What is Kyber Network?
Kyber Network, like Uniswap, is a decentralized cryptocurrency exchange.
The exchange is run entirely through code, a distributed network of app users, and the Ethereum blockchain, rather than by a central person.
The Kyber team has developed three Ethereum-based applications to help users manage and operate their assets: a decentralized exchange protocol, an application programming interface (API) for asset conversions, and the KNC cryptocurrency.
These services have helped to launch KyberSwap, a decentralized exchange that allows users to share crypto assets without the use of a central order book or operator.
How does Kyber Network work?
The Kyber protocol uses “reserves,” which are pools of crypto funds that actually back over 70 separate ERC20 tokens. Reserves are smart contracts that provide a reserve of reserves.
Different groups regulate all reserves, which have differing rates and funding amounts.
Rather than utilizing order books to balance buyers and sellers in order to return the best price, the Kyber procedure examines all reserves and returns the best price among them.
The “spread,” or disparity between the purchasing and sale rates, is how reserves earn revenue.
Kyber Network Crystals are the native token of Kyber (KNC). For the privilege to control stocks, all reserves must pay payments in KNC.
The KNC received as fees are either burnt and deducted from the overall stock, or it is awarded to incorporated dapps as a growth opportunity.
What is the history of Kyber Network?
Loi Luu, Victor Tran, and Yaron Velner formed Kyber Network in 2017.
In an initial coin offering of the KNC cryptocurrency, the Kyber team received 200,000 ETH (roughly $50 million) at the time. A total of 226 million KNC were produced during the auction, the majority of which were marketed to buyers and investors.
The Kyber Network burnt over 10 million KNC tokens in October 2017, reducing the total supply to about 215 million KNC.
In February 2018, the app went live on the Ethereum blockchain.
How do I hold Kyber Network Coin?
ANT is an ERC20 token. You can hold it on any common Ethereum wallet, such as Metamask or MyEtherWallet.