#1 Decentralized Token Conversion Platform
What pain point does Kyber Network solve?
Kyber Network helps crypto users or businesses convert any digtal asset to another in a fast, secure and reliable way.
When the blockchain was first introduced, Bitcoin was the only cryptocurrency most people have heard of. In recent years, with the skyrocketing popularity of token sales aka ICOs, thousands of new cryptocurrencies have been minted and more are sprouting up every day. In the spirit of risk management, many of us possess a diversified digital asset portfolio comprising a huge variety of tokens.
Although the value proposition and economics of each ICO project sometimes necessitates a unique individual token, the alarming number of tokens in the world today creates many inefficiencies, with the main one being: How do I easily and quickly sell one type of token for another – whether for speculative trading purposes or participating in a specific crypto application economy?
The natural option that comes to mind is to trade tokens on a standard centralized cryptocurrency exchange. But this is by no means a simple undertaking for a beginner, and not a very convenient task even for advanced users.
1. Complex and inconvenient process
It is extremely inconvenient and time-consuming to swap the value of 1 token for a different token on a standard exchange, especially if you haven’t created an account, and if the exchange does not have the Token A / Token B trading pair you need.
This is a problem for normal crypto users and traders, as well as for crypto business dApps requiring their native token to be used as payment for their services. Eg. What if I do not have the required Enigma (ENG) tokens or even ETH to pay for Enigma Catalyst services, but only Gifto tokens (GTO)?
Centralized exchanges can also be expensive. For the most popular exchange Binance, trading fee is 0.1% while ETH withdrawal costs 0.01 ETH (roughly $8.50) per withdrawal at the time of writing.
2. Lack of security
How about leaving all my tokens on the crypto exchange? Wouldn’t this save me some time? Yes, but this will also significantly increase your risk of losing all your assets. It is a fact, and has been proven time and again that centralized exchanges are honeypots for hackers.
Hackers have found creative ways to penetrate exchange servers and gain access to passwords and private keys. Some exchanges, like Coincheck, do not even bother to store all their funds on cold hardware wallets, which are decidedly more secure than hot digital wallets.
For obvious reasons nobody should be storing most of their tokens inside a centralized exchange, which has a central point of failure.
3. Uncertain liquidity
Even if you are willing to endure multiple steps to trade your tokens, and risk holding your tokens on centralized exchanges for a long period, there is no guarantee that there is sufficient liquidity for you to buy/sell a particular token, at the exact time you wish to do so.
This problem is especially pronounced on exchanges with low trading volume, such as DEXs (decentralized exchanges) IDEX and Etherdelta, and for unpopular token trading pairs.
How does Kyber Network solve these problems?
Kyber Network is a fully decentralized, on-chain cryptocurrency exchange which allows anyone to safely swap any type of digital token for another instantly.
To address the elephant in the room, since the team cannot officially market themselves as such: KyberNetwork is very much a decentralized Shapeshift or Changelly on steroids.
1. KyberNetwork helps you swap tokens quickly and conveniently
Transactions on KyberNetwork are executed peer-to-peer via smart contracts, allowing almost instantaneous exchange of tokens with a few clicks, without depositing tokens or depending on extra 3rd party programs.
KyberNetwork promises low spreads, a transparent conversion rate that is known prior to the transaction, as well as developing a truly seamless user interface that even beginners will be able to appreciate. Prevailing market data i.e. token price is pulled from other exchanges’ APIs.
In the near future (early 2019), cross-chain conversions will be made possible, which means tokens from different blockchains i.e. Bitcoin/Litecoin/Ethereum/EOS/QTUM can be converted over the KyberNetwork platform as well. This is fast becoming a reality given the recent partnerships with members of the Interoperability alliance ICON and Wanchain !
A powerful Payment Tool for crypto merchants
These features not only make Kyber Network a perfect quick-conversion platform for regular users to swap different types of tokens, but also a powerful and flexible payment tool for crypto merchants running dApps that require a specific native token as payment for services. Gifto requires GTO tokens to access its services, and Kyber Network will help users pay in any cryptocurrency.
