About Kyber Network

Kyber Network Coin Review: Mining Guide, Price & Analysis of Kyber Network Cryptocurrency

Kyber Network is a blockchain application that provides a decentralized liquidity platform. Kyber Network allows users to swap assets across a wide range of sources. Additionally, Kyber Network prides itself on providing instant transactions.

Transactions on the Kyber Network are fully on-chain. This makes it possible to verify and maintain transparency. Additionally, it allows the network to provide a high-level of security. The vision is to have a fully transparent network.

Further, Kyber Network allows developers to build and launch their decentralized applications. They can easily integrate cryptocurrency transactions into their application. This is one of Kyber Network’s greatest strengths.

Additionally, Kyber Network uses smart contracts to facilitate cross-chain transactions. This streamlines transactions on the network. Smart contracts carry all the information about a transaction. Moreover, they add a layer of security to the network.

All these features make Kyber Network one of the best DeFi platforms in the world. Moreover, it is a Decentralized Autonomous Organization. This means that community members are in charge of governance.

How Kyber Network Works

Kyber Network allows the exchange of different tokens to happen on one blockchain. This is possible due to the Kyber network’s smart contracts. Smart contracts are responsible for querying reserves for the best token exchange rates.

The smart contract holds the tokens from the buyer until they find a reserve with the best exchange rates. Then, the smart contract sends the tokens from the sender to that exchange reserve.

To facilitate connections between blockchains, Kyber Network runs on the Ethereum blockchain. For blockchains that support smart contracts, the implementation is fairly easy. The blockchains only need to connect to a smart contract from both ends. Further, the two blockchains have a light client program. This program helps the two blockchains solve hash functions from the other blockchains.

For blockchains that do not support smart contracts, Kyber Network uses a relayer. This allows the two blockchains to communicate and transact. Each relayer on a blockchain connects to a validator network on a smart contract system. These relays carry the information needed to facilitate transactions.

Can Investors Mine Kyber Network Coins?

No, it is not possible to mine this coin. This is because Kyber Network uses the Proof of Stake consensus. Holders of KNC coins can stake their coins for rewards. Kyber Network staking helps maintain the security of the network. Additionally, staking helps token holders obtain voting rights in the governance system.

The more tokens that a user stakes, the more the voting rights. Users can vote on the allocation of revenue gained from transactions on the network. There are three main sectors that receive a portion of the revenue. These include staking rewards, coins to burn, and rewards for top-performing reserves. Token stakers decide the ratio of revenue allocation between these three areas.

The staking reward portion is divided among stakers. Additionally, stakers receive staking rewards depending on the number of coins they stake.

The Team behind Kyber Network

The team behind Kyber Network contains several professionals with experience in many sectors. The CEO and co-founder is Loi Luu. He is the developer of the Oyente. Oyente is a program used to audit the security of smart contracts on Ethereum. Additionally, Luu is an advisor to many blockchain projects. His experience is valuable for the success of Kyber Network.

By his side is Victor Tran. Tran has tons of experience in backend programming in several languages. Additionally, he previously worked as the CTO of Clixy. Therefore, he has a strong technical background to support Kyber Network.

Moreover, there are several other team members with significant experience in fintech and blockchain technology. Hence, Kyber Network is in safe hands.

Additionally, the team provides ample support to users. You can find the team on different social media platforms, including Twitter, Facebook, Discord, and Reddit.

The KNC Token

The KNC token is the native cryptocurrency that powers the Kyber Network blockchain. It is an ERC-20 token based on the Ethereum blockchain. This coin has several uses in this ecosystem. Users receive staking rewards in KNC tokens. Additionally, this coin gives holders voting rights on the network. Further, it is usable in incentivizing best performing reserves.

KNC is a deflationary token. This is because the developers burn a percentage of the coins each quarter. This ensures that the value of KNC stays high. Furthermore, the value goes up as the network performs better.

This coin is doing reasonably well in the market. It currently has a market cap of $185,290,531. This places it at the 80th rank in market cap rankings.

Privacy and Security

Kyber Network is a blockchain project hosted on the Ethereum network. This means that the network consists of distributed nodes. Hence, there is no central database to attack. Moreover, these distributed nodes maintain a consensus. This means that they can help each other recover from a successful attack.

Additionally, the developers regularly audit the systems to ensure there are no vulnerabilities. They employ the expertise of Chainsecurity to do the assessment. Moreover, smart contracts on the network significantly improve security.

Further, Kyber Network uses the services of Cloudflare to prevent DDoS attacks. Therefore, users can go on with their operations without worrying about breaches of security.

In terms of privacy, Kyber Network maintains full transparency. They manage this by having all transactions on-chain. This way, everything is transparent and verifiable.

Our Take on Kyber Network

Kyber Network provides liquidity of crypto assets across different blockchains. This is not the first project to do this. However, Kyber Network offers a decentralized platform. Additionally, they operate with full transparency. This aligns with Satoshi’s original vision for cryptocurrencies.

Therefore, many people in the cryptocurrency community will readily adopt it. However, Kyber Network faces a lot of competition from better-established blockchains. Moreover, some competing projects offer liquidity for off-chain assets.

One of the competing projects is Ripple. It is the third cryptocurrency in terms of market cap share. Hence, it is hard to see how Kyber Network will dethrone such a project.

Advantages

• Kyber Network offers a decentralized liquidity platform.
• Kyber Network is a fully transparent network.
• Governance is community-based.
• Offers fast and secure transactions.

Disadvantages

• Kyber Network faces stiff competition from better-established projects.

How to Buy KNC Coins

You can buy KNC coins on several exchanges. These include Bitfinex, Huobi Global, OKEx, and HBTC.  The currency price of one KNC coin stands at $0.922476.

At the time of writing this, KNC coins have a 24-hour trading volume of $41,426,849. This shows that this coin has excellent liquidity. Therefore, it is a great candidate to hold and sell at a later date. To store your coins, you can use any Ethereum supported wallets. Some of the best wallets include MyEtherWallet, Ledger, Trezor, and MetaMask.

Final Verdict

Kyber Network offers a great value proposition to users. It makes it easy to exchange crypto assets. Moreover, this project has high levels of decentralization and transparency. This is very appealing to the cryptocurrency community. It is easy to see this coin gain more adoption from cryptocurrency enthusiasts.

As it stands, the KNC coin is holding its value in the market. At the time of writing this, it is showing a slight fall in price. But it is not too drastic to be worrying.