.. for holders of other cryptos (yeah, We know it's near insane not to have BTC). So if you don't have your cryptos converted to BTC, using these stores or anything other similar facilities becomes difficult. To solve our little disappointment, a messiah has risen in the form of Kyber Network.
Kyber is designed to permit the exchange of high liquidity cryptocurrencies on the blockchain. It's a sidechain solution that addresses the issues of exchanging tokens which as high liquidity and are making use of the Ethereum blockchain. The Kyber Network allows for seamless and instant crypto transactions between ecosystems, platforms, and use cases, connecting the world of fragmented tokens.
As a decentralized liquidity network, the Kyber Network can be tapped into or connected to by anyone for a large amount of inter-token use cases. For instance, payment can be received by vendors in multiple tokens with the Kyber Network, on their e-commerce platforms, but they still get it in their preferred token. Simply speaking Kyber can be compared to a decentralized "Bureau de change" for crypto tokens.
The Issues Encountered With Centralized Exchange
With the use of centralized exchange, users can get hacked, due to the fact that massive amounts of cryptocurrencies are being kept by major exchanges in a central location on behalf of their users. This stored up cryptos are protected by unique keys. A combination of both private and public key encryption is used by cryptocurrencies for functioning. These keys are long strings of characters, that are randomly generated which lets individuals receive and send cryptocurrency. Simply put, for payments, the tokens being paid is sent to your public key, while your private is used to authorize transactions when you want to pay someone.
Just has common with anything technology, hackers will always find a way to rip people off electronically.
In the case of crypto wallet hacking, transactions can be authorized by hackers to a crypto wallet they control. So once they are able to find out your private key, you lose all your cryptocurrency investment.
Since a centralized exchange has all its users’ funds and investments which could be hundreds of millions of dollars stored in wallets on a central server. Once that server's security gets breached, hackers can steal the exchange's private keys, and simply take all users' funds, then transfer it into their own wallet.
Benefits Of Decentralized Exchange
One thing consistent with most popular decentralized exchanges is the fact that they will never take hold of the user’s funds when facilitating trades. Smart contracts are used for doing this. Peer-to-peer transactions are carried out by the smart contracts executed on blockchain networks such as Ethereum. For instance, if an individual wants to trade a certain amount of cryptocurrency for another, a willing trader is spotted by the smart contract, and the tokens are exchanged instantly. These exchanges are instant, which means that the decentralized exchange doesn’t have custody of the user’s funds.
The Kyber Network is designed to play this role but in a more decentralized and customizable way.
Kyber Network’s Protocol
The Kyber Network has an open protocol that allows the utilization of the on-chain liquidity pools and contribution of liquidity sources for various applications.
An open reserve architecture facilitates liquidity, allowing idle coins to be contributed to token their decentralized central liquidity pool by anyone. In every transaction, this also allows the contributors to earn from the spread. For any platform that taps into the network, these tokens become available for use by users on that platform, as they are made more liquid instantly, and more useful.
There are three core designs philosophies on which the Kyber Network’s protocol has been built. These are Platform-agnostic, Instant Settlement, and no Transaction Uncertainty, and finally, Easy of Integration.
The Kyber Network’s Platform-agnostic makes room for any protocol or application to be powered by their liquidity network. These protocols or applications won’t have their innovation and ecosystem diversity limited in the process.
Instant Settlement and no Transaction Uncertainty
The Kyber Network enables instant inter-crypto transactions, making real-life commerce and decentralized financial products feasible, with a large number of token options, without any settlement risk. For many use cases, this is a critical factor.
Easy of Integration
The Kyber Network allows ease of integration with various applications, due to the fact that they fully run on-chain, with transparent operations. To be highly compatible and developer-friendly with other systems is their main design focus
Kyber Network’s Tokens
As the world today is swiftly getting tokenized, innovative platforms are constantly created by different projects. These projects at the same time, are into making their own token use case, and introducing them into the crypto market, thereby ignoring the possibilities of striking any meaningful collaboration with other entities.
The first cryptographic tokens ever created is Bitcoin, right before Ethereum took cryptocurrency a step further. Ethereum made a great impact in the world of cryptocurrency, by making tokenization of assets easier, as well as the creation of tokens. Recently, the crypto world has experienced an explosion in the various tokens available in the market, and the usage of these tokens are restricted, as each token is only usable within an isolated ecosystem of its own.
Kyber Network connects these isolated token ecosystems, therefore making them useful within a wide range of use cases. Kyber Network is empowering the next phase of world tokenization in doing so. The Kyber Network also has its own native coins, called the KNC coins, which has gradually started making a name for itself in the world of cryptocurrency, and on the 25th of August, 2018, the KNC coins experienced a massive surge in value.
The coin which was trading around the $0.44 mark suddenly experienced a 36% positive change in price, taking it to a peak of $0.60. This simply means that the total value for the KNC coins which was $59.6m experienced an increase of over $20m to $81.4m. The KNC coins are used for payments on the network for their transactions.
Kyber Network is committed to making tokens useful, as they have succeeded in making their liquidity network more diverse, scalable, and interoperable to power the coming needs of the space.
The Kyber Network as a cryptocurrency decentralized liquidity pool invites cryptocurrency users to earn KNC coins when they store their assets in the pool. The Network has always been consistent in terms of delivery, as they have pioneered protocol development widely recognized for their high instrumental level in terms of smart contract security development.
Their goal for the future is to let every owner of a cryptocurrency easily use their tokens in any way desired. Kyber hopes that a day will come when cryptocurrency can be used to make instant real life trades, as they promise to make a truly decentralized world become a reality.
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