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{{#seo:
|title= KyberNetwork Crystal (KNC) - KyberNetwork Platform ICO - Bitcoin Wiki
|keywords= kyber network ico, kyber network ico date,kyber network news,kyber network price prediction,kyber network slack,kyber network telegram,kyber network white pape
|description= Kyber Network (KNC) is an instant decentralized cryptocurrency exchange service. KyberNetwork Crystal (KNC) is a token of the KyberNetwork platform
}}
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'''KyberNetwork Crystal (KNC)''' is a [[token]] of the '''KyberNetwork platform''' – a decentralized service for an instant exchange of cryptocurrency assets.

[https://kyber.network/ Kyber network Project website]

'''Kyber Network ICO''' start date: 2017-09-17

Kyber Network Price Online From CoinMarketCap
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'''Kyber Network''' (KNC) is a new system which allows the exchange and conversion of digital assets. They provide rich payment APIs and a new [[contract]] wallet that allow anyone to seamlessly receive payments from any token.Users can also mitigate the risks of price fluctuations in the [[cryptocurrency]] world with our derivative trading.

More information in the project [[White Paper]]: [https://kyber.network/assets/KyberNetworkWhitepaper.pdf Kyber Network White Paper]

== History of origin ==

The idea of the Kyber [[Network]] creation came to the chief director of the project, Loi Luu, during his work on the problem of the “verifier’s dilemma”<ref>Luu L. et al. SCP: A Computationally-Scalable Byzantine Consensus Protocol For Blockchains //IACR Cryptology ePrint Archive. – 2015. – Т. 2015. – С. 1168. </ref> in such projects as TrueBi and Smart Pool, and Oyente<ref>https://www.youtube.com/watch?v=FrC67cv0MKA </ref>. In some interviews, Luu calls his project the “decentralized version of ShapeShift"<ref>[https://www.ethnews.com/loi-luu-on-the-kybernetwork-exchange-and-interoperability Kyber Network Exchange]</ref>.

=== ICO ===

On August 7th, 2017 a minimally viable product Kyber [[Network]] was posted: a sample of a [[smart contract]] and an electronic wallet (the prototype code of the reserve control board is kept secret by the developers for now)<ref>https://blog.kyber.network/kybernetwork-mvp-release-e8440a79346f </ref>.

'''Kyber Network''' pursues the Know Your Customer policy<ref>[https://blog.kyber.network/kybernetwork-public-token-sale-901b3e7f5457 kyber network ico]</ref> , which is why the ICO process was carried out in several steps:

1. August 18th-25th. Creation of the Whitelist. The Kyber community gathered over 25 million people on Slack, from the list of confirmed users; a preliminary list of those who want to buy KNC was created<ref>https://blog.kyber.network/updates-kybernetwork-public-token-sale-825090194a58 </ref>. The users of KakaoTalk, Telegram (Korean) and WeChat could also get in the list. The Whitelist was closed 3 days prematurely due to an excessive number of those who wanted to buy a [[token]]<ref>http://www.the-blockchain.com/2017/08/20/kybernetwork-close-ico-whitelist-early-due-massive-early-registration/ </ref>.

2. August 31st – September 10th. Registration. Anyone from the Whitelist could register to buy kyber network coins.

3. September 15th – 17th. Sale of tokens.

4. September 27th. Sale of KNC on the Binance exchange<ref>[http://mmgp.ru/showthread.php?t=538646 </ref>.

As a result of the [[ICO]]<ref>https://tokenmarket.net/blockchain/ethereum/assets/kyber-network/ </ref> it was managed to reach the funding limit established on the level of 200 000 ETH, which makes out $60 million (with the [[Ethereum]] rate of $300)<ref>http://cryptowiki.ru/article/vitalik-byterin-otdast-sredstva-polychennye-ot-omisego-i-kyber-network-nachinaushim-proektam.html </ref>. As of September 2017, it is one of three largest [[ICOS|ICOs]] of 2017<ref>http://itportal.ru/science/economy/sovremennye-formy-kraudfandinga-i-k/ </ref>.

== Special Characteristics ==

The infrastructure of Kyber [[Network]] allows exchanging [[cryptocurrencies]] without the participation of [[exchanges]]: the transactions are carried out with the help of smart contracts. It became possible thanks to the creation of a [[token]] reserve. When a KyberNetwork user [[exchanges]] one asset to another, a purchase or sale of a [[token]] from the reserve takes place.

To ensure the work of the reserves, the following components are included in KyberNetwork:

1. Reserve operator. Carries out the listing and delisting of the exchange pairs of Kyber Network coins.

2. Depositor. Provides Kyber Network tokens into the reserve.

#Reserve executive. Establishes the exchange rate, controls the reserve’s fill rate<ref>https://kyber.network/assets/KyberNetworkWhitepaper.pdf </ref>.

== Distribution of tokens ==

The maximum amount of KNC is limited from above - 226 000 000.

