Kyber Network is, first of all, a protocol—a set of rules that are based in the Ethereum blockchain that facilitates the instant conversion of digital assets as tokens and coins. Read more below and how to Buy Kyber Network
In simple terms, Kyber Network is but a decentralized exchange with all transactions done on-chain thanks to the network’s high liquidity supporting active trading. As a decentralized exchange, the order book has been eliminated and traders can securely trade instantaneously while simultaneously saving costs.
Besides, Kyber Networks acts a secure P2P medium for coins or tokens where uniquely, the coins or tokens involved doesn’t have to be of the same denomination since the network first executes the conversion via a Kyber Contract before allowing swaps.
Main Cogs in the Kyber Network
Reserve Entities: They can be public or private, internal or third party (to maintain decentralization) and their main function is to bring liquidity within the DEX platform allowing for sustainable and cheap trading. The dynamic reserve pool maintains liquidity.
Reserve Contributors: These fund Public Reserve entities ensuring all year-round liquidity with a profit-sharing model in place.
Reserve Managers: These are managers who calculate exchange rates and feeds them to the network as well as maintaining Kyber Network’s reserves. They earn through spreads from their exchange rate markups or downs depending on transaction request. All Reserve Managers must Buy Kyber Network ERC-20 token, KNC before operating the network.
Operator: Oversees Reserve Entities as well as overseeing the quality of token or coin before listing them.
User: These are persons, companies, smart contract accounts that transact within the network.
How to Buy Kyber Network (KNC) tokens:
From CoinMarketCap provided markets, there are 50 different ways to Buy Kyber Network but none of it allow for direct fiat purchase. This means investors must first purchase Bitcoin (BTC) or Ether (ETH) from trusted exchanges as CoinBase or even at an exchange that avails KNC/BTC or KNC/ETH pairs.
To simplify, we recommend purchases from Binance, the most liquid and trusted platform in the world.
This is how you do it:
- Create an account with Binance, get verified and login
- Connect your fiat bank account with Binance under the “Funds” section and buy some ETH or BTC
- Once BTC is in your account, go the right-hand side of the screen and select KNC/BTC.
- Specify the amount of KNC you want to buy at market rates and click “Buy”
- KNC tokens will reflect in your wallet after a short while.
How to Store your Kyber Network ERC-20 Tokens
We recommend moving your KNC tokens after purchase. Since KNC tokens subscribe to the ERC-20 standard, you can store them at any ETH supporting soft or hard wallets as MyEtherWallet or it’s wallet the Ropsen Wallet.
To stay safe, we suggest spending $120 on a Ledger Nano S hard wallet.