Kyber Network news

Established in 2017, Singapore. Kyber is a decentralized liquidity network that anyone can tap into for a wide variety of inter-token use cases. CEO/founders - Loi Luu.

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Kyber Network integrates with token sale platform Daonomic

CryptoNinjas Kyber Network (KNC), a liquidity protocol allows decentralized token swaps to be implemented into any application today announced it has partnered with Daonomic, a project that specializes in launching different types of token sales, managing... Kyber Network integrates with token sale platform Daonomic
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What Is Kyber Network? | A Guide to the Asset Exchange Protocol

What Is Kyber Network? Kyber Network is an Ethereum-based protocol that allows the “instant exchange and conversion of digital assets (e.g. crypto tokens) and cryptocurrencies (e.g. Ether, Bitcoin, ZCash) with high liquidity.” It’s similar to the 0x project but instead performs all its actions on the blockchain. Centralized exchanges are constantly under fire for their security vulnerabilities and slow process times. In some instances, it could take days to withdraw your funds from an exchange. Popular decentralized exchanges have their flaws as well. They oftentimes don’t have enough liquidity to support active trading, and costs to change a trade can be high when the order book is kept on-chain.   Kyber Network provides a decentralized, on-chain exchange, but removes the order book. This gives the platform the ability to securely exchange your crypto instantaneously at minimal cost. In this Kyber Network guide, we’ll be covering: How Does Kyber Network Work? Kyber Network Crystal (KNC) Kyber Network Team & Progress Trading Where to Buy KNC Where to Store KNC Conclusion Additional Kyber Network Resources How Does Kyber Network Work? Other than an exchange, Kyber Network is used as a medium to transfer tokens from person to person. This is great for p2p transfers as well as ICOs. The tokens that you send don’t have to match the specific token that the receiver wants to…receive. Kyber does the exchange during the transfer. Let’s look at a quick example: Simple Kyber Network Transfer Bob owes Sally 0.01 ETH for a hotel room they split on vacation. Unfortunately, Bob only has REP. Sally really wants ETH, not REP, so they use the Kyber protocol to settle the transaction. Bob sees on the Kyber Network interface that the conversion rate for the transfer is 1 ETH = 16 REP. He enters a request to Kyber to convert 0.01 ETH worth of REP and send it to Sally. The Kyber contract (what controls the token reserve warehouse) first checks that Bob included enough REP in the contract for the conversion. After approval, the contract then sends the 0.01 ETH to Sally’s address. With the Kyber Network standard contract wallet, it will appear to Sally as if the funds came directly from Bob’s address. Lastly, Bob’s REP, plus a small fee, is added to the reserve pool in which the ETH originated. Kyber Network Roles There are a few different roles in Kyber Network you should be aware of: Users send and receive tokens to/from the network. They can be individuals, merchants, or smart contract accounts. Reserve Entities bring liquidity to the platform. They can be internal or hosted by a registered third-party. They’re classified as public or private depending on whether or not the public contributes to their reserves. Reserve Contributors provide funds to the Reserve Entities. They’re only associated with public Reserve Entities and share the profits from the reserve. The Reserve Manager maintains the reserve, calculates exchange rates, and enters the rates into the network. The Kyber Network Operator adds/removes Reserve Entities as well as controls which tokens are listed. Initially, the Kyber team will play this role, but eventually, it will switch to a proper decentralized governance. All of these roles interact with the Kyber Network smart contract differently. Kyber Network Roles Dynamic Reserve Pool Kyber Network maintains liquidity through the dynamic reserve pool. This pool contains all of the Reserve Entities in the system. Having multiple entities in the pool prevents monopolization and keeps exchange rates competitive. When a user requests an exchange, the smart contract makes the exchange through the Reserve Entity with the best exchange rate for the user. By allowing external Reserve Entities, Kyber Network prevents centralization and opens the door to low-volume token listings. External reserves may be fine with taking on the risk of storing less popular tokens that the Kyber reserves don’t list. To prevent bad actors in the reserve pool, Kyber Network has few safeguards. The network will flag any exchange rate for special approval that’s greatly outside the norm. To protect funds in a public reserve, Kyber makes all exchanges using them available through a transparent fund management model.  