The Steemit Crypto Academy Week 6: Task For @besticofinder//Submited by @meymeyshops//17/03/2021

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It's another opportunity to be a participant of Homework Week 6 and to make an entry to the Task for @besticofinder. The task required that I do my own fundamental analysis and select the a cryptocurrency to invest in 2021. Having done this feasibility study and solidly analyse a cryptocurrency rank 112 with the name Kyber Network, I hereby present below my basis for my selection.

The Concept of Kyber Network: In 2017 Loi Luu, Victor Tran and Yaron Velner envisioned a world where traders can execute a trade using a certain token and be paid with another token from another incorporated chain instantly without exchange or registration; a world where developers can build any form of innovative payment systems and application that enable any token to be used anywhere instantly. Usually every project has its own token with its required protocol, holders of such tokens must pass through an exchange in order to exchange them with another project token. It is on this premise that Kyber Network began the journey that gave rise to its definition as a decentralized platform that provides for a conversion of ETH and other ERC20 tokens without any third party - DEX and registration. The project was built primarily on Ethereum Blockchain.

Going further, the Kyber Network concepts is to mop up varieties of crypto assets into one pool of liquidity through its architectural design which are: Aggregated pool liquidity; diverse sources of liquidity and permissionless. All these designs are gear toward providing users with best transaction rates; enabling different vendors; dapps and wallets to make of its infrastructure.

How has this project performed socially? Tracing Kyber Network to reddit platform, this network has over two million, six hundred thousand engagements and over seven hundred mentions in the last one year. The chart below depicts that:

From the statistics of reddit platform, Kyber Network is gaining rapid acceptance of blockchain users.

What is the key purpose of a decentralized finance? Put simply, decentralized liquidity. Kyber Network has become a rare gem that provides such facility for the whole Dapp ecosystem to operate on. The purpose of pooling together a wide range of crypto assets is enable any kind of wallet, website, application to incorporate its protocol onto Kyber Network protocol for instant conversion of tokens. The table below gives a vivid interpretation:

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It is important to note that Kyber Network token is KNC and it's very important to the Kyber governance, economic flow and stakeholding. Though KNC token is central to its governance, payments and liquidity rebates, KNC tokens are burned once spent, this practice in turn reduce or deplete the supply of tokens in the Kyber Network. This is demerit to Kyber.

Talking about the Network Team of Kyber, aside from the first three (3) co-founders of this project, there are other seven-member personalities in the project among whom are Joseph Lee (Lead Trading Platform); Lee Tsun Ngai (Head of Business Development); Phuong Vu (Designer); Andrew Nguyen (Web Developer); Wong Lee Hong (Executive Advisor); Leng Hoe Lon (Executive Advisor) and Prateek Saxena (Advisor).

All the team members of Kyber Network are experienced in the blockchain ecosystem, Loi Luu has been either a co-founder or founder in three ICOs such as Indorse and Gifto

Market Response: As at February 2021, Kyber reached a milestone on top the July 2020 mile stone as can be seen in the diagram below.

[Image source](https://blog.kyber.network/kyber-ecosystem-report-january-2021-424d8010940d)

Kyber Network have continue to wax stronger and stronger everyday, it is now topping 15 integrations. Many new projects are adopting the platform which is a green light towards greater heights. Currently, Kyber's trade volume is over $1 Billion. That is progressive.

Factors Supporting My Decision in choosing Kyber Network: From my study of this on-chain project, considerations were given to:

• The uniqueness of Kyber Network: The mission of Kyber is to integrate other protocols to its infrastructure, to that end it is user-friendly. Different Dapps and wallets can apply its technology. But there is more to Kyber's uniqueness. As an investor, I have the freedom to place Limit Orders the kind different from other protocols. In Kyber, limit orders enable me to set a price tag for my tokens at which it can be swapped yet during the process, I will not lose my cryptos unlike with other protocols where this order can make one lost tokens.

• Parties control over reserves: Since over 70 ERC20 tokens from different smart contracts are incorporated in Kyber Liquidity pool, there are so many varieties of funding with its tagged prices. Kyber do not use order book to make its query between buyers and sellers so as to return the best prices which is cumbersome and time consuming but it appraise all the reserves and returns the best price within the shortest time frame.

• Instant swapping of tokens without exchanges or registration of account is the best attractive factor.

• Constant innovations like the Katalyst and KyberDAO (Kbyer Decentralized Autonomous Organization) which has brought Kyber to more lime light such that prominent investors like Hashed are integrating the technology. The DAO is a community of voters who also participate in the protocol governance and receives incentives.

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From the foregoing, Kyber Network is a good project to invest in. Its mission statement with its ability to reach different mile stones; its potential to be acceptable by the world of decentralized blockchain; its ability to swap tokens on the go; innovations; user-friendly and market response, give me the faith that Kyber Network can make a good deal.

Thank you @besticofinder for the patience to read through my work while I acknowledged @gbenga my country professor for his unalloyed integrity. I can't post this work without mentioning my steemalive mentor @focusnow and my sister from another mother @ngoenyi. Mr @bright-obias and Mr @whitestallion, kindly appraise this post.

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