The Kyber Network (KNC) — One of the most powerful and versatile on-chain liquidity networks
According to an estimate, there are more than three thousand cryptocurrencies available in the market today and it is fairly obvious that a person cannot have all the cryptocurrencies in his wallet. The cryptocurrency space is too much fragmented, and there is a huge gap of adoption between the vendors and the people. Those vendors who ‘accept’ cryptocurrencies only tend to accept the famous ones, while the buyers have a variety of different cryptocurrencies in their wallets, simply because they look beyond the popularity and value affordability and future predictions.
Same problem exists on the exchanges when you want to swap your digital assets and have to wait for hours, and sometimes a few days if you are unlucky. This phenomenon is commonly called the ‘liquidity problem’. Up until recently, companies and startups came forward and we saw hundreds of new blockchain platforms and thousands of cryptocurrencies, but the problem is, how can an online store or a vendor can accept all of these cryptocurrencies? If you have a coin that your vendor doesn’t accept, what would you do? With too much congestion in the crypto market, this liquidity problem is on the rise and it needs to be solved!
Introducing Kyber Network — providing instant on-chain liquidity
Kyber network is an on-chain liquidity network, helping wallets and exchanges to perform token to token swap quickly and instantly. Using Kyber network, merchants and vendors can accept all kinds of digital assets onto their platform and receive them into the coin or token of their choice, without worrying too much about the liquidity, conversion pool and swapping because the Kyber Network does it all for them.
Kyber Network helps connect all the disparate, isolated token ecosystems and make tokens useful in a wide range of use cases. In doing so, they enable the next phase of the tokenized world. According to their website, ‘In today’s rapidly tokenizing world, projects are busy building innovative platforms and introducing their own token use case, without paying much attention to establishing meaningful collaboration across different entities. Bitcoin created the first cryptographic token, Ethereum took it one step further by enabling the easy tokenization of assets and creation of tokens. Consequently, there has been an explosion in the number of tokens, with each token usable only within its own isolated ecosystem.’
There are three key and strong propositions of the Kyber Network:
- Diversity — Anyone can contribute to the global liquidity pool of the Kyber Network.
- Interoperability — Kyber Network allows greater interoperability using cross-chain solutions.
- Scalability — Using Gormos, which is a newly proposed scaling solution, Kyber Network would be able to scale to ensure real-world adoptions for all kinds of decentralized applications.
Kyber Network can be used by wallets, exchanges, merchants, online stores, and basically any player in the market who wants to cater to a wide range of crypto audience and accept payments in a variety of different currencies without worrying too much about the liquidity.
Kyber Network has a native currency called KNC and as of mid September 2019, a single KNC is traded for $0.232 USD and has surpassed a total market cap of $39 Million USD and a daily active 24h volume of just over $3.6 Million USD. With its strong future vision, and the promise that they are making, we highly recommend KNC to any investor who is looking to invest in a project supporting a long-term solution.