Kyber Network, the Ethereum-based protocol, allows people to perform instant conversion and exchange of cryptocurrencies and digital assets. It is known for its high liquidity and can be compared to 0x project. The difference is that it operates on the blockchain technology. As a decentralized exchange, it eliminates all the pitfalls attached to using a centralized exchange.
How To Perform Transactions On Kyber Network
Unlike with other cryptocurrency exchanges, you don’t need to open an account first before you can perform transactions on Kyber Network. All you have to do is visit the website and click on the Get Started button. You’ll be redirected to another page where you can select the kind of transaction you want to perform.
Join the Workflow
To Perform transaction on Kyber Network, you need to join the workflow. This will allow you to convert tokens and send them to other users. What this means is that if a user has token A and wants to make a transfer to another person who doesn’t accept token A, the user can use the network to cover token A to the token that is acceptable by the other person.
Purchase The KNC (Kyber Network Crystal Token)
You need to pre-purchase the KNC and use them to perform transactions on the network. For every trade, a fraction of the of the volume will be paid to the platform by the reserve. The payment will be made in KNC. It represents the payment of the reserve for the rights to operate on the platform and earn profits. The tokens gotten from fees will be removed from circulation after the expenses for operation and amount for supporting partners is removed. This process increases the value of the remaining tokens in circulation. The network originally produced a total of 226,000,000 KNC.
Anytime you want to make instant cryptocurrency transactions, Kyber Network is the place for you.