With Kyber Network’s easily integrated payment API in the backend, a dApp can accept any token from users as payment for its services. The digital wallet imToken is a Kyber dApp partner.
2. Kyber Network ensures trading liquidity – through huge token reserves
Unlike typical decentralized exchanges, KyberNetwork is guaranteed to posssess a lot of liquidity.
This liquidity is provided by the massive amount of reserves of a wide variety of tokens contributed by Kyber Reserve entities/contributors and handled by Kyber Reserve managers.
Reserve managers and contributors can be absolutely anyone, ranging from Crypto hedge funds, Crypto foundations (like the Ethereum Foundation), Crypto banks, decentralized Apps (dApps), or any merchant or user with a lot of cryptocurrencies to spare. This even includes mainstream centralized exchanges!
Why would anyone want to be a Kyber Reserve manager or contributor?
As a Kyber Reserve Manager and market maker, there is a lot of money to be made profiting off spreads during high volume of conversion/trading activity, while a Reserve contributor shares in the profits of the KyberNetwork reserve pool.
Contributing to the KyberNetwork token reserve pool is an excellent use case for spare tokens stuck in a crypto hedge fund or a whale’s asset pool, which will otherwise remain dormant, merely waiting for capital appreciation.
Do note that Reserve managers have to go through a quick approval process by Kyber Operators on the KyberNetwork platform. Operators are the ‘admins’ on the KyberNetwork, acting as the go-to authority facilitating the onboarding or removal of Reserve managers, listing/delisting token pairs, and making sure there are no bad actors.
To start the ball rolling, Kyber Network themselves will be the first Reserve manager and Operator. Recently it has been announced that the first Reserve manager will be Prycto, which is aiming to be the largest reserve and maker for decentralized exchanges.
3. Kyber Network enhances the security of your assets
KyberNetwork is a fully decentralized exchange and token transfers and trades occur over smart contracts on the blockchain, verified by computers worldwide. This means unlike exchanges such as Binance or Bittrex, KyberNetwork does not hold your funds at all, and thus the platform is not susceptible to loss of funds due to hacks.
You can safely convert one token to another and be assured that your funds will not be stolen during the (practically instant) conversion process. This extremely high level of security is very rare in the crypto world and will be a tremendous assurance for beginners.
Watch the official intro video:
Use case examples
A) As a Proxy Payment / Payment tool for another service
To illustrate, let’s imagine you are a trader who wants to access the Enigma Catalyst program to test your quant trading strategies, but you do not have any Enigma (ENG) tokens required to pay for services. You do however, have a tidy sum of spare GIFTO (GTO) tokens at your disposal.
WITHOUT Kyber Network, you need to:
With Kyber Network as an integrated payment tool for Enigma Catalyst:
B) For anyone, even a crypto beginner, who wants to convert their tokens quickly and conveniently
Bob wants to convert all his 1000 OMG (OmiseGO) to DGD (DigixDAO) tokens immediately, after Binance suddenly announced on Twitter that $50million worth of OMG tokens were stolen in a breach.
Bob expects a sudden drop in OMG prices and a rise in DGD tokens, as it is public knowledge that DigixGlobal is about to launch their second token DigixGold (DGX) very soon.
Time is of the essence! Bob quickly connects his Ledger Nano S to the Kyber.network platform. Without needing to set up an account, he types in 1000 OMG to be converted and sees the price, gas fee, and the value of DGD tokens he will receive, and clicks EXCHANGE.
In a matter of seconds, he safely receives in his wallet the converted amount of DGD tokens, based on the best conversion rate available.
After 5 minutes, Bob checks the prices on Binance and sure enough, OMG prices had plunged by -50%! Luckily, using Kyber.Network took less than a minute. The next day DGD prices rose by 100%. Bob is happy.
C) Providing derivatives for hedging and earning premiums
The Crypto market is an extremely volatile one, and there can be drastic price fluctuations even within a short span of a few days.
Kyber Network helps traders safely hedge their token positions by allowing the trading of derivatives, such as options and forward contracts. Derivatives are key elements in mainstream capital markets, and will be the same for crypto markets as well. This is a very promising use case for Kyber Network that has not gained much attention yet.
