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Screenshot of a breaking news alert e-mail from Q2 2017
Kyber Network, a decentralized cryptocurrency exchange, has today announced that their public beta is open to the public.
The public launch of Kyber Network comes at a time when there is increasing scrutiny about the transparency of centralized exchanges and security is as big of a concern as ever. Kyber Network is a fully decentralized exchange, meaning it exists entirely on the blockchain, is trustless and holds no user funds.
This is an incredible milestone that is a testament to the incredible team we have built at Kyber Network,” said Loi Luu, co-founder and CEO of Kyber Network. “There is a need for more decentralization in the cryptocurrency trading markets and we feel that what we have built will become one of the primary trading hubs for crypto assets over the coming year.
Loi Luu shared his vision for Kyber Network to be “just like VISA or Paypal where merchants and users can receive and pay from whatever currency they want respectively” and foresees payment with cryptocurrency to be ubiquitous in the future.
Kyber Network is a new type of decentralized exchange because it addresses one of the primary issues plaguing decentralized trading marketplaces today: liquidity. A system with high liquidity would enable instant transactions on the block time that can be achieved securely and completely decentralized for any type of asset.
Kyber Network solves this issue by introducing a new system for any user to trade any token instantly and completely securely with guaranteed liquidity. Their approach is through the utilization of reserve managers, who are incentivized by monetizing their otherwise idle assets. By serving trade requests from users, reserves earn profit from the spread determined by reserve managers. As the network gains more traffic through collaborations with wallet providers and various other token projects, reserve managers will benefit directly from the trading volume due to network effects within Kyber Network.
Since launching their platform on the Ethereum mainnet, the exchange was made available to whitelisted addresses only. By limiting the number of users that access the exchange, they have improved the platform in a controlled environment.
Kyber Network raised 200,000 ETH in a public crowdsale in September 2017. On Monday the 19th at 3pm (GMT+8) the public mainnet beta stage will begin.