Get to know KNC Coin belonging to the Kyber Network Liquidity Protocol

Get to know KNC Coin belonging to the Kyber Network Liquidity Protocol – Get to know KNC Coin belonging to the Kyber Network Liquidity Protocol

The Kyber network is a central liquidity protocol that aggregates liquidity from multiple sources to provide secure and instant transactions on decentralized applications (DApps).

The main goal of the Kyber Network is to allow DeFi DApps, decentralized exchanges (DEXs), and other users to easily access a liquidity pool that provides the best prices. This was reported by Coinmarketcap, Wednesday (9/3/2022).

All transactions on Kyber are on-chain, which means they can be easily verified using any Ethereum block explorer. Projects can be built on top of Kyber to take advantage of all the services offered by the protocol, such as instant token settlement, liquidity aggregation and customizable business models.

What is KNC Coin?

The Kyber Network Crystal (KNC) token or KNC Coin is a utility token that connects various interests in the Kyber ecosystem.

KNC holders can use their tokens on KyberDAO to help set up the platform and vote on important proposals. Apart from that, they also earn Ethereum (ETH) rewards that come from trading fees.

As of May 2021, the Kyber Network has a total supply of 210 million KNC tokens. Of this, only more than 200 million tokens are in circulation.

The KNC token is dynamic, with KyberDAO having the ability to choose to increase or decrease supply to drive innovation, bootstrap liquidity, and reward early adopters of new protocols.

Kyber completed its initial coin offering (ICO) on September 15 2017, raising USD 52 million or approximately IDR 747.2 billion by selling each KNC token for 0.00166 ETH.

According to the official token distribution information, 61.06 percent of tokens were sold during the ICO, 19.47 percent was kept for founders, advisors, investors, and the remaining 19.47 percent was reserved for companies.

As an ERC-20 token, Kyber is built on and secured by the Ethereum blockchain. In addition, Kyber uses an extensive trust and security model that protects users from misbehaving administrators or exchanges, thanks to security measures built in at the protocol and smart contract level.

Founder of KNC

Get to know KNC Coin belonging to the Kyber Network Liquidity Protocol

Kyber Network started its development in 2017 and is built on top of the Ethereum blockchain. The project was founded by Loi Luu, Victor Tran and Yaron Velner, and currently has its headquarters in Singapore.

Loi Luu is a blockchain researcher and advisor to various blockchain projects. He developed Oyente, the first open source security analyzer for Ethereum smart contracts, and co-founded SmartPool, among other decentralized projects.

Victor Tran is a senior backend engineer and Linux system administrator. Yaron Velner is the current CEO of B.Protocol, a decentralized backstop liquidity protocol, and is a postdoctoral researcher.

The Kyber team also consists of several executive advisors, engineers and designers. According to the official Kyber Network LinkedIn page, the company has more than 50 employees mostly based in Vietnam or Singapore.

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