What is Kyber Network (KNC)?
Kyber Network is a new system which allows the exchange and conversion of digital assets. The Kyber Crystal (KNC) is used by third parties in the KyberReserve system as the fee to participate in coin exchanges. The Kyber Reserve system is the storage of crypto coins by Kyber and third parties to guarantee liquidity in its exchange/payment system.
Kyber Network (KNC): History
The idea of the Kyber Network creation came to the chief director of the project, Loi Luu, during his work on the problem of the “verifier’s dilemma” in such projects as TrueBi and Smart Pool, and Oyent. In some interviews, Luu calls his project the “decentralized version of ShapeShift.” From 15 September 2017, it began the sale of tokens. On September 27, 2017, it made the Sale of KNC on the Binance exchange. As of September 2017, it is one of three largest ICOs of 2017.
How does Kyber Network (KNC) work?
There are four major components in the Kyber Network that allow for its functionality. The smart contracts include the main contract that lets users and reserve managers enter the system. The user’s wallet has a friendly interface and multiple integrations available. The reserve manager portal shows managers’ performance and network stats, along with various algorithms and strategies that help with pricing and re-balancing. Finally, the operator dashboard lets an operator manage the system, including adding and removing reserves and changing network parameters. Users can exchange or convert tokens, getting the cryptocurrencies they want from the ones already in their wallet. They can also use their token to pay anyone and get payments in other cryptocurrencies, like Ether and Bitcoin. The ability to hedge against price fluctuations gives KyberNetwork an advantage over other similar platforms already available.
How to buy Kyber Network (KNC)?
First of all the user have to get a wallet and should create a password which will need to open the wallet always. The most convenient wallet is MyEtherWallet which can store any coin on the Ethereum blockchain, including Kyber Network. Then you can buy Ethereum to and can exchange it for Kyber Network.