After the Kyber Network ICO, the coins are distributed in the following way:

* 61.06% owned by the [[ICO]] participants

* 19.47% owned by the company’s founders or consultants

* 19.47% remain for the company’s internal use<ref>https://blog.kyber.network/kyber-network-crystals-to-be-tradeable-on-binance-d42a1533472f </ref>

KyberNetwork offers to use tokens in two ways:

1. As the platform’s currency. A reserve executive can pay with it for the depositor’s services.

2. As a reward for various partners who help generating the trading activity on Kyber.

The cost of KNC will grow in time due to a range of reasons:

1. “ Burning of tokens”. KyberNetwork tokens left after the payment to auxiliary partners will be eliminated<ref>https://www.reddit.com/r/kybernetwork/comments/73lidh/what_is_the_use_of_the_kyber_network_crystal/ </ref>. Six million tokens will be annihilated<ref>https://blog.kyber.network/kyber-network-crystals-to-be-tradeable-on-binance-d42a1533472f </ref>.

* The share of the token owners in the project will grow (on the analogy of the share redemption on the stock market.

* The cost of KNC will increase, as a token will become a rare item.

2. Law of demand. The increase of the number of users and volume of transactions leads to the growth of demand for KNC.

Thus, even with the unchanged market capitalization of Kyber, the cost of the KyberNetwork tokens shall grow<ref>https://crushcrypto.com/analysis-of-kyber/ </ref>.

== Technical characteristics ==

* “On-chain” protocol. All transactions will be recorded in the [[blockchain]] of [[Ethereum]].

* Instant liquidity is ensured by the creation of the token reserve<ref>[http://www.ibtimes.co.uk/crypto-exchange-kybernetwork-promises-decentralised-execution-instant-trades-1629868 How to buy Kyber Network]</ref>:

* KyberNetwork itself may become the first executive of the coin reserve.

* Not one reserve, but a whole [[network]] is used.

* No time to confirm transactions is required.

* Maximum speed is 10-20 [[trade]] transactions per second.

* To carry out one [[trade]] operation, KyberNetwork needs only one transaction<ref>http://www.ibtimes.co.uk/crypto-exchange-kybernetwork-promises-decentralised-execution-instant-trades-1629868 </ref>.

== Specifics of use ==

The general use of KyberNetwork includes:

1. Exchange of tokens

* Smart contracts. All transactions are carried out with the help of smart contracts; there are no funds on the exchange.

* Fixed conversion coefficient: the users know the conversion coefficient before carrying out a transaction. If the exchange conditions are suitable for a user, the [[smart contract]] is brought into action.

2. Payment service. Kyber allows giving the address at once, to which the funds will come after the conversion.

3. Proxy payments. Kyber smart contracts can send converted funds to the specified address on behalf of the wallet’s owner, i.e. as if tokens were sent by the owner himself, not KN<ref>https://blog.kyber.network/kybernetwork-smart-contracts-explained-2acc5a304720</ref>. In this way, it is possible to participate in the [[ICO]].

== Perspectives ==

The project managed to enlist the support of the community representatives (for example, [[Vitalik Buterin]] acted as a consultant)<ref>https://bits.media/news/vitalik-buterin-protiv-ico-seti-raiden/</ref> and carry out a successful ICO.

The road map of Kyber supposes the following stages:

* 1st quarter of 2018: Launch, support of the token and ETH [[trade]].

* 2nd quarter of 2018: Start of the [[trade]] of arbitrary token pairs.

* 3rd quarter of 2018: Trade with advanced financial tools (options, forward contracts).

* Beginning of 2019: Start of the support of inter-[[network]] trades<ref>http://inp.one/cryptoworld/kriptovalyuta-kyber-network-knc-obzor </ref>.

As the main competitor of Kyber, Bancor, 0xProject, SwapTech, EtherDelta can be mentioned<ref>https://www.reddit.com/r/0xProject/comments/6yl8d8/why_choose_0xproject_over_kyber_network/ </ref>. The differences of KN from the listed competitors are described in the project’s Whitepaper<ref>https://kyber.network/assets/KyberNetworkWhitepaper.pdf </ref>.

== Social media ==

[https://t.me/officialkybernetwork Kyber Network Telegram]

[https://twitter.com/kybernetwork Kyber Network Twitter]

[https://blog.kyber.network/ Kyber Network Blog]

[https://www.reddit.com/r/kybernetwork/ Kyber Network Reddit]

== See also ==

* [[ICO listing]]

* [[ICO]]

* [[Token]]

* [[Smart contract]]

== Resources ==

[https://kyber.network/ Kyber Network Platform Project website]

[https://tokenmarket.net/blockchain/ethereum/assets/kyber-network/ Kyber Network Price Prediction]

[https://coin360.com/coin/kyber-network Kyber Network price and market state on Coin360]

== Notes ==
<references />

[[de:Kyber Network]]

[[Category:Cryptocurrency]]
[[Category:Exchanges]]

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foo>Artillar at 15:45, 6 December 2018