Reserve Managers earn profit through the spreads they set for their reserves. They also get the benefit of increased volume by tapping into the overall Kyber Network as well as a Kyber-provided dashboard to manage their reserve. Kyber Network Crystal (KNC) KNC is an ERC20 token that Reserve Managers need to purchase to operate a reserve on the network. Each time an exchange occurs, the network charges a small KNC fee to the reserve. The fees are partly used for operational costs and to reward third-parties who bring trade volume to the network. After the proportional amount of KNC is used on these two things, the remaining tokens are burned (taken out of circulation). KNC Utilization The company minted a total of 226,000,000 KNC during the ICO and distributed a little over 60 percent to public participants. There’s currently around 134,000,000 KNC in circulation. This number will fluctuate over the next two years as the founders and advisors’ token supply vests and enters the market. Eventually, the burning will cause the circulating supply to decrease making the token deflationary. In combination with an increase in demand, this should ideally cause the price to increase. The cryptocurrency market is complicated, though, and there’s no guarantee of this increase happening. Kyber Network Team & Progress The Kyber team is impressive. Loi Luu, Yaron Velner, and Victor Tran are the founders behind the project. Luu previously created Oyente, the first open-source security analyzer for Ethereum contracts, and cofounded SmartPool, a decentralized mining pool project. Velner has been active in the Ethereum bug bounty program, and Tran is also a lead developer at SmartPool. The Kyber Network Co-Founders The team has a well-rounded advisory board with the most notable member being Vitalik Buterin, Ethereum wunderkind. In August 2017, Kyber successfully launched their testnet beta, and in the first quarter of 2018, released the main net. Throughout the rest of 2018, the team added support for ERC20-ERC20 conversions (KyberSwap) and created a suite of developer APIs. The next major milestone for Kyber Network is the implementation of Gormos, a scaling solution utilizing Plasma and supporting KNC staking. Kyber Network Roadmap The project has an extensive list of partners. The list includes Request Network, Wax, Toshi, Gifto, ICON, Wanchain, and MyEtherWallet to name just a few. Competition The 0x project is the biggest competitor to Kyber Network. Both teams are attempting to enter the decentralized exchange market. The primary difference between the two is that Kyber performs the entire exchange process on-chain while 0x keeps the order book and matching off-chain. As a crypto swap exchange, the platform also competes with ShapeShift and Changelly. Trading After the September 2017 ICO, KNC settled into a trading price that hovered around $1.00 (decreasing in BTC value) until December. The token has followed the trend of most other altcoins – rising in price through December and sharply declining toward the beginning of January 2018. The KNC price fell throughout all of 2018 with one exception during April. From April 6th to April 28th, the price rose over 200 percent. This run-up coincided with a blog post outlining plans to bring Bitcoin to the Ethereum blockchain. Since then, however, the price has steadily fallen, currently resting on what looks like a $0.15 (~0.000045 BTC) floor. baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[ scripts.length - 1 ]; (function (){ var appName = encodeURIComponent(window.location.hostname); if(appName==""){appName="local";} var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl+'serve/v3/coin/chart?fsym=KNC&tsyms=USD,EUR,CNY,GBP'; s.src = theUrl + ( theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); With the number of partners using the Kyber Network, the price may rise as they begin to fully use the network. The development team has consistently hit the milestones they’ve set out to achieve, so make note of any release announcements on the horizon. As mentioned earlier, the fixed supply and token burning should cause natural upward pressure on the price as well. Where to Buy KNC KNC is most commonly traded on Binance as a trading pair with Bitcoin. You can also use Ethereum to trade for KNC, but the volume is significantly less. For a full list of exchanges to buy KNC, head over to CoinMarketCap. Where to Store KNC Because it’s an ERC20 token, you can store KNC in any wallet with ERC20 support. MyEtherWallet is the most popular online option. MetaMask works as well. Many investors choose to use a hardware wallet for additional security. You can’t go wrong with either the Trezor or Ledger Nano S – both support KNC. Conclusion Kyber Network is an interesting protocol that brings speed, security, and liquidity to the cryptocurrency exchange process. The project uniquely combines a reserve warehouse with on-chain exchanges to get the best of centralized and decentralized systems. The KNC price hasn’t reflected it, but the Kyber team has been producing results with the releases of KyberSwap and KyberDeveloper as well as partnerships with several reputable blockchain companies. With a loaded roadmap, 2019 could be the year for Kyber Network to dominate the decentralized exchange space. Editor’s Note: This article was updated by Steven Buchko on 12.05.18 to reflect the recent changes of the project. Additional Kyber Network Resources Website Twitter Github Reddit Telegram Medium The post What Is Kyber Network? | A Guide to the Asset Exchange Protocol appeared first on CoinCentral.
Coin Central

