Hi, how are you!
Thank you for following our process day-by-day. This month, another big project will join us to bring privacy to the community! Please welcome Kyber Network V2 with their native token $KNC.
Being built on multichains, Kyber is a DeFi tool that provides crypto traders the ability to quickly swap between different tokens without having to use a centralized exchange. Holders of the $KNC can stake their tokens for a regular reward and vote on future changes to the network. Users who don’t have the native token of a network usually have to go to an exchange and buy some before they can participate. The goal of Kyber is to eliminate the need for this step by making it easier for people to switch between tokens. Kyber Team helps:
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Provides a way for people to exchange Crypto Asset and other supported tokens in an instant, decentralized way, by using liquidity pools — pools of different cryptocurrencies that any project can tap into. There’s no need for registration or account creation as there is with centralized exchanges. For example: with the Kyber Network a vendor can let customers pay in the cryptocurrency of their choice and still receive payment in the vendor’s own preferred crypto.
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Another potential use case to upgrade the way things work right now: Users usually can’t use a dApp if they don’t hold the native token of its network. With Kyber, anyone can take the tokens they currently have, swap them for the token of the dApp they want to use, and be on their way.
This means that Kyber Network is seeking to provide a similar service as Kraken, Huobi itself, etc.… Except, instead of being operated by a single company, its exchange is powered purely by code, a distributed network of software users and the Ethereum blockchain. To understand better how Kyber Network works, it’s important to review the network components that, together, help provide an exchange service. These include:
- Smart Contracts – Provide the infrastructure for tokens to be traded and exchanged.
- Reserves – Offer liquidity to the network.
- Takers - Execute trades and take liquidity out of the network. (Examples include Dapps, vendors, and wallets.)
That said, one of Kyber’s priority is to partner with other blockchains. For this purpose, the developers have focused on creating software that will allow anyone to incorporate the Kyber onto any other smart contract-powered blockchain with the available SDK: A protocol for decentralized exchange, An application programming interface (API) for asset conversions, and the $KNC which helps users govern their maintenance and operation.
Besides, Kyber Network’s cryptocurrency - the Kyber Network Crystal V2(KNC) is also used to pay for key operations outside of this exchange, including voting on updates to the software’s rules. Incognito not only helps add Privacy Layer to Crypto Activities relating to $KNC but also creates new opportunity for passive income seekers Liquidity Providers now can earn trading fee & get an attractive APR on top of it as a mining reward.
Let’s download the Incognito wallet, then start shielding $KNC to buy, sell, send, receive, store or even swap your favorite Crypto Asset.
