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ICO REVIEW
Kyber Network
Next generation of decentralized exchange
What is it?
What is it?
- KyberNetwork is a new system which allows the exchange and conversion of digital assets
- They provide provide payment APIs and a new contract wallet that allow anyone to seamlessly receive payments from any token
- There will be no fees on the platform (other than the usual gas fees) - Kyber will profit through reasonable spread in the converstion rate of cryptocurrencies
- The aim is to provide the best system to convert and exchange tokens as well as sending payments via any tokens
How is it used?
How is it used?
- Kyber will provide a variety of services, they can be divided into four main sections:
- Exchange - where users can convert and exchange tokens instantly
- Proxy Payments - where you can select the token you own and send it to someone as different token - Kyber will do everything automatically (conversion and payment processing)
- Derivatives - hedge fund to deal with price fluctuation
- Cross-Chain Payments - recieve payments in your online shop in any cryptocurrency
Properties
System properties
- Kyber will try to provide certain properties for the system, these include:
- Trustless and secure - Kyber doesn't own the tokens, everything is done on the smart contract - this makes it secure
- Instant trade - everything is done immediately in a single transaction - no deposits, confirmation or waiting time
- Compatibility - everything will be compatible with the existing smart contract infrastructure
Tokens
KyberNetwork Crystal (KNC) tokens
- Are required for reserves to participate in the network and to reward various parties who will help generate more trading activities in the platform
- In every trade, a small fraction of the trade volume will be paid by the reserve to KyberNetwork platform in KNC
- Collected KNC tokens from the fees, after paying to the supporting partners, will be burned
- Total Token Supply: At most 226 million KNC
Team
Team
- 8 members and 3 advisors
- Team is fairly small at the moment and based on limited LinkedIn information I have my doubts about the amount of experience
- Vitalik on the advisor list :)
- Twitter: @KyberNetwork
- Website: https://kyber.network/
Partnerships and media
Partnerships and media
- Some media attention including IBT, Forbes
- A lot of attention from users (forums, Twitter, by far the most requested ICO review I had in a while)
- Capital partners: Pantera, Kenetic Capital, HyperChain Capital, Finden Capital and more
Token distribution
- 15th of September, running for 2 days
- KNC tokens (Ethereum ERC20 token):
- 61% tokens going to participants
- 19.5% company
- 19.5% founders, advisors, early investors
- Use of funds:
- 50% to a reserve
- 30% for the development and maintenance.
- 10% for the operation of and other costs
- 10% for marketing and legal costs
ICO
Sale details
- No new tokens created after event
- Whitelist and registration available, no bonuses for early participants
- Amount to raise: 200,000 ETH - around half was already raised privately
- $62 million at $310 ETH, $31 million this crowdsale
- 1 ETH for 600 KNC
- Contribution in ETH
- Trade-able one week after
Sale details
Roadmap
- Q1 2018 - first mainnet launch, support trading between tokens and ETH
- Q2 2018 - Support trading arbitrary token pairs.
- Q3 2018 - Support trading advanced financial instruments
- Early 2019 - Support cross-chain trading
Roadmap
Similar projects
- Decentralised exchanges: EtherDelta, OpenLedger (DEX), exchanges built on top of 0x or Loopring, Bancor Protocol
- Centralised exchanges: Poloniex, Bittrex, Binance and others
- Shapeshift
- Kyber-Network did a comparison in the whitepaper to main competition and it seems to be on top of the game...
Similar projects
Advantages
- Nicely documented and explained project
- Based on technology it's superior to competition
- A lot of hype should inflate the price on exchanges
- Tokens will be burned which should ensure the price
Conclusion
Disdvantages
- Not a fan of whitelist - it means people might not be able to buy
- Huge hard cap and already half achieved
- Based on LinkedIn team isn't very experienced
- Currently no working version to show
Verdict
VERDICT
- 7.5/10
- KyberNetwork seems to be generating plenty of hype so I think it might be difficult to get the tokens if you are not whitelisted
- Based on that I think the price might increase by a lot once the tokens hit exchanges so if you are whitelisted you should probably take part to make some quick profit
- Overall the project is solid - nicely documented with clear and well written plan and potentially superior to competition
- Few things to consider however: based on my investigation the team might be lacking experience to lead the project, also there is no alpha or demo version (for example 0x or Bancor had those)
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