Kyber Network (KNC) Integrates ‘Kyber Trading API’ to Enhance On-Chain Token Liquidity Access

Kyber Network, a blockchain based liquidity protocol, has launched a trading API which is a product that will allow different users who lack smart contract knowledge access to the network’s liquidity. The API, Kyber Trading API, will allow smart contracts written in various programming languages to be easily integrated on the platform. At the moment, the API will only support Ethereum and ERC20 tokens but Kyber is working on incorporating a wide variety of crypto. Moving forward, Kyber users will be in a position to interact with the network even without any prior technical knowledge of blockchain. Using the Kyber Trading API is pretty simple where all a user needs is basic knowledge about Web3 so as to easily navigate the platform. Users need to know how to sign and broadcast transactions on the Ethereum blockchain. The Kyber API will efficiently send the user a JSON transaction which can be serialized and broadcasted on the network. Unlike other APIs, the payload from the Kyber network will already be configured hence the user won’t need to modify any further. The network has provided a fully loaded guide that will help users understand the trading API better.
Bitcoin Exchange Guide

Kyber Network introduces API for easy on-chain token access

CryptoNinjas Kyber Network, an on-chain liquidity protocol enabling decentralized token swaps to be integrated into any application has recently introduced the Kyber Trading API, a REST API that gives users access to on-chain liquidity without much... Kyber Network introduces API for easy on-chain token access
CryptoNinjas

