Review on Kyber Network by Danh Huỳnh Ngọc Công
Kyber Network for the future
Kyber Network is an innovative and long-termed project that can be built to scale the future of the cross-chain era. The product ensures the speed, the low fees and the liquidity of transactions. The developers take care of the core technologies and also the great minimalist design. This is an extraordinary project that everyone should take a closer look into it
Pros
- - The unique feature of Kyber Network exchange is that it allows users to get the Ethereum tokens they want with only one transaction. The process will happen almost constantly that right after the original tokens is sent to the contract, the desired tokens will be deposited right after that. This is an evolutionary feature as there is no such exchange can do the same and it can be used in cross-chain projects
- - It is surprising that Kyber Network allows both the normal addresses and smart contracts to do the swap on their exchange. This is impossible thanks to the on-chain technologies
- - Being an on-chain exchange, Kyber Network cannot possess any assets from the users; therefore, they are safe from hacks as long as the nodes in Ethereum network are live
- - Thanks to the smart contract that acts as a pool of Ether and tokens, Kyber Network ensures that the liquidity is always high and orders will always be executed
- - The design of the website is very well-looking and dynamic. Compared to the other DEXs and CEXs, Kyber Network website has a more beautiful and easy-to-use UX/UI
- - Users can start the connection of their wallets and Kyber Network using Metamask, Trezor wallets, Ledger wallets, keystore files or private keys, etc.
- - It has established institutional partnership with big projects such as Wanchain or Icon
- - Based on its roadmap, we can see that the future of this exchange is really potential as it will be used for cross-chain exchange
- - They have just release a mobile app so that users can trade anywhere and anytime
- - It is also better than DEXs and CEXs in the aspect of the simplicity of usage and fees
- - As this is an on-chain smart contract execution, there is no need to put efforts in identity verification
- - There support can be reached via Telegram group chat and email
- - They has developed their own decentralized margin trading service and that's just amazing
Cons
- - Users can only trade Ether and tokens on Ethereum blockchain
- - It is impossible for users to start any trades with fiat; However, I think this is easy for the developers to integrate
- - Transaction fees and time is not stable because Ethereum blockchain congestion may happen any time
- - There should be a chat box for the better support and they may want to ask a detailed beginners guide to help the newcomers avoid the loss or scams
