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What is Kyber Network (KNC) and how does it work?

by Financial Economy

Kyber Network was launched in 2017 as a decentralized finance (DeFi) application. Its founders are Loi Luu, Yalon Verner and Victor Tran. Kyber Network is a decentralized exchange. All transactions are made with smart contracts on Ethereum. Kyber Network (KNC) is an ERC-20 based protocol that enables instant exchange of cryptocurrencies and digital assets among themselves. Thanks to this protocol, clearing transactions between cryptocurrencies can be done through a decentralized exchange. This clearing is done by creating evidence on the blockchain. Information about ” What is Kyber Network (KNC) and how does it work?” is in rest of the article.

What is Kyber Network (KNC) and how does it work?

Although Kyber Network has the same working principle as the 0x (ZRX) project, there is a difference between them. While using 0x smart contracts, Kyber Network (KNC) processes these transactions by processing them into the blockchain. In addition to earning commission fees thanks to KNC tokens, Kyber Network also earns additional income with the reserve system. In this case, it increases the value of KNC tokens as one of the most important features that distinguish them from their competitors. You can browse here for information of dogecoin.

Although Kyber Network is a decentralized exchange platform, you do not need to keep your money on this network. As soon as the exchanges are processed into the blockchain network, the counterparty can start using it. In addition to being instant to exchange between cryptocurrencies, it can also be used to make payments. Regardless of the crypto currency the person or place you will make the payment from, the cryptocurrency in your hand is converted and transmitted to the crypto currency desired by the counterparty on Kyber Network.

Kyber Network Crystal (KNC) is a token issued to be used in exchange transactions on the Kyber Network network. Kyber Network Crystal (KNC) printed a total of 226,000,000 KNC with the ICO and distributed about 60% of the participants.

For other crypto currencies: https://en.wikipedia.org/wiki/Cryptocurrency

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