Kyber Network Launches Wrapped Bitcoin – WBTC

Nothing spells Bitcoin like custodians holding BTC reserves to back the circulation of a token that represents Bitcoin prices on the Ethereum network. Kyber Network is turning what is supposed to be a P2P form of electronic cash into a derivative on a blockchain that requires an inflationary digital asset to operate. Aside from the philosophical, there are many fundamental flaws with this idea. Here are some of them. BTC – WBTC Arbitrage Let’s start by pointing out the obvious: The interaction between BTC and WBTC will offer opportunities for arbitrage, which not everyone will be able to take advantage of. There is absolutely no way to keep BTC prices and WBTC prices at the same level, for several reasons: The assets will not be used for the same purpose – WBTC is supposed to be used as a proxy to trade BTC on decentralized exchanges and to use on smart contracts – which will yield varying levels of demand. Like we saw with Tether – USDT – characteristics from assets that back other assets don’t necessarily translate, creating price differences. Anyone can wait and see how WBTC will work and then copy every single aspect of it to launch a different version of WBTC. With competition, WBTC prices might dip even lower, bringing about even more opportunities for arbitrage. Transaction congestion on Ethereum could create temporary price gaps between BTC and WBTC. It will take time for users to redeem their BTC when they “cash in” on their WBTC, which will create temporary price differences. With Bitcoin well into the thousands, small percentage changes on those prices can mean large profits for those who have the right information. Can you Trust Kyber Network and the DAO it is Creating to Launch WBTC? This last point sheds light on the net potential weakness that this WBTC concept has. Kyber Network is creating a DAO to manage the supply of WBTC, the exchange of WBTC for BTC and reserves. Everyone will be able to verify this via both blockchains. So far, so good right? Well, that is if you already forgot what happened with the infamous DAO. It all comes down to the code and the implementation. Even if the idea sounds like it can work in theory, the quality of both key variables remains to be seen. Bitcoin on Ethereum, Who Would Have Thought? Going back to that infamous DAO, there are characteristics of Ethereum that many Bitcoin holders would like to avoid like the plague, and for a good reason. Ethereum is de facto not immutable. If the network could take the DAO debacle out through a fork and bail people out, it can do it again. Therefore, an asset such as the WBTC will be worth less than BTC to those who appreciate immutability. Ethereum’s Inherent Weakness Then there is the issue of the Ethereum network itself. It is a more complex network insofar as its goals go, when compared to Bitcoin. Therefore, Ethereum will require much more intervention and tweaking going forward. Knowing that smart contracts are likely to run better with an inflationary medium of exchange for example, Ethereum is slated to transition into PoS, which will be inflationary. There are no true PoS blockchain networks right now, so the transition will inherently put all the assets on the Ethereum blockchain at risk. BTC doesn’t face those risks, so there is no reason to acquire a riskier asset backed by Bitcoin when you can just acquire Bitcoin. More Points of Failure Potential Ethereum failures or glitches could affect WBTC at other levels. The logic behind this is that there will be more moving parts when transactions on two chains have to be somehow synchronized. WBTC will bring about more points of failure, so people interested in this asset should weigh the risks they will incur and see if the advantages of using it outweigh them. A simple look at the concept reveals that there are just too many flaws to take WBTC at face value. The post Kyber Network Launches Wrapped Bitcoin – WBTC appeared first on Bitcoin Chaser.
Bitcoin Chaser

Why Investors Should Pay Attention to Kyber Network

The current cryptocurrency ecosystem isn’t nearly as well-connected as it should be. Some coins are very difficult to exchange, and others are very hard to find on any of the common centralized exchanges. This often leads to users going to services like Binance, but in an industry as innovative as the blockchain industry, some new […] The post Why Investors Should Pay Attention to Kyber Network appeared first on Hacked: Hacking Finance.
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Why Do We Need to Wrap Bitcoin?

BitGo, Kyber Network, MakerDAO, IDEX and many other crypto companies partnered to create a Bitcoin-backed Ethereum token, Wrapped Bitcoin. This token will represent BTC, 1 token equal to 1 BTC stored in the custody of BitGo. It could be used to trade BTC on DEXes, the whole administration will be via DAO, similar to Maker system

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BAT Outperforms Bitcoin, XRP On New Brave Browser “Rewards” Feature

