What is Kyber Network Crystals | KNC Explained
Welcome to this cryptocurrency and blockchain technology education video posted by Kyber Network. In this video you learn about Kyber Network Crystals and the KNC token native to the platform.
Kyber Network Crystals - KNC Explained
Kyber Network Crystals (KNC) - referred commonly as 'Kyber Netwrok' is a distributed decentralized protocol that offers liquidity on the Ethereum blockchain and soon to be inter operable between various blockchains with the Waterloo Bridge update. The Kyber Network facilitates multi-step complex transactions as if they were one seamless flow being executed as a single transaction.
A growing crypto ecosystem
The number of cryptocurrencies has been growing year over year at a rate of almost 2x per year. in 2009 there was just Bitcoin, by 2016 there was over 500, in 2017 over 1000, in 2018 over 2000, and by 2020 there are around 4000+ cryptocurrencies.
The growth and number of cryptocurrencies is both a good thing and bad thing. The increase in cryptocurrencies can be taken as a sign that the crypto space is growing and that there are many great use cases that many different projects are tackling. The bad thing is that this creates a fragmented ecosystem where each cryptocurrency has its own agenda and each token usability is often limited to its own specific application.
A bridge between tokens and applications
What Kyber Network is doing is to act as a bridge between tokens and applications. The goal is to allow all tokens to be used in any application. This helps to create a very open transfer of value system where people can transact with each other using a digital asset that they prefer to use.
Integrations with Kyber Network are on the rise
Kyber Network already has over 100 decentralized app integrations. The amount of integrated use cases that are being made possible with Kyber Network are increasing every day.
One of the most active space that Kyber Network is being integrated with is the defi space. Through the use of Kyber Network integrations you are able to manage a diverse portfolio of assets and contribute to it using a wide range of digital assets. The way you manage your portfolio is up to you and you can have it do things such as auto balance your portfolio according to exact ratio holdings.
An example is that you could be running a website that has 100 different blockchain affiliate programs connected to it. You will be receiving affiliate commissions in all these different digital assets. What you can do with Kyber Network is automatic funnel all these digital assets into your portfolio and have them exchanged into the specific digital assets you want to hold in the percentage allocations you want the portfolio to remain at.
The example above and any other integrations are done on-chain which helps to keep things secure, transparent, and verifiable. This is the future of our financial system. A more open and interoperable system that removes friction from token use cases.
Kyber Network removes friction by doing these 3 things.
- Simple and straightforward integration with all tokens and applications
- Low transaction risk and uncertainty on all transactions
- A transparent and secure process
Coming soon to the Kyber Network
- Waterloo Bridge - cross chain exchange of tokens.
- Katalyst - Increased liquidity.