Review on Kyber Network by Olugbenga Ajayi
Kyber Network: An appealing payment options with tokens
Kyber network was first announced in May 2017 with it's testnet going live in August 2017. By September 2017, an initial coin offering followed with the company raising 200,000 ETH valued at $60 million in one day and by February 2018, it's mainet came to live for the participants and by March 2018, it became public.
Kyber network project seek to eradicate the centralization brewing up in the blockchain industry. The resultant effect of such centralization are security vulnerability, increased fee and cost, slow transaction rate etc.
Kyber network creates a liquidity network based on diversify (includes many token teams and funds, interoperability (cross chain solutions and scalability).
With Kyber network, instant settlement without risk is made easy and it offers interesting token transaction and ease of integration. Imagine having RVN in your wallet and you wish to purchase an item from a company that accepts only DAI token. As long as both are from ethereum network, what Kyber network does is to raise a payment call to Kyber smart contract to start a token swap. Then the smart contract will draw from token reserve to exchange your RVN with DAI.
This is a good and feasible project that makes transaction possible with varieties of tokens on a single platfom.
Pros
- It is a project that can curb centralization experience in blockchain technology
- It allows cross exchange of tokens
- It makes real world commerce and decentralized financial products feasible
- It is Developer friendly
- It is compatible with wide varieties of systems
- It allows for instant exchange of different tokens without wrapping or order books or deposit
- It is transparent
- They have a large social presence on Twitter, Facebook, Reddit and telegram
Cons
- Only accepts tokens available on ethereum network