Below are some of our own propositions for use of derivatives.
Forward contracts: Helping users hedge
For instance, Bob is looking to contribute the minimum 10 ETH in the Nexo.io ICO that will be launching in 5 days. He has no ETH, but does have 30,000 Quantstamp tokens (QSP) in his wallet which is roughly worth 10 ETH at the time.
However, in order to be eligible for Quantstamp's Proof-of-Hodl campaign's 'screenshot' of his wallet funds, and receive the corresponding QSP airdrop reward, he has to keep 30,000 QSP in his wallet for the next 4 days.
Bob can either choose to:
Thanks to Kyber Network, Bob enters into a forward contract on the platform, guaranteeing a locked rate, and he will be made to buy 10 ETH in exchange for 30,000 QSP at a specified later date (4 days).
Bob buys 10 ETH in accordance to the forward contract, and contributes to the Nexo.io CO successfully the next day. He also qualified for the Quantstamp airdrop and received 1000 QSP tokens. Bob is happy.
Put options: Helping users insure their tokens or earn premiums
Buying put options as an insurance
Tom owns OmiseGO (OMG) tokens but has weak hands and fears that the price will drop soon. As an insurance, Tom can use Kyber Network to BUY a put option and pay small premiums to ensure that the value of his OMG will not drop below a specified strike price (eg. $15) during a period of 1 month. If a crash happens, and OMG price plunges below $15 during that month, Tom's OMG price is protected at $15.
Selling put options to earn premiums
Conversely, Jerry is a crypto whale with a lot of spare ETH capital and wants some side income. Jerry can act as an insurance company by using Kyber Network. Jerry can SELL a 1-month put option for a high market cap 'blue chip' token such as OMG to Tom, with the speculated strike price at $15. Jerry is compensated by Tom with premiums.
If OMG price DOES NOT fall below $15 during the month, and the put option expires, Jerry profits from the premiums earned. If OMG price strikes and falls below $15 to $9 during that month, Jerry is obligated to buy all the OMG tokens insured in the contract at $15 from Tom, if Tom wants to sell.
As Jerry is a fervent believer in the long term potential of OMG, he is very happy to purchase Tom's OMG at $15, a price he believes to be lower than OMG's intrinsic value price and hence a good deal. To Jerry, earning premiums or buying OMG tokens at a super low price is both a win-win situation for him.
In our opinion, the ability to sell put options is an extremely exciting prospect, and we can imagine whales with huge capital being able to earn a steady income via premiums in the future.
Is there a minimum viable product (MVP)?
Yes, Kyber Network is one of the rare breed of ICO projects that has made good on its promises and milestones, releasing its live product on the Ethereum mainnet on February 2018 (albeit only to a select group of KGT holders). They have opened a whitelist for more users to sign up to trial the exchange, and will accept more users in further stages. Platform is expected to be fully live for everyone on the mainnet in around April 2018.
Based on initial activity, token conversion rate is indeed similar to Bittrex’s. For now it appears there is only 1 transaction of very meagre amounts every 15-30 minutes. For the time being, it appears people are only experimenting with Kyber Network rather than using it actively.
In terms of UI/UX , the site is very simple and easy to navigate. But it doesn't look as attractive as it could, and should be.
Check out the Kyber Network Beta version !
Video of exchanging tokens on the (old) MVP:
Currently, Kyber Network's token conversion platform can be accessed and linked to your wallet via the following options.
What is the utility of the KNC token?
Kyber Network Crystals or KNCs, are ERC20 tokens and have 1 main utility: They are required as payment to be a Kyber Reserve manager and enjoy the profits earned from currency pair spreads during token conversions/trading on the platform.
Reserve managers need to purchase and hold a certain amount of KNC when managing reserves. Each time a trade occurs, a certain amount of KNC from their pool (reserve fee; currently estimated at 0.25%) is paid to the Kyber Network platform. Reserve managers have a special portal interface to manage and track their performance.
