Learn about the Kyber Network Liquidity Protocol's KNC Coin.

The Kyber network is a decentralized liquidity protocol that combines liquidity from different sources to deliver secure and quick transactions (DApps). The Kyber Network's major purpose is to make it simple for DeFi DApps, decentralized exchanges (DEXs), and other users to access a liquidity pool with the best pricing. 

On Kyber, all transactions are on-chain, which means they can be validated with any Ethereum block explorer. Kyber may be used to build projects that take use of all of the protocol's features, such as fast token settlement, liquidity aggregation, and flexible business models.

What exactly is KNC Coin?

The Kyber Network Crystal (KNC) token, also known as KNC Coin, is a utility token that unites the Kyber ecosystem's diverse interests.

KNC holders can use their tokens to help build up the platform and vote on crucial proposals on KyberDAO with their KNC tokens. Aside from that, they receive Ethereum (ETH) incentives from trading commissions. The Kyber Network has a total quantity of 210 million KNC tokens as of May 2021. Only about 200 million tokens are now in circulation.

KyberDAO can choose to raise or reduce supply of the KNC token in order to stimulate innovation, kickstart liquidity, and reward early adopters of innovative protocols. On September 15, 2017, Kyber concluded its initial coin offering (ICO), raising USD 52 million (about IDR 747.2 billion) by selling each KNC token for 0.00166 Ethereum.

According to the official token distribution statistics, during the ICO, 61.06 percent of tokens were sold, 19.47 percent were held for founders, advisers, and investors, and the remaining 19.47 percent were allocated for corporations. Kyber is an ERC-20 token that is created on the Ethereum network and safeguarded by it. Furthermore, Kyber has a comprehensive trust and security architecture that protects users from malicious administrators or exchanges using protocol and smart contract security features.

KNC's founder

The Kyber Network project began in 2017 and is based on the Ethereum blockchain. Loi Luu, Victor Tran, and Yaron Velner created the project, which now has its headquarters in Singapore.

Loi Luu is a blockchain researcher who also serves as a consultant to a number of blockchain initiatives. He co-founded SmartPool, the first open source security analysis for Ethereum smart contracts, and created Oyente, the first open source security analyzer for Ethereum smart contracts.

Victor Tran is a Linux system administrator and senior backend engineer. Yaron Velner is a postdoctoral researcher and the current CEO of B.Protocol, a decentralized backup liquidity protocol. A number of executive advisers, engineers, and designers make up the Kyber team. According to the Kyber Network's official LinkedIn profile, the firm employs more than 50 people, the majority of them are situated in Vietnam or Singapore.


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