The Kyber Network is a decentralized Ethereum-based on-chain protocol that provides for the instantaneous exchange and transformation of digital assets. The project was designed to serve as an option to centralized trading exchanges which are converting more and more prone to hacks. With the Kyber Network’s on-chain protocol, users will be capable to exchange digital currency spontaneously.
The protocol permits for a wide range of implementation opportunities for liquidity providers, providing a wide range of entities to contribute liquidity, including end-users, decentralized exchanges, and other decentralized protocols. On the taker side, end-users, cryptocurrency wallets, and smart contracts are capable to perform immediate and trustless token trades at the commending rates open amongst the sources. The on-chain instant exchange property is crucial for enabling a wide range of decentralized use cases, including financial protocols and cryptocurrency payments. One would require several implementations of Kyber protocol on other public blockchains to make on-chain instant exchanges to be ready for various use cases and applications on these blockchains.
Kyber Network coin price is at $0.59950441 with a 24-hour trading volume of $36,914,045.19. The Kyber Network’s native token, KNC, is required for reserve entities to participate in the network. These tokens need to be pre-purchased and stored by these entities, seeing as they cannot be mined. In every trade request that a reserve entity is able to convert, the trade volume will be paid by the reserve to the Kyber’s ecosystem. The KNC tokens that are collected are used to handle operational costs and supporting partners. Any tokens that remain after these costs have been covered will be burned.