KyberNetwork introduces first decentralised cryptocurrency exchange
FYI, this story is more than a year old
Cryptocurrencies have exploded onto the global technology and financial scene in 2017.
As of August 2017, there are over 800 different cryptocurrencies with a total market capitalisation of over $80 billion according to CoinMarketCap.
However, with this growth has come incredible multi-million dollar hacks on cryptocurrency exchanges like Bitfinex, Bithumb, Mt. Gox, and many others.
One of the main reasons behind this is that the current offerings for exchanging currencies in this vast and expanding ecosystem all lie with centralised exchanges, meaning all of the data and information exists in a single location.
But unlike an online bank, these relatively new exchanges don’t have billions of dollars to spend on security each year.
In addition to security concerns, centralised exchanges are also prone to price manipulation, DDoS attacks, internal fraud, and high costs, all of which leave consumers with a general feeling of distrust towards the industry of cryptocurrency exchanges.
The solution is to create an exchange that uses the same technology that created the entire space and by its very nature is inherently secure: blockchain and decentralisation.
KyberNetwork is a new decentralised exchange and payment service, which aims to bring a more secure approach to crypto-token exchanges.
In short, KyberNetwork’s technology will allow users to exchange or receive payments from any cryptocurrency through a completely decentralised network.
No tokens or currencies are stored in a centralised location.
Besides serving as an exchange, KyberNetwork also provides payment APIs that will allow wallet accounts to easily receive payments from any crypto-tokens.
The primary goal of KyberNetwork is to bring a new trustless, decentralised platform which allows for instant trading and conversions between any crypto-assets.
This will be a much-needed capability, since the ecosystem of crypto-assets is becoming more diverse and the sheer number of tradable tokens and currencies are growing exponentially.
KyberNetwork will soon be releasing on testnet, with a roadmap that plans for a ‘mainnet’ launch in Q1 of 2018.