Task #12: Review A Featured DApp- My Review for KyberNetwork
I am going to review one of the non steem dApp Kyber Network.
In www.stateofthedapps.com portal Kyber network's rank is 19 and under Ethereum platform its listed at 8th rank.
What is KyberNetwork-
Kyber Network is built of Etherum platform and it wa submitted to state of the apps on 26 June 2017 with an update performed on 25 Feb 2019.
Here are some statistics representation which will help to understand the network better. It represents active users, transactions and Ethereum volume on daily, weekly and monthly basis-
Kyber's on-chain liquidity protocol allows decentralized token swaps to be integrated into any application, enabling value exchange to be performed seamlessly between all parties in the ecosystem. Tapping on the protocol, developers can build payment flows and financial apps, including instant token swap services, erc20 payments, and innovative financial dapps - helping to build a world where any token is usable anywhere.
Kyber Network’s philosophies-
The protocol of Kyber Network is built on 3 core design philosphies-
- INSTANT SETTLEMENT AND NO TRANSACTION UNCERTAINTY
- EASE OF INTEGRATION
How Kyber Network Works:-
With Kyber Network we can swap our token smoothly. User can swap token fast, simple and with secure atmosphere directly on popular websites or wallets that are powered by Kyber ( like - MyEtherWallet, Enjin, imToken, and Easwap etc.
Basically using Kyber network platform we can transfer various crypto-currencies to another person using Ehtereum ERC 20 technology platform.
Kyber Network Features-
It offers three features as under-
1- Swap Tokens- It allows user to transfer different cryptocurrencies from one person to another using using its secured and Ethereum based platform directly to popular website and wallets which are supported by KN.
These are the wallets supported by Kyber-
2- Build With Kyber- This feature is basically for developers who can use the Kyber network platform to build their tokens. As we know most of the recent projects are built on ERC-20 platform and this is highly popular now days. With Kyber its an advantage to be based on ETH. Kyber provides wide range of tools and support integration between wallets, websites, and applications to enable instant token exchange. Developers can use it for their own project development.
3- Own Token Listing - Kyber uses Reserves to provide liquidity for Kyber-integrated applications.
In their platform anybody can use Kyber reserve earn spreads on transactions and make their own tokens available and liquid for users, DApps, and financial platforms in the ecosystem.
How to start with Kyber and swap token-
Open official website - https://kyber.network/ and then select "Swap Token" button on top of right side of the homepage.
Once this is opened click on on Sign in to continue.
Many options available to login like google or facebook etc but if you want you can create an account using this page options. There is also an option to remeber the login credentials.
I have done my login and now after the Login I can use this SWAP or Transfer feature. They also support hard wallet etc.
You can search or select the coin you wan to swap or transfer-
There are many coins but Bitcoin is not added yet.
All above snapshots are taken from Kyber's official website
These are the steps required to use this platform and perform transactions and I find it easy as it did not take much time.
Kyber Network also known as KNC is available to trade in various leading exchanges like Binance, Bithumb, OKEx, Huobi Global, Poloniex and KuCoin etc. Currently its trading at 0.222993 USD (while writing this post) with an increase 1.21% and its rank in CMC website is 117.
Kyber network is nice platform of its own type. Its easy to use because its developed in such a ways that it does most of the work with less efforts. It helps to process faster transfer and swap token with utmost security and minimum cost but bitcoin is not listed in its platform. They should consider to add in future updates and work on it to bring bitcoin on their platform which will even help platform to get more users who are particularly using bitcoin. I liked the overall platform and user interface and didn't face any problem while using it.
My rating for this is 4.5 out 5 star.
Kyber Network is available on various social media platforms so I mentioned all their channels below along with their official web portal.
Official Website- https://kyber.network/
YouTube Channel- https://www.youtube.com/channel/UCQ-8mEqsKM3x9dTT6rrqgJw