Kyber Network Crystal v2 (KNC)

1. What is Kyber Network (KNC)?

Kyber Network is an on-chain liquidity protocol that can be used for a wide variety of inter-token use cases. The protocol allows decentralized token swaps to be integrated into any application, enabling value exchange to be performed between all parties in the ecosystem. Using this protocol, developers can build innovative payment flows and applications, including instant token swap services, ERC-20 payments and financial DApps.

The project's mission is to make any tokens "usable anywhere and become the transaction layer for the decentralized economy".

Some of its key features include:

• On-chain settlement: atomic and immediate on-chain settlement.
• Trustless transactions: trustless and transparent transactions.
• Ease of use: the bundling of multiple value exchanges into a single step for users.
• Seamless integration: straightforward integration with dApps, as interaction with off-chain components is not needed and there is minimal security and development overhead.

 

Compared to its competitors, Kyber Network's differentiation points include:

• Instant confirmation: unstant confirmation for transactions sent from on-chain entities such as smart contracts.
• Operation certainty: users know the rate and available liquidity prior to transaction execution and settlement.
• Lack of counterparty risk: Kyber does not custody or control users' funds; all operations that occur on the Kyber protocol can be publicly verified on the blockchain.

KNC (Kyber Network Crystal) is an ERC-20 token that is used by reserve managers to pay transactions fees required to execute trades (operate a reserve) and awarded to third parties for generating trade volume. Kyber charges a small fee in KNC each time an exchange happens on the network, then burns the KNC tokens collected as transaction fees.

Over time, as more trades are executed, additional fees will be generated and more KNC tokens will be burned, reducing overall token supply.

Some of its use-cases include:

• Decentralized token swaps: users can conduct decentralized token swaps on websites such as CoinGecko, KyberSwap and Easwap, or within their own wallets such as imToken, MyEtherWallet, Trust Wallet and Coinbase Wallet.
• Payments: users can pay for goods and services with any ERC-20 token Kyber supports, while the vendor can receive payment in their desired token. For example, on Etheremon, players can catch monsters and pay for services with ERC-20 tokens, entirely within the game.
• Decentralized finance (DeFi): index funds and financial dApps such as Melonport and Betoken can leverage Kyber's protocol to liquidate or rebalance their portfolio in a seamless, transparent and verifiable way. In addition, exchanges (both centralised and decentralised), traders and arbitrage bots can use the Trading API to leverage the liquidity offered on Kyber to match orders, or to arbitrage for profit.

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