What Is Kyber Network ? (Explained)

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Avatar for Ashma
Written by
3 years ago

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.

I hope you find this article informative, please subscribe me if you like to get notified for my future articles.

Thank You For Your Time And Appreciation...!!

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Avatar for Ashma
Written by
3 years ago

Comments

Nice, article. Pls subscribe me

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3 years ago

Nice article dear

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3 years ago

good for information

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3 years ago

I am subscribe you please follow my view and subscriber

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3 years ago

Ive already subscribed you. Please update me . Thank You

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3 years ago

Update about πŸ€”

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3 years ago

You have given us a lot of ideas about Kibar Network through your article. Thank you for sharing such a beautiful article with us. I have learned a lot from it. We hope you will share more educational articles like this with us in the future.

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3 years ago

Yes definitely, I'll continue to write more articles related to blockchain technologies and projects @Jon12

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3 years ago

Really great and awesome will love to get more updates on different currencies

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3 years ago

Yes definitely πŸ™

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3 years ago

really its vwry great...

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3 years ago

Thanks @Aliy17

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3 years ago

great article keep on writing

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3 years ago

Ahhh. This is my friend talked about kyber. Now i see it looks successful hmm

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3 years ago

ohh. kyber network. thanks for your info know i know what is kyber network

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3 years ago

πŸ‘

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3 years ago

I already subscribe you pls subscribe me back🀩

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3 years ago

good for information

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3 years ago

Thanks πŸ™

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3 years ago

Wow

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3 years ago

Good information for us

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3 years ago

nice article dear, plz subscribe me

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3 years ago

Nice bro...good job...good information for us..

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3 years ago

Thank you so much for publishing an another informative article which is really very helpful for all of us...πŸ₯°

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3 years ago

Thanks for reading @EYERIISH687

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3 years ago

You're always welcome my dear πŸ₯°πŸ₯°πŸ₯°

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3 years ago

Oh so ERC-20 tokens is a wide subject too I taught it's just limited and few. I love the idea that products can be bought using different currencies.

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3 years ago

Yes that's definitely going to increase the global crypto adoption and also helps to increase interactions between various blockchain businesses. I'm glad you thought on my articles. Thanks @Charlotte

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3 years ago

Ohh i see, i think i should read more articles about it.😊

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3 years ago

Yeah if you're interested then visit actual Kyber Network website. @Charlotte

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3 years ago

Ok, I will. Thank you again❀

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3 years ago

πŸ‘

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3 years ago

Thank you @Ashma for your another informative article.After reading your article I hope so that kyber network will be our future.

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3 years ago

Yeah, I hope so. Thanks for reading my article @Hiyamoni123

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3 years ago

You are always welcome,,,

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3 years ago

Before i don’t know what is kyber network. How it’s works. But now i know many thinks. All are for you. So thank you so much. For your useful article. Not only this article but also your every article are really useful and informative. Just keep your work... Thank you again.

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3 years ago

Your welcome @aminul & thanks for your words

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3 years ago

Wow. Thank you for sharing this info. I am still learning about cryptocurrencies and this would help a lot. Thank youu. And keep it up! Keep sharing your ideas

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3 years ago

Thanks @Yayaya13 Hope you find it interesting as well as informative

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3 years ago

Yes i did😊

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3 years ago

Thank you for sharing articles to us. We really need it. Especially for me who are new in this kind of field.

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3 years ago

Thanks for your comment @FerferClear I'll post more informative and crypto/blockchain articles in future.

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3 years ago

You are welcome. I will am eager to read all of it. To learn more. Thank you in advance 😊

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3 years ago

I'm glad I got one regular reader πŸ˜€ @FerferClear

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3 years ago

We are many. Just add me as one of them 😊

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3 years ago

That's great compliment @FerferClear I'll always try to improve my articles & try to bring more information through them.

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3 years ago

Keep going. I am just one of the many who will support your back for every article you will write. 😊

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3 years ago

Thanks πŸ™

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3 years ago

Always welcome.

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3 years ago

Thanm you for sharing this info. 😁That's interesting πŸ€”

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3 years ago

Thanks you for writing another article which is about Kyber Network. Thanks again for share this informative article with us.

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3 years ago

I honestly have no idea of what is Kyber Network, but this article deserves a big thumbs up! Thanks for making us understand what is KN and how it works. i hope that this article would reach many people!

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3 years ago

This is interesting. I hope I can learn more

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3 years ago

Yeah, I'll keep bringing more blockchain things through my articles, just subscribe me to get notified @NinoJade

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3 years ago

I greatly appreciate it

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3 years ago

Thanks @NinoJade

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3 years ago

Nice article!πŸ™‚

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3 years ago

Thanks @Jakir I hope you'll subscribe for my future articles.

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3 years ago

Keep sharing

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3 years ago

πŸ‘

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3 years ago

Updated.

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3 years ago

Hey @Janefrancises thanks for reading, but I don't get what r u trying to say with 'Updated'.

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3 years ago

I mean I was updated with your article

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3 years ago

Glad to hear that @Janefrancises thanks for your small but sweet words. I would love to get your feedbacks for my future articles !!

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3 years ago

OK dear..same with me too

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3 years ago

Actually I already subscribed you πŸ˜…

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3 years ago

Thanks

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3 years ago

πŸ‘

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3 years ago

Thanks

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3 years ago

Kyber is one of the best DeFi projects and is getting a lot of attention, that's why it pumped so much during the last 2 weeks.

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3 years ago

Yes, KNC is actually doin well

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3 years ago

Another strong powerful coin. But still a Defi projects.

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3 years ago

R u not interested in DeFi ? What's your opinion about DeFi projects @Senju

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3 years ago

Hi I'm new to those coins, but thank you for this submitted articles it helps a lot.

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3 years ago

I'm glad that my article helped you learn something new & specially about cryto @Chin-chin hope you'll subscribe me if you like to read my future articles.

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3 years ago

Yes I subscribe you already because I want to be updated from your new post if ever, it will help me more to know new things here especially iin new coins. Thank you again.

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3 years ago

I read your article and I'm interested in it. I did subscribe you also, thanks for sharing this, I learn something different new

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3 years ago

That's great compliment@Mars_byahera thanks a lot. I'll keep posting more quality content related to crypto & blockchain in future.

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3 years ago

Very welcome sir, I'll be waiting for your next article wishing you luck ❣

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3 years ago

Thanks @Mars_byahera

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3 years ago

The expansion of cryptocurrencies are very relevant in today's time. Your articles discussing such give an in depth understanding to people who are new to the online community. Thanks

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3 years ago

Thanks @nicdre09 and I think crypto should be replace fiat in future and everyone should adopt crypto

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3 years ago

hi I am radeon I am newbie here. Nice to know this about kayber network on what it is, how it works, and its future.

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3 years ago

Glad you found my article @Radeon

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3 years ago

I'm interested

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3 years ago

Hope you would like to subscribe me for my future articles @YosefVitrae

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3 years ago

Woah. Really without registration? This Kayber network is awesome. Yah this helpful and informarive. I'll subscribe you brother..

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3 years ago

Thanks @MisterWrite thank you very much

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3 years ago