Hey friends if you're a fan of Ethereum network and tried to develop some dApp or some other projects & create tokens using ERC-20 standards then I'm sure you've heard about Kyber Network. If not then don't worry we're going to talk it and soon you'll know everything about it.
In this article we're going to explore Kyber Network who's behind this project, reasons why it got started and how it's powering ecosystem of decentralised applications (dApps)
What Is Kyber Network ?
If I've to put Kyber Network in simple words then, " it's a decentralised exchange where ERC-20 tokens can be swapped instantly without any registration". It's primary build for Ethereum network but any smart contracts can be incorporated.
Along with tokens swapping and Kyber Network also offers great opportunity for developers to integrate the the whole network into their decentralised applications (dApps). Kyber Network allows dApps to let users pay with any tokens for the service offered by dApps, it opens a wide window for thousands of new customers.
Who Invented Kyber Network ?
The person leading this Kyber Network is the CEO Loi Lulu, where Vitcor Tran is CTO of the project and Yaron Velner is the advisor of Kyber Network.
Another interesting thing about Kyber Network is that, the native token of Kyber Network (KYC) is named after the crystals in Star Wars !! Whoever named this token he/she is definitely a Star War's fan.
What Is So Special About Kyber Network ?
I think we all know there are thousands of ERC-20 tokens, due to the facility provided by Ethereum network it is possible to create private tokens. So every company & service providers are creating their own token. So it's hectic for new users or non-token holders to get these tokens after exchanging from centralised exchanges like Binance & there's also loss in fees.
When Kyber Network come in picture all problems related to hectic procedure, fees losses vanishes. As Kyber Network provider easy and instant token swap so anyone can get tokens exchanged instantly without any registration.
Another great use of Kyber Network for vendors is that their users or customers can buy the service or product from vendor for any currency but the vendor gets the only currency whichever he/she want.
How It Works ?
Kyber Network uses 'reserve' to provide liquidity. The 'reserves' are the crypto fund which currently supports aroun 70 ERC-20 tokens. Any developer can integrate in reserves.
Various entities control these reserves with various prices and multiple levels of funding. Kyber protocol uses these analyse these reserves to provide best price instead of traditional order books which matches buyers and sellers to do the same thing i.e provide best price.
Future
Due to the developers friendliness of Kyber Network as anyone can interim protocol with smart contracts of blockchain. Curry there are many awesome projects are going on with partnership or using Kyber Network such as bZx protocol, Sets protocol, InstaDapp & Coinbase wallet.
As anyone can tell that this project is already a very successful project and it's still growing rapidly. As many vendors, dApp developers are integrating Kyber Network into their decentralised applications. So the instead of talking about future of Kyber Network I would love to say that Kyber Network is the future !!
So guys, this is it. This is what Kyber Network is,hope you find this article helpful.
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