Ever since it’s early month volatility, which happened around the same time the rest of the alts saw some green action, Kyber Network went into a period of hibernation. The monthly highs of $1,31 dumped to $0,934 in under a day. The coin has since gravitated around this value, just on a couple of occasions going over $1. The BTC value has also followed suit, going from the monthly high of 19592 to below 15 thousand satoshi in the same timeframe, after which it started slowly bleeding out. Currently 1 KNC is traded for $0.925411 (0.45% rise in the last 24 hours) or 11294 satoshi (0,33% rise in the last 24 hours). Coin’s market cap is currently at $124,127,873, making Kyber Network the 80th most valuable cryptocurrency in the world.
Kyber is a secure, decentralized and scalable Ethereum-based network that is looking to bring benefits of decentralized technologies to a much bigger audience, including the non-crypto and non-technical users. It wants to become a worldwide accepted platform that will enable people from all walks of life to safely, quickly and cheaply perform cross-chain transactions. This is currently a major problem in the blockchain industry, as the only way of getting your coins swapped into other coins is by using a centralized exchange service, which comes with drawbacks safety and transfer cost drawbacks. Ultimately, Kyber looks to alleviate these problems by performing three crucial steps:
- Building and shipping a well-tested token-conversion platform which is secure, publicly verifiable and supports a diverse pool of tokens.
- Delivering one of the most user-friendly interfaces for users in the decentralized space while proving the economic viability of our reserves model.
- Opening up the inter-token conversion platform to the most credible projects in the space, including MyEtherWallet, imToken, Request Network and many others.
Ultimately, they want to create a platform that will connect projects ranging from mobile wallets, entirely new virtual goods economies, an ever-widening range of vendors who accept payments in crypto and decentralized hedge funds investing in crypto assets and so on. The Kyber team recently published a full explanation on how their project will operate, which can be found here.
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Important step towards the completion of their business idea was the recent release of the KyberSwap platform, that serves as the marketplace for token-to-token transactions.
“Kyber’s platform upgrade is now complete. We are pleased to announce that token-to-token transaction feature is now functional on KyberSwap! Please proceed to https://kyber.network/swap to try it out,” said a tweet posted on the network’s official Twitter account on July 8th. This platform gives crypto holders an opportunity to directly swap tokens that they have stored in their MetaMask, JSON, Trezor and Ledger wallets, with more support coming in the future. Over 35 different ERC-20 tokens, including OmiseGO (OMG), Decentraland (MANA), Enigma (ENG) and Ethos(ETHOS), are currently available on the platform.
Kyber network offers an interesting concept to the crypto community, one that it has sorely lacked in the past. Cross-chain communication is definitely an important part of the crypto future and the p2p transaction model which Kyber offers is perfect for it. This is Kyber’s main advantage: they scrape the order book-based models of traditional DEX’s and introduce a model which focuses on peer-to-peer transactions. The network is currently in the process of raising awareness of their project and adding additional coins and features to their product; if they manage to complete these tasks as intended and if the market recovers as predicted, Kyber could be in for a significant break-out in 2018.
