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

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 29^th 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. 4^th May 2018, KNC holds the 61^st 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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