Today we will tell you about kyber network, it is a decentralized exchange and a wallet that is generally used for converting digital currencies. It was launched in 2017 by Loi Luu, Victor Tran, and Yaron Velner in Singapore.
This platform also provides payment API’s and contract wallets as well which means the user can receive payments in any token and vice versa, it also offers instant payments with no waiting required.
The Kyber network has also launched its own token called the Kyber Network Token (KNC) with a total supply of 215,625,349 out of which 61% of tokens are held by the general public, while 19.5% of them are held by Kyber Network, and the remaining 19.5% are held by founders, advisors, and seed investors.
The Kyber Network supports the following currencies,
- Aelf (AELF)
- Basic Attention Token (BAT)
- Decentraland (MANA)
- Gifto (GTO)
- Power Ledger (POWR)
- Status Network (SNT)
This decentralized exchange has the main advantage of less or negligible fees, which means it runs on ethereum network and users only pay the gas fee for the transaction and no hidden charges are taken.
Decentralized exchanges remove the factor of risks as not many third parties are involved in it, just like the kyber network does not have any access to funds of the users and every operation takes place on smart contracts.
Users can also import addresses from MetaMask, Ledger Nano S or trezor etc.
Customer Support is a plus point for the Kyber Network as it uses Zendesk for customer service and it is a popular and fancy customer service company.
As the Kyber network is new and in the beta version which means it is still under development there are fairly good reviews to be found online.
Many people don’t know about the Kyber Network but it is gaining some heat due to its recent partnerships with well-known companies. Worth mentioning is the security features of this platform which are pretty good as compared to other online platforms available.
The summary is that Kyber network is a legitimate online exchange which is secure but still under development, while some of its features make it outstanding, but if it grows and updates on a daily basis it can be a regular day option for a vast audience as it provides minimal fees and decentralized secure services.