KyberNetwork rating


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KyberNetwork is a digital currency payment tool on the etherbank network and is also a centralized exchange. KyberNetwor enables users to implement real-time transactions between tokens through automated execution of smart contracts, enabling easy user adoption and community management through rich APIs.n
n1) Industry situationn
nWith the number of digital assets, market value, trading volume continues to rise, carrying the asset liquidity function of the trading platform is getting heavier. At this stage, the central exchange is still the mainstream, but the existence of such platforms opaque, IOU poor mobility, vulnerable to attack, there are theft risk and regulatory risks and other issues. As a result, the demand for decentralized exchanges is becoming increasingly urgent, and such platforms are beginning to emerge. In addition to the early Ripple and Bitshares, there are 0x, Swap, OmiseGo and Loopring in the near future, both of which are based on the etherfloft support for the ERC20 standard de-centric trading platform. For KyberNetwork, although the overall trend of the centralization of the exchange is better, and KyberNetwork’s road map contains the use of relay technology and similar to Polkadot and Cosmos such a future agreement, with good scalability, but the overall competitive environment Incentive, so give the industry score of 7.5 points.n
n2) business modeln
nKyberNetwork is dedicated to paying the industry and going to the center tokens trading industry. Kyber Network is committed to providing users with convenient and efficient tokens services. The entire network is based on intelligent contracts, to achieve the characteristics of the center, and easy to use API for the user to provide a good use of experience. The design model of the center and the intelligent contract also realized the efficient exchange of the token.n
nKyberNetWork consists of KyberNetwork Smart Contracts and several participants in the network. Among them, the main role of the smart contract is the currency of the currency exchange of the work, it will traverse the entire network of the repository (class pool), to find the lowest price of the transaction, given the offer, after receiving the user token, The contract removes a certain amount of target tokens from the repository to the user-specified address. If the user specifies the address is their own address, then the contract will achieve the function of the exchange; if the address is other people’s address, then the contract will achieve the function of cross-currency payment. Future plans to use cross-link transactions and payment functions such as Polkadot and Cosmos platformsn
nIn general, the role of the KyberNetWork contract is more like a matchmaker for the whole network. In this process, the repository is the core of high liquidity. The direct income is the reserve, the reserve through the exchange rate when the exchange rate to obtain a custom income (class market maker). Reserves who provide tokens in the repository can share the benefits of the reserve. At the same time, the management of the repository will use a fund management model that does not need to be trusted, such as MelonFund.n
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nObviously, the security of the repository is the core issue, but the white paper for this piece of the description is relatively simple, that if there is unreasonable quotation will be carried out on the chain monitoring and intervention under the chain, did not do a closer explanation, nor Its safe storage and possible theft risk.n
nKNC is the token used by the KyberNetwork platform, and the reserve library needs to be pre-stocked with KNC before the start of the operation. After each transaction is reached, KyberNetwork will charge a certain amount of KNC as a handling fee to the reserve, based on the relationship between ETH and KNC The exchange rate is flexible. Part of the fee will be allocated to the partners involved in the transaction: such as software or hardware wallet, etc., the remaining fee will burn.n
nAfter contributing to the repository, the reserve contributors will receive a certain number of KNCs to represent their contribution to the platform, and then KNC can be used to redeem their contribution from the repository when the contributor needs it. You can choose the type of token you want in the process. In addition, the reserve allocates the spreads it acquired during the course of the transaction in proportion to the contribution of the contributor.n
nFrom the perspective of the economic model, this is a decentralized exchange that shares transaction fees from the operating community, and the reserve contributor can share the handling fee. This economic model determines that when the volume of trading is increasing, KNC’s The number will be gradually reduced, and KNC is the only way to pay the fee in this network, will push up the price of a single KNC, investors can benefit from the KNC prices.n
nOn the whole, the business model to solve the liquidity and trading market demand, but also a complete profit mechanism, but how to maintain high mobility of the core issues are not enough, and the role of KNC is more single, to 7.5 points evaluation.n
n3) technical abilityn
nTechnical architecturen
nKyberNetwork’s core technology is dependent on the ether-based smart contract technology, in addition to the contract with effective and convenient interaction API. The main structure of the contract is as follows, the contract network module and the wallet part and the user’s web wallet to interact, and the Reserve module and the repository to interact, modular development makes the contract expansibility, based on the development of the etherbox makes the development Less difficult, the development progress will be relatively fast.n
nAPI is mainly composed of four parts, namely, the client, the reserve contributor, the reserve manager, and the KyberNetwork operator. The API development of the main participants of the four networks greatly reduces the difficulty and difficulty of the network. Development is not very difficult, very practical.n
nBut the white paper on the implementation of some of the technology is not described in detail:n
nnNo trust and securityn
nThe white paper does not mention the technical implementation of the repository’s security.n
nReal-time tradingn
nnDue to rely on the ether square of the intelligent contract technology, its timely arrival function is difficult to really achieve, because the Ethernet network congestion problem has not yet been resolved, then with the smart contract chain tokens conversion speed is difficult to be guaranteed. After the author’s actual test, an EXCHANGE, that is, a coin conversion coin to coin time takes about 10 seconds, from the white paper in the expected target has a certain gap.n
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nGithub open sourcen
nThe code for the page wallet and smart contract is completely open source on GitHub.n
nhttps://github.com/KyberNetwork/KyberWalletn
nProduct development progressn
nMVP (minimal viable product) stage, that is, the minimum available stage has been developed, version 0.0.1, test page wallet address: https: //testnet-wallet.kyber.network, the test page simple and easy to use, the corresponding function good.n
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nOverall, the project is advancing, there are test version, but the overall technical difficulty is not high, and part of the core description is relatively simple, technical score: 8 points.n
n4) Team backgroundn
nTeam development team has a certain block chain project development experience.n
nKyberNetwork’s developer is mainly from SmartPool’s development team, CEO Loi Luu is a researcher of the encryption token, a journal (https://scholar.google.com/citations?user=Z2gOqyMAAAAJ

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