Brave Browser Announces BAT “Rewards” Feature On Tuesday, Brave Browser, a crypto-friendly internet application headed by the founder of Mozilla Firefox, Brendan Eich, made a surprising announcement, seemingly aiming to start of 2019 with a proverbial bang. Via a company release, conveyed through its in-house blog, the Brave and Basic Attention Token (BAT) team, which consists of Eich, coupled with an array of fintech, Silicon Valley, and crypto veterans, revealed that it would be previewing “opt-in ads in [the] desktop browser developer channel.” While this feature sounds nebulous, there’s more to this integration than meets the eye. In fact, as broken down in a PC Magazine feature article, this new advertising model will allow common Joes and Jills to earn crypto, in the form of BAT, and potentially other rewards in the feature. This new offering, dubbed Brave Rewards, will siphon 70% of earned ad revenue to users who agree to view advertisements. The remaining 30% will be paid to Brave’s war chest — a likely controversial play, but one necessary for the blockchain project’s long-term survival. Rewards will be available via Brave’s developer/test browser edition. It wasn’t exactly divulged when the innovative feature would hit the publics’ desktops, but the following GIF is how the feature will work: Looking outwards, the Brave team revealed that they expect opted-in users to earn upwards of $60 to $70 a year in the near future, with their preliminary projections predicting that $224 a year could be earned by 2020 through Brave’s in-house ecosystem. While this sounds great — an effective free $224/year for viewing ads — like all things too good to be true, there’s a catch. At the time of writing, Brave has announced support for BAT token withdrawal, as the company wants Rewards’ users to reward their favorite content creators, whether it be large new portals or Youtubers. After this feature goes live successfully, Brave intends to activate “publisher-integrated ads,” which will allow content creators to feature “private ads” on content creators’ pages through the startup’s systems. The company subsequently explained its Brave Ads offering and its applications/benefits from a top-down perspective, writing: With Brave Ads, we are reforming an online advertising system which has become invasive and unusable. Users have turned to ad blockers to reclaim their privacy from ads that track them and sometimes even infect them, and publishers are finding it increasingly difficult to earn ad revenue to sustain quality content with intermediaries that collect huge fees. It is important to reiterate that at this time, this newfangled feature is technically in its beta phase. Due to this positive news, the popular altcoin, which recently gained the support of industry powerhouse Coinbase, has posted a respectable price gain. At the time of writing, BAT is currently valued at $0.125 apiece, posting a 3% in the past 24 hours. The crypto, currently the 36th in this market’s standings, is currently outperforming Bitcoin (BTC) by 2.7%, and Ethereum (ETH) by 2.4%. Crypto Lulls: Bitcoin, Ethereum, XRP Post Barely Any Movement In the same vein of cryptocurrency prices, the broader market has posted close-to-zero movement in the past 24 hours. Per data from Coin Price Watch, BTC has found itself at $3,645 — a mere 0.58% gain over the past day. Other leading crypto assets have also posted slight gains, but have still underperformed BAT. XRP, the go-to asset for fintech upstart Ripple, is up 1.27%, as it sits just shy of the $0.33 price level at $0.3296. ETH, which recently tumbled due to the delayed Constantinople fork, has found itself up by 2%, regaining a portion of the losses incurred yesterday. While the market is trending slightly positive, some analysts expect that BTC is ready to dive. Speaking to MarketWatch, Jani Ziedens of Cracked Market claimed that BTC, if truly oversold, should be posting monumental gains right now, rather than finding itself in an extended lull. So, Ziedens added that this “lethargic base” indicates that demand is limited, “incredibly weak” even, and as such, lower crypto bottoms may be inbound. BAT Title Image Courtesy of Descryptive.com via Flickr The post BAT Outperforms Bitcoin, XRP On New Brave Browser “Rewards” Feature appeared first on Ethereum World News.
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Cryptopia Hacker Moves Stolen Crypto to Binance; Community Alerts CZ and Funds Are Frozen