From the amount of KNC revenue collected from Reserve managers, a portion is paid out for platform expenses and referral fees to entities and partners (such as the imToken wallet and Storm dApps) that are integrated with Kyber Network. The rest of the KNC tokens are subsequently burned.
The more Reserve managers there are, the more KNCs that are purchased and stored and later burned, contributing to a reduction in total KNC supply and the appreciation of the KNC price in the long run.
In addition, some of the profits Kyber Network collects will be stored and used to buy back tokens from the open market in the future.
The higher the demand - trading activity - on the platform, the greater the profits received and the more tokens that could be bought back from the open market – again ensuring an appreciation in the value of KNC tokens.
For KNC to be a valuable token:
1. More traders/users need to be utilising Kyber Network to convert their tokens, either directly or indirectly through dApps that are integrated with Kyber Network. People should want to utilise Kyber Network due to its affordability, reliability, speed and security. Higher trading volume = higher pool of potential profits for Reserve managers and contributors.
2. More Reserve managers and contributors need to be on Kyber Network - more KNC bought from the open market and burned allowing price to appreciate. Kyber Network currently only has 1 other Reserve Manager and Operator: Prycto, which is aiming to be the largest reserve and maker for decentralized exchanges.
All marketing and business development initiatives should target these 2 aspects simultaneously, and for the most part Kyber Network appears to be on track.
How are token sale funds allocated?
Kyber Network raised a massive 200,000 ETH in their ICO in September 2017.
As seen below, most of the funds are allocated towards kickstarting the Kyber Reserve pool. A slight concern is that there is no dedicated % allocation for marketing of the Kyber Network platform.
KNC can be bought in most major centralized exchanges such as Binance , Liqui , OKEX and Huobi .
Current market cap at the time of writing is about $USD 250 million.
What are the team's credentials?
The core team is small but impressive, to say the least.
Most crypto enthusiasts would have heard of CEO Loi Luu by now, who was recently conferred the title of Dr. Loi Luu after completing his PhD in Computer Science at the National University of Singapore. A Forbes 30 under 30, and an advisor for well-known blockchain projects such as Gifto, Indorse, Zilliqa and Republic Protocol, Loi's resume certainly displays his calibre and respected standing in the crypto sphere. He is a much sought after speaker on blockchain technology, and has shared his knowledge in various media such as Forbes and HuobiTalk.
Loi has vast blockchain and programming experience. Prior to Kyber Network, he developed Oyente, the 1st open-sourced security analyzer for Ethereum smart contracts, and co-founded SmartPool, another open-sourced project which deals with decentralization of crypto mining pools. Loi's theoretical work on sharding was even mentioned by Vitalik Buterin in his Github paper.
Fellow PhD holder and co-founder Yaron Velner is an experienced software developer with over 10 years experience as a senior software engineer and an expert in game theory and blockchain protocols. He has found several bugs in the Ethereum bug bounty program.
The last co-founder Victor Tran is their senior backend engineer and Linux system administrator, and he was also part of Loi's SmartPool project.
Another member of the Kyber Network team who is featured prominently is Lee Tsun Ngai (TN Lee), their Head of Business Development, who is an eloquent public speaker and has been very active and helpful on Kyber's social media and Telegram.
With the high level of technical expertise within the core team, we have little doubt that Kyber Network will be able to ensure the operational integrity and security of their decentralized token conversion platform.
Moreover, the Kyber Network team has been extremely professional and meticulous throughout their dealings with the community, and the Kyber Network crowdsale was fondly remembered by many as one of, if not the best ever conducted.
How reputable are their advisors?
One name obviously stands out: Vitalik Buterin
To have the founder of Ethereum on your board of advisors is no mean feat, given that he has publicly stated on Twitter that he is officially only advising 2 companies, Kyber Network and OmiseGo.
Another advisor that will prove very useful for Kyber Network's cause is Prateek Saxena, the Chief Scientific Advisor for Zilliqa, which happens to be a Singapore-based project as well. Prateek is a professor at the National University of Singapore and is one of the Top 10 Innovators under 35 (MIT TR35 Asia) in 2017.
