Kyber Network Crystals (KNC)

Kyber Network Crystals Token Profile (PDF)

Kyber is attempting to create a trustless decentralized exchange and payment service based on Ethereum. Kyber’s exchange will match buyers and sellers directly, thereby facilitating peer-to-peer exchanges without the need for massive reserve balances or a centralized ledger. If implemented successfully, this model may enable Kyber to provide significantly lower fees than centralized exchanges, which have the costs of running centralized servers and adjusting reserve balances. The project also proposes a proprietary API that will allow users to purchase goods and services with any ERC20-compliant token. Merchants using the API may choose to receive the payment with a different currency since this payment system is also connected to the exchange. Although Kyber was originally intended to run on the Ethereum network, interoperability between chains has been described as a goal on the project’s roadmap. According to the project’s whitepaper, future implementations of the Kyber Network will be compatible with cross-chain platforms, such as Cosmos and Polkadot, which enable tokens to flow across different blockchains. Ownership of the KyberNetwork Crystal (KNC) token will be required for users to interact with the network.