Kyber Network is conducted a thought experiment and asked the community to explore new token utilities for the Kyber Network Crystal (KNC), and so we reached out to our community for suggestions. We asked the following question: right now the KNC token is only used by reserve managers to pay fees, how can Kyber Network best implement additional token use cases that will benefit the majority of its stakeholders?

As a result, there were numerous thought-provoking and insightful suggestions ranging from, using KNC as a smart contract staking token, to using KNC for a HODL discount plan. We encourage everyone to go check out the reddit page. Please comment and contribute your thoughts!

We will be rewarding the efforts of those who contribute by giving 50KNC to the 10 comments that provide the most popular and insightful suggestions.

https://www.reddit.com/r/kybernetwork/comments/8dcmnl/kyber_network_token_thought_experiment_additional/

New advisors and country representative

Last week, we are proud to announce three new talents in the company.

We officially welcomed John Ng, Simon Kim, and Hwisang Kim to Kyber Network.

John Ng is joining us in an advisory position. He has had a long and successful career as an entrepreneur, and will surely be an invaluable asset to our team. Simon Kim is also joining as an advisor. He has extensive experience in both the business and social sides of the blockchain-space. We look forward to seeing how his charisma and connections contribute to Kyber. Finally, Hwisang Kim joins us as the country representative of South Korea. He has been an integral part of the Korean blockchain scene since its inception in early 2015, and will surely be a crucial and effective representative for Kyber’s Korean community.

Given the pace at which Kyber Network is growing, we will surely benefit from the supervision of industry veterans like John, Simon and Hwisang. Their insight and guidance will help the company expand at a healthy pace, while avoiding common pitfalls that could halt progress.

Setting up a Vietnamese Kyber community

Interestingly enough Vietnam is becoming somewhat of a blockchain hotspot. We are seeing many new blockchain startups and cryptocurrency traders coming from this area. Even at Kyber Network, Vietnamese traders have consistently been one of the top contributors to our exchange trade volume.

All of this suggests that a more substantial Vietnamese blockchain scene is in its early stages of development, and so Kyber Network has decided to create a Vietnamese Kyber community. We hope that this community can bring together those interested in blockchain business and tech, to advance the presence and reach of blockchain in Vietnam.

If you are interested please join the recently created telegram group: https://t.me/kybervietnamese

Partnership with MEW

Just a few days ago Kyber Network announced one of its biggest partnerships to date, MyEtherWallet!

Wallet integrations are essential to Kyber Network’s growth and adoption as a company. This is why a partnership with MyEtherWallet (MEW), arguably the most popular Ethereum wallet out there, is so huge.

This integration will allow millions of new people to convert tokens instantly and with ease from within their MEW wallets. Even non-technical newcomers will find it a breeze to navigate the new interface and obtain the tokens of their choice. For Kyber Network, this integration increases our market penetration and enhances our position within the blockchain ecosystem. Furthermore, it is validation of Kyber Network’s steady growth and product development.

Numerous notable publications such as CryptoNinjas, CoinJournal, and AltCoin Today covered the Kyber Network-MyEtherWallet partnership. If you have a free few minutes give the articles below a read, they provide well-informed analyses of the importance of this collaboration.

1. CryptoNinjas https://www.cryptoninjas.net/2018/04/24/myetherwallet-and-kyber-network-launch-eth-to-erc20-token-exchange/

2. CoinJournal — https://coinjournal.net/kyber-network-and-my-ethereum-wallet-launch-decentralized-instant-token-exchange/

3. AltCoin Today — https://altcointoday.com/mew-and-kyber-network-launch-decentralized-instant-token-exchange/

Bithumb listed KNC

Following the MEW wallet integration came an equally important exchange listing. Just a few days ago, on April 26th, the KNC token was listed on Bithumb, one of the world’s largest cryptocurrency exchanges.

The fact that Bithumb listed KNC illustrates that Kyber Network was found to be a valuable company with a strong potential for success. This is validation of the fundamental value of Kyber Network’s decentralized exchange, and also an indication that Kyber’s token conversion service fulfills a realworld demand.

Hiring

Product Manager

We are looking to recruit a new member of the Kyber Network team, in the position of Product Manager.

Our Product Manager will be expected to articulate the specific scope of the product that we offer at Kyber to a wide variety of audiences, including why the product is important and how it should be delivered. This position is about identifying potential products; conducting market research; generating product requirements; determining specifications, production timetables, pricing, and time-integrated plans for product introduction; and developing marketing strategies.

If you are interested please check out the job description and candidate requirements below.

See job description here.