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The Reasons Behind Kyber Network (KNC) Latest Surge

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Kyber Network

The Cryptocurrency marketspace has always intrigued investors and traders around the world, ever since it traction as a legitimate investment option. Unlike other investment markets like stock, indices etc., market sentiment takes precedence over all other factors responsible for price movements. A favorable investor sentiment towards a particular coin almost always results in a price surge. There can be many factors for this sudden spike of value, including positive news like new partnerships and acquisitions as well as introducing newer technology. One such project that has seen a recent rise in its value is Kyber Network, which experienced a massive surge of almost 70% at the time of writing. This is in stark contrast with the Cryptocurrency giants like Bitcoin, which experienced a slump below $9000 recently.

A little About the Kyber Network:

The Kyber network concept was formalized to tackle the prevalent issues plaguing centralized exchanges like Coinbase by working on the blockchain. Unlike centralized exchanges which are very vulnerable to cyber crimes and data-breaches have been growing in popularity ever since the Cryptocurrency market took off. Hence the Kyber network team aims at addressing these issues by introducing a decentralized platform for trading.

First introduced in November 2017, Kyber Network became the first and only decentralized exchanges on the planet. It garnered a lot of attention from crypto-traders since its introduction because of the myriad of new and unique features it offered. As of 26/04/2018, Kyber Network is ranked 59th according to coinmarketcap, with a formidable market cap of $362,882,598 USD. The KNC tokens are currently valued at $2.71 USD and have 32 active trading markets across several exchanges worldwide.

How Kyber Network sets itself Apart:

As mentioned before, Kyber network was one of the first truly decentralized exchanges in operation, which uses an on-chain protocol for allowing instantaneous exchanges and conversion of digital assets. The Kyber Network team heavily stresses on the fact that they are decentralized in the truest sense, making it different from the likes of centralized exchanges like Binance, Bittrex, and Poloniex. The Kyber Network has some salient features which set it apart from the aforementioned exchanges, which are mentioned below.

  1. Better Security: Centralised exchanges have been subject to cyber attacks and other forms of data-breaches which resulted in a lot of funds being compromised over the years. One of the most reported hacks of recent times has to be the January incident at Coincheck. Hackers accessed users funds and stole an excess of 500 million dollars worth of funds from Coinbase’s database. Centralised exchanges are thus always prone to cyber crimes like these, and Kyber Network seems to have a solution for this. Kyber network is almost immune to the ill-effects of a data breach because of its decentralized nature. This means that the Kyber network is not in the control of any one individual or entity, which almost removes the danger associated with organized cyber crimes.
  2. Decentralised Nature: The decentralized nature of the Kyber network gives more power to the crypto-investing circle through the use of smart contracts. Users can now be in full control over their own funds to facilitate trustless transactions. The funds are also not stored on the exchange directly, making the threat of cybercrimes less dangerous.
  3. Proxy Payments: Proxy Payments are one of the salient features Kyber Network has to offer, which allows a user to make payments to any individual or entity by using any token. To achieve this, Kyber Network’s API allows for easy currency conversion which also makes it easier for merchants to operate on a regular basis. The inner workings of proxy payments are elaborated in the project’s whitepaper.
  4. Free and instantaneous: Unlike the majority of crypto-exchanges around the world, Kyber network does not charge any fees for a transaction apart from a nominal Gas fee. The network which runs on the Ethereum blockchain also allows instantaneous transactions without the need for registrations or prior deposits. In the modern fast-paced world, many traders and investors have praised Kyber Network’s initiative.

Current Market Scenario for Kyber Network

Over the last couple of days, the Kyber network has experienced rapid gains as a result of favorable news concerning the company. As mentioned before, Kyber Network’s value surged by almost 73% at the time of writing (26/04/2018), with its value slated to go higher in the near future. Two particular events are responsible for this, which are explained in brief below.

  1. Bithumb Integration: South Korean Exchange Bithumb recently announced yesterday that Kyber Network will be listed on the exchange, sparking massive interest in the investor community. Bithumb has a very good reputation in the crypto trading community and is expected to help Kyber Network to almost double their adoption among the general public. The impact on price was almost instantly noticeable, with the token price jumping from a high of $2.18 yesterday to $3.01 USD at the time of writing.
  2. Partnership with “My EtherWallet”: Important news affecting Kyber Network’s valuation is the recent news of the partnership with My Ether Wallet. Both teams announced that they are introducing a new token swap feature earlier this week. Although My EtherWallet has experienced security breaches recently, the news comes as a positive to increase Kyber network’s adoption by the global crypto-community.

Final Thoughts:

Among several projects based on the Ethereum blockchain, Kyber network definitely stands out as one that can stand the test of time. The Kyber network is backed by a team of technically sound and versatile group of developers, who focus on transparency. With a growing number of exchanges starting to include Kyber network tokens in their listings, the future prospects for this project look bright and encouraging.

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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.

Image courtesy of melfoody via Flickr

Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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