What is Kyber Network?
The Kyber Network is another blockchain exchange, not unlike 0x (ZRX). Kyber Network aims to keep your current coins in your wallets and transact on a sale using smart contracts. Transactions will be instantaneous with a single confirmation. The Kyber network will also be liquid, allowing instant transactions.
It can be used for cross-chain payments; For example, users can receive payments in Bitcoin and other cryptocurrencies and be used for exchange. At the moment, KyberNetwork does not charge any fees for exchange transactions from users.
Users can protect themselves against price fluctuations by participating in forwarding transactions and can pay anyone in any token with their own tokens. Kyber performs the conversion and resends the payment.
About its tokens:
KNC tokens are required for reservations to participate in the network and reward various parties to generate more business on the platform. Before operating, KyberNetwork reserves must pre-purchase and store KNC tokens. In each operation, a small fraction of the commercial volume will be paid for the reservation to the KyberNetwork platform in KNC.
The KNC tokens accumulated from the fees will be burned, that is, withdrawn from circulation. Token burning could increase the appreciation of the remaining KNC tokens as the total supply in circulation decreases. KNC's value will be derived primarily from the second use - earnings to buy back KNC tokens and withdrawn from circulation and act as a share buyback in the stock market. As the value of KNC tokens depends on how much profit KyberNetwork can generate, the more volume and profit the network effects, the more valuable KNC tokens will be.
About its creators:
Loi Luu, CEO, and Co-Founder - Blockchain Veteran who developed different projects in the past. Developed Listener, the first open-source security analyzer for Ethereum smart contracts. He was a co-founder/developer of SmartPool, a decentralized mining pool project. Loi is a computer science Ph.D. candidate at the National University of Singapore.
Yaron Velner, CTO and Co-Founder - Yaron has a doctorate in computer science from Tel Aviv University and has vast experience in software engineering and was also a co-founder/developer of SmartPool.