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Kyber Network Progress Report: How Is It Going to Impact the Crypto Market

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Kyber Network
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Kyber Network is one of the most popular cryptocurrency exchanges in the world that offers their own default currency KNC or Kyber Network Crystal to their users. Because of the fact that the entire cryptocurrency market influenced by some big guns like Bitcoin, Ethereum, etc. is in a severely volatile state, a large percentage of current crypto-traders all over the world are looking for some useful alternatives with stability and other features like low transaction and energy consumption. KNC, the cryptocurrency that was introduced during September of 2017 by Kyber Network exchange, certainly falls under that category. Since its inception, this digital currency has been able to maintain a steady upward trend in its market capitalization due to its various distinct features.

By the end of April 2018, Kyber Network has made considerable progress in terms of new partnerships and listing. The news of its partnership with MyEtherWallet and listing on Bithumb, one of the most reputed cryptocurrency exchanges, have been quite well-known to the investors around the world. However, these two phenomena are just the tip of the iceberg of KNC’s recent development. On 29th April, Kyber Network’s team published an extensive progress report of this currency. Here, some of these recent developments will be discussed to give its holders a luculent perspective of how this digital coin is going to impact the market in future.

Technical Developments of Kyber Network:

In the past few weeks, the development team of this coin has been able to make a significant number of upgrades in its various parts. They are:

Developments in Kyber Network Exchange:

The exchange is an inextricable part of KNC and essential for its sustenance as well. As a result, the development took special care in increasing its compatibility in different browsers available all around the world. This would enable a large number of new traders to opt for this currency and start trading without any technical impediment. They are also tirelessly working to ameliorate Kyber Network’s support for currently listed Dai Tokens. In a nutshell, the Kyber Network team was able to complete the following tasks in the past few weeks:

  • Successful compatibility testing of the exchange on Samsung and Brave browsers
  • Successful development of browsing support while Google Translate is active
  • Development of support for new ledger firmware to increase security and
  • Considerable improvement in supporting DAI tokens

Developments in Kyber Network Reserve:

In case of Kyber Network Reserve, the principal focus of the team was on increasing the stability and efficacy of the statistics and rebalancing system. In order to fulfil this technical requirement, the following steps were executed as part of the process:

  • Successful development of support for using Bittrex on top of Binance for better rebalancing
  • Successful application of the new recursive trading strategy for the same purpose
  • Accurate analysis of the price update frequent statistics for optimising gas costs and improving statistics system of the reserve
  • Successful development of a new and ingenious algorithm to discover low liquidity token price
  • Providing support for the accounting department
  • Successful implementation of a new statistical support system to foresee volume and probable user behaviour under certain circumstances

Developments in Smart Contracts

KNC team has started a few innovative smart contract projects for successful implementation of this technology. They are in the process of designing a support system for two new reserve managers which are about to integrate with this exchange. They are also making considerable progress in token-to-token conversion for smart contracts. Alongside their existing one, they are also designing two more reserve smart contracts for better efficiency.

Other Notable Updates:

Kyber Network arranged for a token utility thought experiment last week for its holders to discuss various aspects of this cryptocurrency. As a result, various solutions have been offered regarding issues like implementation of additional token use cases, usage of KNC tokens for paying fees by the reserve managers only and many others. Also, this currency is on the verge of setting up a Vietnamese Kyber Community for its exposure. Vietnam is rapidly becoming one of the major countries in dealing cryptocurrencies and this new community formation is very likely to boost Kyber Network’s price further up.

Current State of Kyber Network Crystal:

Despite being introduced just seven months ago to the investors, this cryptocurrency has been making continuous progress with new features and advantages. As of this moment i.e. 4th May 2018, KNC holds the 61st position on Coinmarketcap with an individual price of nearly $2.51 and a significant market capitalization of approximately 337 million USD. With KNC’s recent listing in Bithumb and partnership with MyEtherWallet, these figures are likely to experience an upward surge shortly.

Final Thoughts:

Kyber Network was developed to offer an invulnerable decentralized exchange and currency to its users. As security is a major issue in current cryptocurrency market because of frequent hacking incidents, Kyber Network’s worldwide acceptance was inevitable from the beginning. With new partnerships and developments, this acceptability and popularity are likely to follow a steeper upward trend. Therefore, it can be certainly inferred that the future outcomes of the aforementioned upgrades are going to be genuinely satiating for KNC holders and the cryptocurrency market in general.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Blockchain-Focused ETF Arrives on London Stock Exchange

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The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.

While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.

The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.

Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…

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Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?

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Jeff Bezos
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Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.

However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.

Bitcoin as a divorce tool?

In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.

However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…

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Three Biggest Things To Know Come Cryptocurrency Tax Season

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In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.

These three tips should help anyone looking to legally report their crypto activity to figure out where to start.

Documentation is key!

There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting.  Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.

Calculate your total gains

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