Kyber Network KNC to Nimiq NIM Exchange

Crypto Pair Details: KNC to NIM

Kyber Network KNC

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 maintains liquidity through the dynamic reserve pool. The pool contains all of the Reserve Entities in the system. Having multiple entities in the pool prevents monopolization and keeps exchange rates competitive. When a user requests an exchange, the Kyber smart contract makes the exchange through the Reserve Entity with the best exchange rate for the user. By allowing external Reserve Entities, Kyber Network prevents centralization and opens the door to low-volume token listings. External reserves may be fine with taking on the risk of storing less popular tokens that the Kyber reserves don’t list. To prevent bad actors in the reserve pool, Kyber Network has few safeguards. The network will flag any exchange rate for special approval that’s greatly outside the norm. To protect funds in a public reserve, Kyber makes all exchanges using them available through a transparent fund management model. The Kyber team is impressive. Loi Luu, Yaron Velner, and Victor Tran are the founders behind the project. Luu previously created Oyente, the first open-source security analyzer for Ethereum contracts, and cofounded SmartPool, a decentralized mining pool project. Velner has been active in the Ethereum bug bounty program, and Tran is also a lead developer at SmartPool. The team has a well-rounded advisory board with the most notable member being Vitalik Buterin, Ethereum wunderkind. In August 2017, Kyber successfully launched their testnet beta. They plan on releasing their live product in Q1 this year in which you’ll be able to trade between Ethereum and ERC20 tokens. The project has an extensive list of partners including Request Network, Wax, and Storm. Because it’s an ERC20 token, you can store KNC in any wallet with ERC20 support. MyEtherWallet is the most popular online option. MetaMask works as well. Many investors choose to use a hardware wallet for additional security. You can’t go wrong with either the Trezor or Ledger wallet as both supports KNC.

Nimiq NIM

Nimiq is a browser based blockchain. It was written in Javascript ES6 and because of this, the complete blockchain runs in the browser. The main goal of Nimiq is to solve the payment solution, and to provide a browser based payment solution of sending money. They also have nearly instant transactions as well. Nimiq is a CPU only mineable coin, since it uses the Aragon2D algorithm. Nimiq intends to lower barriers of entry for blockchain technology, and make it accessible for mainstream use. With an operational betanet already live, users can experience how simple it is to mine inside a browser - installation free. Nimiq is making blockchain technology as accessible as the internet, with a vision to truly decentralize the web. Current available cryptocurrencies are complicated and counterintuitive for the average person to use. True internet decentralization is impossible if access to blockchain technology is limited to only the technically oriented people. Until blockchain can be picked up with general recognition and general usage, its true power remains unrealized. Nimiq originally began as an ERC20 (Ethereum) token, known as NET or Nimiq Exchange Token. Nimiq held its ICO throughout June and July of 2017, and raised over 10 million USD. NET trading was enabled shortly after the ICO, and development began on the project’s Github. NET was converted to NIM, the currency that is based on the Nimiq blockchain and network, on March 31st of 2018. Nimiq’s wallet (Nimiq Safe) is built right into the Nimiq website, which means there is no need to download or sync a wallet application. The wallet will lead you through a setup guide, which will help backup and secure your wallet in the case of data loss. As the Nimiq wallet is based in the browser, however, erasing your cache could delete your balance – so keeping a backup is highly recommended.

SOURCE: COINGECKO

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