Review on Kyber Network by Fabrizio Zampieri
Kyber Network is a decentralized exchange platform, based on Ethereum, that it…
Kyber Network is a decentralized exchange platform, based on Ethereum, that it claims will greatly improve the means by which cryptocurrencies are currently traded. A mainnet in public beta was launched in March 2018.
Through the Kyber Network, users are able to instantaneously convert or exchange any cryptocurrency.
The Kyber Network was built to provide users with a decentralized exchange that keeps everything right on the blockchain, and uses a reserve system rather than an order book to provide high liquidity at all times. This will allow for the exchange and transfer of any cryptocurrency, even cross exchanges, and costs will be kept at a minimum as well.
The Kyber Network Crystal (KNC) was released in a September 2017 ICO at a price around $1 (currently quotation is $ 1.23).
KNC is required by Reserve Managers to operate on the network, which ensures a minimum amount of demand for the token. Combined with future plans for burning coins, price should maintain a costant high level.
Pros
- - Currently the Kyber network is in beta testing, but initial reviews are positive (easy trading and immediate transfers). - In addition to being an exchange, the Kyber Network is also being built as a transfer mechanism for cryptocurrencies. The great thing about the Kyber Network is transfer capabilities, and something that differentiates it from existing exchanges, is that the tokens sent don’t have to match the tokens received. - Vitalik Buterin is as one of its advisors, - New service IEO, that will enable users to participate in multiple Initial Coin Offerings (ICOs) through its decentralized platform, launched recently (through connecting the IEO to its database of existing and authenticated users, Kyber claims it will be able to make the process of undertaking an ICO easier, by removing the need for users to pass multiple Know-Your-Customer KYC tests. It will also mean that companies planning an ICO will not have to undertake audits in order to meet regulatory requirements).
Cons
- There is a strong competition with other similar projects such as OmiseGo, NEX, Themis, etc... so, being a decentralized exchange is therefore not enough. It is necessary offer additional and more competitive services.
