Kyber: the decentralized exchange of the future
Welcome to this week’s Holder’s Spotlight, everyone. Today, we’ll be taking a look at why the Kyber Network (KNC) project is so exciting going forward.
Once you enter the cryptocurrency space through fiat-to-crypto exchanges like Coinbase and Gemini, there’s a natural progression toward decentralized exchanges, or DEXs, which typically offer a wide variety of coins as well as new project listings.
To that end, Kyber Network has been described as the “next generation” DEX, coming to improve upon the first generation of decentralized exchanges that – let’s face it – could definitely use some improvement.
But the Kyber project isn’t just an exchange. It’s a revolutionary, four-in-one model system that’s poised to be dynamic. You have:
- The Kyber DEX
- Proxy payments service (e.g. send OMG, receiver gets REQ)
- Derivatives service (e.g. hedge dividends against price fluctuations)
- Cross-chain service (e.g. online merchants can accept any crypto as payment)
There’s payment APIs, no fees for trading on the DEX itself, and a de facto crypto conversion service. When taken altogether, Kyber Network is a seriously promising project.
With Kyber, there won’t be any need for making precious crypto deposits into centralized exchanges that can get hacked or go under any second. Smart contracts facilitate the entire Kyber Network experience, so you can trust the system at all times.
Transactions are singular, too; you make on trade, instantly. There’s no loops you have to jump through, as Kyber does all the work automatically.
And as for the KNC token, the Kyber Network Crystal, it’s going to make the whole system go ‘round. For example, KNC will be used as reserves in order to facilitate transactions and to provide growth for the Kyber ecosystem.
For every trade conducted on the network, a small amount of KNC will collected and then burned, making the token and the platform going forward.
So, if Kyber really does take off and millions of transactions leads to lots of KNC being burned, KNC could be an explosive hodl over the next two decades. As it stands, the beginning total of tokens was 226 million KNC tokens.
Cooler yet? Kyber Network and Request Network – another one of My Hardware Wallet’s favorites – recently announced a partnership.
As the Kyber team explained in its blog:
[It’s] an important partnership that will enhance the consumer experience by making Kyber Network a token conversion option within Request Network, and expand Kyber Network’s presence at point-of-sale. This partnership is set to provide increased value to both Kyber Network, Request Network users and merchants.”
Buying and storing KNC on a cryptocurrency hardware wallet
Right now, the best place to buy KNC is on Binance – it simply has the highest volume of KNC trading and it’s the most secure, available, and reputable.
As for storing KNC on your hardware wallet, you’ll want to initialize your Ledger or your TREZOR precisely according to your device’s provided set-up guide.
Once that’s done, you’ll be provided with an Ethereum address. Send you KNC over to that provided address, and voila: you’re officially a KNC hodler for the long-term! Posted by Myhardwarewallet on February 9, 2018 in Crypto, Exchanges, Hardware wallets, Kyber