What Is Kyber Network?

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Sep 20, 2022
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4 min read
what-is-kyber-network

This blog post will cover:

  • About Kyber Network (KNC) 
  • Where did Kyber Network (KNC) come from?
  • What are the advantages of Kyber Network (KNC)?
  • What are the disadvantages of Kyber Network (KNC)?
  • How to buy Kyber Network (KNC)?

About Kyber Network (KNC) 

Kyber Network is a multi-chain hub connecting liquidity out of various resources to empower trades at good rates. Kyber Network has no middlemen, does not require registration and offers a limitless service. The core aim of this project is to allow DeFi DApps, DEXs and users to get a simple access to liquidity pools which deliver great rates. 

KNC, or the Kyber Network Crystal is a utility and governance token of the platform. As stated on the official website, KNC serves as a “glue” connecting various stakeholders in the project’s ecosystem. KNC holders can stake in liquidity protocols made for decentralized finance. It also has different additional use cases like minting, upgrading or burning by KyberDAO for supporting the liquidity and potential growth. 

Where did Kyber Network (KNC) come from?

The work on Kyber Network started in 2017. This platform is built on Ethereum blockchain. Loi Luu and Victor Tran are the founders of Kyber. The head offices are located in Singapore. As said on the project's LinkedIn profile, it has over 90 team members. Most of them work from Vietnam or Singapore. 

What are the advantages of Kyber Network (KNC)?

  • Transparent. Kyber Network is open and verifiable, which means that all the operations are transparent and are verified via blockchain. Any trader, DApp or liquidity provider has permissionless access to operations. 
  • Unique. Kyber Network is one of the 1st tools allowing anybody to immediately swap tokens with no intermediary, unlike centralized exchanges. Also, Kyber Network is a very developer-friendly service and can be integrated with applications and other blockchain protocols.    

What are the disadvantages of Kyber Network (KNC)?

  • Interface. The Kyber Network lacks an intuitive user interface, which can be fixed by the team in a short-term. However, this point depends on the preferences more.
  • Charged operations. The platform charges users for transactions. The charge issue may be changed in the future, so we will see if this problem may be solved.   

How to buy Kyber Network (KNC)?

If you're willing to buy KNC tokens, visit the SimpleSwap homepage. Follow our instructions to purchase KNC:

  • Let's say you would like to exchange BTC for KNC. Choose the currency you want to exchange (BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select KNC in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. KNC will be sent to this address. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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