INDEPENDENT RATING REPORT OF KYBER NETWORK BY DRC

The just-ended Consensus conference only leaves one huge blockchain festival for this month, Blockchain Festival Vietnam held in Ho Chi Minh City, Vietnam on 24 & 25 May 2018. Produced by Huobi Pro and co-organized by among others DRC, an independent crypto rating agency, the festival will host some of the biggest blockchain projects including KyberNetwork, Achain, DAXt, and NEM. You can visit the official blockchain festival website for more information, regarding projects and attendance tickets.

For this conference, DRC will exclusively conduct an independent review of 5 projects, Kyber, NEM, Achain, DASH & EOS. The usual price for a single rating report will only set you back a decent amount of $20,000. We are going to look at Kyber Network report in particular.

What is Kyber Network?

Kyber Network is a decentralized cryptocurrency exchange for ERC-20 tokens. In addition to security, Kyber Network’s value proposition is instant trading, minimal fees, liquidity and compatibility. The native token on Kyber Network is Kyber Network Token(KNC)

Total supply: 134,132,697

Use cases of KNC:

1. A fraction of transaction fees are payable in KNC by Reserve managers. Tokens paid these way are burnt, reducing supply of KNC.

Reserve managers offer token liquidity accessible to the network via smart contracts.

2. Reward partners in KNC for every trade introduced to Kyber Network

How does the Kyber Network work:

1. Users initiate trade requests (either a market order or specifying a minimum conversion rate);

2. Kyber Network fetches the best conversion rate offered amongst all of its externally-managed reserves; and

3. A smart contract will then execute an atomic transaction and the user will receive their requested tokens directly to their wallet.

Official website: https://kyber.network/

Kyber Network Rating

A total grade of A(76) and a project risk rating of Low Risk Level(Low) was given to Kyber Network, spread across five metrics for project review:
Project overview 95

Project team 80

Business plan 68

Economic model 67

Technical solution 74

Project Overview

Kyber Network token sale raised 200, 000 ETH back in September 2017, about $60mm then. Current marketcap stands around $239 mm.

Kyber Network is registered in Singapore, with a team comprising 34 members.

Technical roadmap

A simple review of technical aspect of Kyber Network

Kyber Network infrastructure is still under construction. Some of the milestones achieved and on the horizon include:

February 11th, 2018: Mainnet launches and supports trading between ETH and 10 other tokens during pilot phase until April 2018

  • First version of Kyber Network; partnering with Jaxx, MyEtherWallet, and Status

Q2 2018: Trading between arbitrary token pairs supported

  • Kyber Network will work with other partners to build APIs to allow users in their platforms to efficiently withdraw in preferred tokens.

Q3 2018: Integrate trading of more complex financial instruments

  • Plans to work with decentralized HF platforms that allow people to invest in trustless HFs

Early 2019: Cross-chain trading support

  • Interchain communication protocols or chain relays will be used

Airdrop, Free rating reports and many more

The Blockchain Festival Vietnam has a number of promotional incentives for participants. Firstly, attendees can use coupons to get ticket discounts up to 50%. Students and professors are invited to attend for free for the amazing opportunity to learn and also get job opportunities.

All participants of the festival will share an airdrop prize pool of $100, 000. In addition, all the attendees will be eligible for a free download of all the five reviews by DRC(Kyber, NEM, Achain, DASH & EOS) worth a total of $100, 000.

Official website of Blockchain Festival Vietnam: https://www.blockchainfestival.com/

Solidity&Web3 dev/writer