With the number of top tier blockchain companies desiring to partner with Kyber Network, and the degree of respect accorded to the team by the wider crypto community, we believe they are never short of blockchain expertise to seek advise from.
Current and potential partners?
Within the crypto community, Kyber Network is known unofficially as the ‘King of Partnerships’, alluding to their ever increasing number of high quality blockchain partners.
Partnerships with Worldwide Asset Exchange (WAX), Storm, imToken, Coinmanager and Gifto have already indirectly provided Kyber Network exposure to millions of active users. WAX and Gifto especially will contribute a high level of trading volume on their respective Opskins and Uplive platforms, which are in turn supported by Kyber Network’s decentralized exchange acting as a payment/token conversion tool in the backend.
More of such integrations will definitely propel Kyber Network's trading volume to greater heights, and are sorely needed to attract more Reserve managers who will purchase and hold more KNC tokens.
The recent partnerships with 2 of the 3 members in the Interoperability Alliance – ICON and WanChain – are also paving the way for cross-chain token swaps.
It is likely that there will be many more partnerships throughout 2018, and we believe that the last piece of the cross-chain puzzle, AION Network, will be one major partnership to expect.
Kyber Network is financially backed by the who's who in the crypto fund space, including Pantera Capital , Kenetic Capital and Vitalik-associated Fenbushi Capital . These entities will help connect Kyber Network to more investors, blockchain projects, Reserve managers and contributors, and online merchant networks.
How is their Marketing and PR?
Kyber Network has generally been ticking the right boxes when it comes to marketing their service. They write regular blog posts, are active on social media Telegram and Twitter, and often highlight their many strong points - such as their quality blockchain partners. However, there is still substantial room for growth in the area of marketing, which is absolutely crucial in unlocking Kyber Network's true potential.
It is not a positive sign when up till today there are still people who are wondering why there isn't an order book like what is displayed on Etherdelta or Binance. The stark reality is that many users, especially crypto beginners, do not read the white paper.
Hence, it is imperative that potential users immediately understand what Kyber.Network's features, advantages and benefits are, the second they access the landing page. What is Kyber.Network's promise and value proposition to users?
In our opinion, the word "Exchange" is technically accurate, but throws many users off on what Kyber.Network actually is -
The #1 Decentralized Token Conversion Service, and not a traditional centralized exchange with order books and queued orders like Binance.
Tagline words such as "Scalable" and "Trustless" are known to people who have been in the crypto space for some time, but definitely not for beginners. "Safe", "Secure", "Fast", "Instant", "Convenient", "Reliable" and "Easy" are examples of the focal words that should be used instead.
Visual language is also important to convey Kyber Network's key value proposition. Although in general the updated website is great to navigate and easy on the eyes, it is hard to decipher what the main image on the home page is about, as it does not show a token exchange taking place or any other cryptocurrency for that matter.
A simple and attractive graphic or animated image showing a conversion of 1 token to another or a few others will be much more relevant and effective. A similar image should be used on the Kyber.Network token conversion page as well.
The name Kyber (and Kyber Network Crystal) was inspired by the gemstones that powered the Jedi Lightsabers in Star Wars, according to CEO Loi. Without referencing anything about the movie, it should be explored how the symbol of the Kyber Network Crystal (KNC) can be used more prominently in marketing collateral, as logos/icons are powerful branding conduits.
The selection of greenish hues as corporate colours by the team is a good move, as it allows the Kyber brand to remain consistent with its Kyber Network Crystal logo, as well as standout among the other centralized and decentralized exchanges.
Aesthetics-wise, the "It" factor is definitely missing in both landing pages. We believe they can easily engage the services of a good graphics designer and branding consultant once they gather enough research on what images would be the most visually appealing to the crypto community while being aligned to the Kyber Network brand identity.
Kyber Network must target 3 main groups in its marketing efforts. In-depth customer profiling and small-scale focus groups should be conducted to better understand their target audience.
