About Kyber Network (KNC)
 

Overview

KyberNetwork (KNC) is a mainnet pilot platform formed in 2017 that allows the decentralized, trustless exchange of cryptocurrencies and other digital assets on-chain. Kyber uses smart contracts to enable users to transfer tokens from person to person. The tokens sent don't have to match the tokens that are received. For example, if Person A only has XRP but Person B wants to receive ETH, Kyber does the exchange of tokens during the transfer. KyberNetwork Crystals are the ERC20 tokens that are used to operate various functions on the network.

Technology

KyberNetwork dramatically increases the speed of orders by being block-instantaneous. The trade is confirmed as soon as the initial transaction is accepted into a block. Liquidity is guaranteed by Kyber leveraging its own reserve warehouse and reserves in the network are looked after by independent reserve managers. Kyber is currently starting with the use of 10 tokens but aims to add more as they scale.

Future Focus

In order to address the issues regarding illiquidity of various tokens due to natural unpredictability in supply and demand and high volatility, Kyber is looking to introduce multiple derivative trading options including forward contracts, where the parties involved agree to trade at a later date at the price specified in the present. The team is also looking to integrate advanced financial instruments into the platform, engage several blockchains in setting up reserves to meet expected future trading demands and, start support for inter-network trades. For more information regarding Kyber Network visit the official webpage.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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POLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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