It is clear that hackers gave themselves a place to stay in the cryptocurrency industry, which was only made more evident by a recent security breach that happened over the last few days. Cryptopia, a leading exchange in New Zealand, announced a breach that ended in a major theft on January 14th. However, unlike the unfortunate tale that many other exchanges succumb to, that is not the end of the story. The official statement notes that Cryptopia has placed itself into a maintenance mode, helping them to protect their accounts until the regulatory authorities of New Zealand provide other details. Both the High Tech Crimes Unit and the local police are pursuing investigative efforts, though they have commented that “a significant value of cryptocurrency may be involved.” At this point, the actual amount has not been released, and no substantial details have been provided. Still, that has not stopped local news portal Radionz from reporting that the loss is close to $3.6 million. A Twitter user, ShaftedTangu, seems to know where these digital assets are going. On the posts, the user said, Hey @cz_binance Binance has stolen tokens from Topia hitting it sir. Can you lock it down? https://t.co/0XllsBejUV — I Dream Of Alts (@ShaftedTangu) January 16, 2019 Through a string of additional tweets, the user continued to track the funds, as he mentioned wallet address 0x9007a0421145b06a0345d55a8c0f0327f62a2224. In another tweet, he claimed, “Currently the 0x900 wallet contains around $10 mil USD of tokens, large amounts are $PRL $2mil, $CENNZ $1.168 mil, $Denacoin $2.73 mil, $MSP $0.99 mil” Luckily, just under four hours after the original tweet, CZ Binance replied. The reply said, Just checked, we were able to freeze some of the funds. I don't understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It's a high risk maneuver for them. https://t.co/i0PeahLzic — CZ Binance (@cz_binance) January 16, 2019 With such a nonchalant type of reply, it is quite a victory for Cryptopia and Binance that the funds could be frozen at all. However, the victory has not been won yet, considering there is no indication of exactly who performed the hack in the first place. Cryptopia has remained silent, though they posted to their own Twitter profile, saying, “We cannot comment as this matter is now in the hands of the appropriate authorities. We will update you as soon as we can.” As a result of these issues, Zhao posted that users should keep their holdings on exchanges, rather than a hardware wallet. However, his post caused an onslaught of negative replies, with some saying that his post implied that self-storage is substantially riskier than storing on a seemingly “reputable” exchange. Zhao later retracted, saying that he was not advising investors to store funds on exchanges. In the first half of 2018 last year, there was over $731 million lost in thefts involving exchange hacks. However, none have reached the severity experienced by the 2014 Mt. Gox hack.
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Binance Freezes ‘Some of the Funds’ Stolen in Cryptopia Hack

Some of the stolen cryptocurrency from yesterday’s Cryptopia hack has been sent to Binance, which has confirmed already freezing some of the funds.  Binance Freezing Funds Stolen from Cryptopia Twitter account @ShaftedTangu has alleged that some funds stolen as a result of Cryptopia’s hack have been siphoned through Binance. The amounts sent to Binance in question include roughly $7,500 in Metal (MTL) 00, $6,750 in KyberNetwork coin (KNC) 00, $7,181 OmiseGO tokens (OMG) 00, and $8,724 in EnjinCoin (ENJ) 00. All of it totals around $30,000. Changpeng Zhao, CEO at Binance – the world’s largest cryptocurrency exchange by means of traded volumes, has confirmed the allegations, reassuring that they’ve already frozen some of the funds. Zhao commented: Just checked, we were able to freeze some of the funds. I don’t understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It’s a high-risk maneuver for them. Just checked, we were able to freeze some of the funds. I don't understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It's a high risk maneuver for them. https://t.co/i0PeahLzic — CZ Binance (@cz_binance) January 16, 2019 Bitcoinist reported yesterday that Cryptopia’s security has been breached, resulting in ‘significant losses’. Police in New Zealand also confirmed. Binance Caught in the Fire Zhao’s tweet caused a reaction in crypto Twitter’s community as one user (@Crypto_Bitlord) expressed his bewilderment that Zhao referred to “social media” as a means of reporting rather than Binance’s own surveillance systems. I’m genuinely shocked stolen funds from @Cryptopia_NZ have easily passed through @binance UNDETECTED until social media flagged them. This raises some big questions. How is that possible with modern blockchain analysis? — Sir Bitlord (@Crypto_Bitlord) January 16, 2019 On the matter, Binance’s CEO said: It’s quite easy to generate a brand new address. We (and no one) recognize every transaction out there. We already have very in-depth and detailed blockchain analysis. Yet, the question remains – if a regular Twitter user has been able to detect the transaction in question, how, and more importantly – why did Binance miss it? Perhaps the better question, as posed by @Crypto_Bitlord is: So you are saying criminals can steal funds and just create a brand new address to send to before binance? In the meantime, Binance announced today the launch of their Binance Jersey fiat exchange. The platform is aimed at traders from Europe and it offers BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR trading pairs. What do you think of Binance missing the transactions in question? Don’t hesitate to let us know in the comments below! Images courtesy of Shutterstock The post Binance Freezes ‘Some of the Funds’ Stolen in Cryptopia Hack appeared first on Bitcoinist.com.
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