What is Kyber Network (KNC)? Here is Crypto Money KNC Coin in All Details

What is Kyber Network (KNC)?

Kyber is an on-chain liquidity protocol that combines liquidity reserves to allow instant and secure token exchange across multiple decentralized applications (dApps). In 2019, Kyber was ranked as the most used DeFi app in Ethereum.

Unlike other protocols, the Kyber Network is built entirely on-chain without any off-chain components and allows instant closure of token-token transactions (for example, MANA to BAT).

In essence, Kyber Network interacts with a reserve system that operates as a pre-automated market maker on the blockchain, i.e. liquidity pools. There are three types of reserves: Price Feed Reserves (operating with an off-chain component), Automatic Price Reserves (built on an automated algorithm within a smart contract) and Bridge Reserves (unauthorized third parties, e.g. Uniswap, Bancor).

Kyber Network is an implementation of the Kyber protocol in Ethereum. It is by far the most used implementation of the protocol. However, the Kyber protocol itself is deployed in alternative blockchain such as EOS (YOLOswap) and TomoChain (TomoSwap). Additionally, the project team is working on cross-chain protocol like Waterloo to allow EOS / Ethereum token exchanges.

The Kyber Network Crystal (KNC) token is an ERC-20 token running on Ethereum that is used to connect multiple participants in the Kyber Network ecosystem, including both liquidity contributors and different entities built on the protocol. For example, to operate and provide token liquidity, third-party token reserves must use KNC to pay for their operations on the network, as Kyber Network charges the transaction fees in KNC from these reserves.

Social Strategy

Kyber Network has a global reach with social communities in many languages ​​and a growth strategy driven by 3 main pillars:

New token lists to provide additional liquidity.

Integration with vendors, wallets, DApps and reserves.

Participation in conferences and gatherings to target developer communities.

Kyber is currently focusing on building a community of developers that can build useful decentralized applications (DApps), platforms, and products that leverage the liquidity protocol. To achieve this, Kyber has created a developer portal with the necessary documentation and tools for seamless integration. Additionally, Kyber targeted key developer touchpoints by sharing information about the protocol at various hackathons and tech events such as ETHGlobal, DevCon, and BlockchainEXE.

Kyber also participates in the Future of Blockchain hackathon, which trains student developers from Cambridge, Oxford, Imperial, LSE, UCL and KCL.

For the non-technical community, Kyber is working with integrated projects and token teams to run joint community engagement campaigns. It both educates and rewards members. For example, Kyber collaborated with Etheremon (blockchain game) and CoinGecko (data aggregator) for community giveaways through outreach channels such as Telegram, Reddit, Twitter and others.

In addition, promotional materials are translated into different languages ​​(Chinese, Korean, Japanese, and Vietnamese) to appeal to global user bases. This strategy is designed to continually share content around integrations that strengthen the direction of the protocol. He has more than 135,000 followers on social media platforms such as WeChat and Facebook.

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