- What is Kyber Network Crystal (KNC)?
- Who are the founders of KNC?
- How does Kyber Network Crystal (KNC) work?
- Key Attributes of KNC
- How to buy Kyber Network Crystal (KNC) in India
What is Kyber Network Crystal (KNC)?
Kyber Network is a hub of liquidity protocols that aggregates liquidity, or cash for various trades, to provide secure and instant transactions on any decentralized applications or dapps. The main goal of Kyber Network is to enable DeFi DApps, decentralized exchanges (DEXs), and other users easy access to liquidity pools that provide the best rates. It also helps trades in experiencing instant swaps for any ether or ERC-20 tokens!
KNC is a utility and governance token and an integral part of Kyber Network. The glue that connects different stakeholders in Kyber’s ecosystem.
KNC aims to provide a solution to the liquidity issue in the decentralized finance (DeFi) industry. It plans on doing so by allowing developers to put their concentration on building products and services without having to worry about liquidity.
Who are the founders of KNC?
Using the Ethereum blockchain, the development of KNC started in 2017. The project was founded by Loi Luu; a blockchain researcher and an advisor for various blockchain projects, Victor Tran; a senior backend engineer and Linux system administrator, and Yaron Velner; the current CEO of B.Protocol and was a postdoctoral researcher.
The Kyber team is also composed of several executive advisors, engineers, and designers. According to the official Kyber Network LinkedIn page, the company has over 50 employees, mostly based in Vietnam or Singapore.
How does Kyber Network Crystal (KNC) work?
The Kyber Network provides a passage for traders to exchange ETH and other ERC-20 tokens in an instant, by using liquidity pools; i.e. pools of different cryptocurrencies that any project has the ability to tap into. There is no need for traders to register themselves or create an account as there is with centralized exchanges.
For example, with the Kyber Network, a vendor can let customers pay in the cryptocurrency of their choice and still receive payment in the vendor’s own preferred crypto.
Key Attributes of KNC
KNC is dynamic and can be upgraded, minted, or burned by KyberDAO to better support liquidity and growth. Holding KNC means having a stake in all the important innovation and liquidity protocols created for DeFi.
- Participation Rewards: KNC holders can stake KNC in KyberDAO and vote on important decisions. Voters receive trading fees and other benefits from ecosystem collaborations on Kyber.
- Dynamic Token Model: KNC enables KyberDAO to shape token behavior and upgrades, making KNC much more adaptable and providing better support for innovation and growth.
- Liquidity Incentives: KyberDAO can propose various KNC incentives on top of standard trading fees to provide more value to liquidity providers.
For more information, visit kyber.network
HOW TO BUY Kyber Network Crystal (KNC)?
Use these three-step processes to buy your first KNC using the CoinDCX crypto app India
- Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
- Verify the account: You need to complete your KYC, to buy KNC on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
- Buy KNC: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!
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