1. Regular crypto users and beginners
"#1 Decentralized Token Conversion Service - Fast, Secure and Reliable"
Kyber Network has to be noob-conscious when it comes to communicating its services. Apart from superb product UI/UX, education is key to get more crypto users and beginners to trial their conversion platform. For instance, a whole webpage sub-directory should be dedicated to more FAQs on how to use the conversion tool and what Kyber Network is.
There should be easily shareable and potentially viral content that can be consumed quickly on Twitter, Telegram, Reddit and Facebook:
- Simple competitive comparison table (w/o explicitly naming competitors)
- Meaningful GIFs, Memes and Stickers
- Super quick YouTube video tutorials
- Twitter polls and contests
- Telegram games
- Prizes to incentivize user action
It would be excellent if Kyber Network starts reviving its YouTube channel and produce more exciting content for its subscribers.
To pander to the masses, social proof is important. Hence Kyber Network should collate short testimonials from respected blockchain advisors and celebrities on how easy it is for anyone to convert tokens through their platform. These short testimonials could come in the form of written or video content.
In the mid-long term, Kyber Network needs its own set of elite ambassadors to help educate the community about their services through word of mouth and referrals.
For the time being, Kyber Network is already off to a good start in 2018, with their recent efforts to use airdrops and video contests to induce platform adoption.
2. Reserve managers and contributors
"Earn more profits from your idle digital assets"
Once a certain level of trading volume is achieved, Kyber Network has to start marketing to whales, hedge funds, arbitrage funds and crypto funds to come on board as Reserve managers and contributors.
To fully convince potential Reserve managers, Kyber Network needs to highlight the fact that being a Reserve Manager is a very profitable venture. For instance, they can announce general profit reports on a regular basis (perhaps every quarter) to capture their attention. No external Reserve manager would take on this role if remuneration is not satisfactory .
Ideally, the Kyber Reserve Manager should be viewed as an extremely coveted role, with funds and whales having to queue and beg to be registered by Kyber Operators.
3. Reserve entities such as dApps and online merchants
"Accept and pay in any digital asset of your choice"
We have huge faith in Kyber Network's ability to attract wallet dApps and merchants, given the solid partners they have already secured such as imToken, Coinmanager and Coinduck.
Kyber Network will be even more attractive as an integrated payment tool if they present themselves in a commercial light to merchants. They need to know that the integration of Kyber Network's payment API with their own software is a fast, simple and seamless process, and that they can seek help from the Kyber team anytime if technical problems arise.
There should also be referral and affiliate programs to spread the good word about the value of being a Kyber Network Partner.
How hyped is this project?
Back in the old days of ICOs when Slack was the de facto crypto communications channel instead of Telegram, Kyber was once known to have the #1 Slack channel in terms of number of followers (roughly 32,000). This was of course largely due to the prerequisite of being a slack member in order to be whitelisted for the token sale.
Kyber is also known as 1 of only 2 ICO projects (the other being OmiseGO) officially advised and endorsed by Vitalik Buterin, the founder of Ethereum himself. The team has done an amazing job of growing their Twitter base to 68.3K followers!
The hype has ebbed considerably since the ICO days, with upcoming DEXs such as Airswap and Paradex stealing the limelight. The English Telegram channel only has 9000 members, which is considered low in the current ICO climate. Fortunately, this has been mitigated by Kyber Network’s recent partnerships with popular cross-chain projects ICON and Wanchain.
We believe many people in the crypto space have already heard of Kyber Network. The issue is many of them do not know exactly what services Kyber Network provides or why the KNC is valuable, and this has to be addressed with improved marketing efforts.
Risks and concerns? Competitors?
Many tend to compare Kyber Network with fellow decentralized exchanges 0x protocol or AirSwap. But Kyber Network bears closer resemblance to token conversion platforms ShapeShift and Changelly
In terms of the specific service Kyber Network is offering - safe, fast and reliable token conversion - it is the clear winner among decentralized and centralized exchanges alike.
0x and Airswap are not deemed fully decentralized, as settlement of trades and maintaining of order books are done off-chain on central computer servers. As such, although they are similar to Kyber Network in the way that they do not hold user funds, they still suffer the risk of malicious hackers infiltrating their servers and causing problems or stealing valuable data.
