Recently I’ve been looking into projects around decentralized exchanges including Komodo, Blocknet, Binance and Loopring.
Today I’m looking at the KyberNetwork, where you can convert and exchange your tokens, hedge, and receive payments.
The KyberNetwork system allows the exchange and conversion of digital assets. It uses payment APIs and a contract wallet that allows anyone to seamlessly receive payments from any token.
It’s better than a centralized exchange. You don’t need to register or deposit funds. And you don’t have to wait for long confirmation times. With KyberNetwork you send your Ether to the Kyber smart contract and it returns the token you requested. Kyber never possesses your tokens.
The KyberNetwork is run on smart contracts, so tokens are always in your possession. Transactions are done atomically. That means if they fail the funds are automatically returned.
KyberNetwork maintains high liquidity by providing reserves of all tokens in the networks. Third parties can also register to provide reserves to facilitate their own transactions on the network.
The KyberNetwork is also a payment service that allows for anyone to pay in their preferred token and the recipient receive their preferred token.
The KyberNetwork also supports advanced financial products like derivatives.
You can compare KyberNetwork to other similar projects below. This is from their whitepaper.
There’s a total of 215 million KNC tokens, an ERC20 token, with 134 million in circulation right now. The rest are locked up with the team and advisors and are locked up for a year with a two year vesting period.
The token of KyberNetwork is the KyberNetwork Crystal (KNC) token. They are required for reserves to participate in the network and to reward various parties who help generate more trading activities in the platform.
Also worth noting is that Vitalik Buterin is an advisor and Pantera Capital and FenBushi Capital are partners.
Overall KyberNetwork looks to have promise, especially since it’s trying to solve a pain point of decentralized exchanges, liquidity.
But keep in mind it’s still early in this project. The mainnet is targeted to launch in the first quarter of 2018 with derivatives and cross-chain swaps to come after that.
What do you think of KyberNetwork?
It would be nice if they could work in state fiat currency.
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Maybe they can partner w someone w fiat gateways
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I think all the centralized exchanges have KYC and AML.
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OMG?
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Have you checked out BitShares?
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Not yet, I will.
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you should take a look at kucoin next time. upvoted :)
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Thanks, will do
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How exactly does this compare with Bitshares? I don't mean to be rude but how many transactions can Kyber handle? BTS can easily handle NASDAQ. It's scalable. It's been around for 3 years. BTS also has its own development fund. What is the Unique Selling Point of Kyber. They have high liquidity which would certainly give them an edge and will introduce a lot of people into the decentralized exchanges. But it's still on ETH. We all know that the scalability is a problem with ETH. How does Kyber solve this?
I'll be really glad if someone can do a comparison between BTS, Kyber and Cobinhood. Waves also has a DEX but it's almost a ghost town. Hopefully it'll grow big enough to compete with centralized exchanges.
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I'm going through all the decentralized exchange projects... there's a bunch!
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nice post
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Thanks!
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first time to see some spelling mistakes in your post . However, this is great post and full of information.
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I don't see any spelling mistakes
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Transactions are done atomically
didn't you mean automatically or i am wrong
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It actually is atomically... but thanks for your watchful eye
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oh my bad
you are the best
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No worries... re-read that twice to make sure.
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Very interesting topic thanks for sharing your thoughts.
Upvoted
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Thanks!
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Another step in the right direction for the blockchain ecosystem! Does the network only function with Ethereum based coins though?
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img credz: pixabay.com
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