Cryptocurrency Kyber Network is one of the latest digital currencies, the start of beta testing of which is scheduled for early next year, 2018. Its peculiarity lies in the fact that, in addition to the functions of the payment system itself, the service also provides exchanger services with a decentralized type structure. The developers of the project set this goal and assure that the idea will be implemented at the beginning of 2019. By that time, their own “coins” will be introduced – Kyber.
The developers already have the experience, because these are the same people who were creating the interface for various Ethereum cryptocurrency applications. It was then that a group of people got the idea to combine the trading platform with the currency and engage in the development of this idea in the future. Thus, with the help of the Cyber cryptocurrency, any user can not only conduct operations with this “coin” but also make an exchange for the currency of interest without intermediaries.
The history of the cryptocurrency Kyber Network
The KNC crypto currency originates from the launch of the Kyber Network web resource, which took place in the summer of 2017. In mid-September, the preliminary sale of “coins” began. In its course, it was possible to collect fifty million US dollars from investors. After that, it became possible to purchase “coins” by everyone.
The creators of Kyber Network are a team of seven experienced professionals, including Loy Luu, Victor Tran, and Yaron Welner. These people took part in the creation of SmartPool. This is a platform aimed at decentralizing pools for mining various virtual currencies.
Thus, Loy Luu became the CEO of the new development team. It was this man who paid maximum attention to the study of blockchain technology, thanks to which he gained enormous experience in this field. Even a program was written called Oyente, the purpose of which is to conduct various analyzes of smart security contracts. This was made possible thanks to the open-source code of various networks. So it’s really easier to find a vulnerability and write code that can and eliminate.
Yaron Velner became the head of the technology department, including software development, and V. Tran took the post of chief engineer. The experience of promoting networks helps to gain popularity for the project, as evidenced by the launch of successful startups. Thus, the history of Kyber is just beginning to develop, and the future of the project should be promising.
Features of Koin KNC
Unlike many others, Kyber cryptocurrency supports the so-called cross-chain transactions. This means that you can make money transfers with any other cryptocurrencies that are based on blockchain technology. Thus, there are safe ways to conduct transfers with Bitcoin, Ethereum and many other popular virtual coins.
This is great news for users who invest in several types of coins at once. At the moment, the conversion from one digital “coin” to another is a laborious process and can be a lot of difficulties.
Implementing the cross-chain function is also difficult and involves the creation of smart contracts. Because of this, many bugs can appear due to conflicts of codes of various cryptocurrencies. This leads to vulnerabilities and flaws in the Kyber Network cryptocurrency algorithm, but the developers are ready to fix all the problems at the creation stage, for which a beta test was provided.
The on-chain protocol is also provided. He is responsible for displaying a user-friendly API. Cryptocurrency Cyber remains a decentralized service in which absolutely any user can follow the course of all cryptocurrencies in real-time.
The only fee charged is the transaction fee; no other fees are planned.
In principle, the operation of the site is worth noting the possibility of introducing new virtual currencies without changing an existing code, which accelerates the process of expanding the KNC cryptocurrency. The very process of transferring to another currency originates from the user’s request, after which the network is initialized and there are many checks, including a comparison of the equality of the initial and received amounts. After the “coins” they come to the wallet address that was specified by the sending user.
The principle of work allows you to grow the number of “coins” due to their formation in the process of withdrawing commissions during transactions. In turn, this entails consequences and in the course of Kyber, which will grow, because over time, he will have influence in the market of other finances.
The difference between the Kyber Network and Bitcoin
First of all, Bitcoin is a classic cryptocurrency, and it was he who was an example to follow. But each cryptocurrency has a number of features, and even more so Cyber
- Speed. They promise to make transactions within the network as fast as possible since this is an important factor in a cross-chain system.
- Formation. The appearance of new “coins” depends on the number of cross-chain transactions because a small commission will be taken from them, which will be part of the new “coin”.
- Area. The Kyber cryptocurrency will not be an ordinary cryptocurrency but will have a whole platform on which it will be possible to conduct various monetary transactions. This is no longer like traditional digital currency, but an exchanger.
- Modularity. Ease of introducing new components thanks to the modular system structure of the entire network.
As a result, we have a completely new project that is fundamentally different from Bitcoin. The prospects for Kyber Network are really good because the project brings a huge number of innovations to the world of blockchain technology.