Kyber Network on the other hand, is a pure decentralized exchange / token conversion platform, and all transactions are completed on the blockchain, ensuring the highest level of security.
ShapeShift and Changelly operate as centralized cryptocurrency conversion tools, running on central computer servers. ShapeShift decides its own price (like a Reserve manager in Kyber) and charges higher fees than centralized exchanges. The huge success of ShapeShift can be used as a benchmark, as Kyber Network is a better version in almost all aspects. Kyber Network offers much better convenience, speed and security, at competitive rates.
There are functional DEXs in existence, namely IDEX and Etherdelta, but they have very low liquidity and are extremely unreliable.
The main risk Kyber Network will face, like every other ICO project, is product adoption. Trading activity since its soft launch on mainnet in February is excruciatingly low. Some whales also appear to be taking this very hard and exiting during the bear market. Hopefully this will be circumvented with increased and improved marketing efforts to attract traders/users, Reserve managers, Reserve contributors, dApps and online merchants, especially leading up to the full-scale platform launch sometime in April.
Currently, without doing KYC, each Kyber address is only allowed $USD 3000 per transaction and a maximum daily trading limit of $USD 15,000. We feel that this limit is a tad too low, and should increase it to the range of $USD 10,000 per transaction and max daily trading limit of $USD 20,000.
ICO payment facilitator:
Kyber Network should consider partnering with upcoming ICOs and token generation events to allow them to receive contributions in any cryptocurrency. ICOs that want to use Kyber Network's service have to purchase a negotiated amount of KNC from the open market as payment.
More advanced and detailed token conversion and technical data:
There should be an 'advanced' section on Kyber.Network, that allows users to easily query the individual and total amount of KNC burnt, and see more market data and technical analysis, so that they need not leave the Kyber domain in order to get all the required information.
In future the platform shoud allow users to swap 1 token for multiple tokens at the same time. For example, in just 1 token transaction, swap 8 ETH for 4 tokens: OMG, ENG, DGD and REQ worth 2 ETH each.
Dedicated customer support:
There should be a small, outsourced response team to manage customer service tickets on their zendesk-based customer support section - this will instil more confidence among partners and regular users. Official Kyber Ambassadors can serve as ancillary support staff on social media and Telegram.
We are sure that Kyber Network will continue to secure more high-quality blockchain partners. One project that we believe will add considerable value to Kyber's vision is AION Network , the last member of the Interoperability Alliance. While Wanchain focuses on financial institutions and ICON on generic use cases, AION aims to be the cross-chain glue that ties all enterprise blockchains together. Enterprise blockchains will greatly need an excellent token conversion tool like Kyber.Network . Vitalik Buterin also happens to be an advisor for the Nuco team - the people behind the AION project.
A hackathon organized by Kyber Network in South Korea was recently co-won by Uppsala - the team behind the Sentinel Protocol project. Sentinel Protocol aims to improve security in decentralized networks such as DEXs through its Decentralized Threat Reputation Database and other collective security intelligence services. We are certain that a future collaboration is in the works.
In our opinion, Kyber Network is one of the most undervalued projects in the cryptocurrency space today. It solves a real need for a fast, secure and reliable cryptocurrency conversion service, in a decentralized world that will soon be highly dependent on interoperability.
Backed by renowned crypto funds such as Pantera and Fenbushi Capital, and even Vitalik Buterin himself, the technical expertise and crypto network of the team remain unparalleled.
At the time of writing, the KNC token is only trading at 1.3x its ICO price in ETH, with a market cap of $USD 250 million.
In April or Q2 2018, when the token conversion platform is fully functional and available to everyone, especially when trading of arbitrary token pairs is enabled, we foresee a monumental surge in adoption and trading activity.
Based on our comprehensive Chainhammer weighted average scoring model, Kyber Network receives an excellent 91.6% - a 1st Class blockchain project. We view the long term potential of this decentralized exchange / token conversion platform extremely favorably.
We wish you good fortune in the years to come!
#blockchain #bitcoin #ethereum #kybernetwork #DEX $KNC
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