Synthetix Network Token SNX to BitKan KAN Exchange

Crypto Pair Details: SNX to KAN

Synthetix Network Token SNX

Synthetix is based in Australia, Synthetix launched a seed funding round in September, 2017 to develop the concept of a self-contained stablecoin payment network. They then kicked off their public ICO on February 28, 2018 and by the end of the ICO on March 7, 2018, they had met their goal of $30,000,000 USD. Synthetix was rebranded from Havven on November 30, 2018. Synthetix is led by a multidisciplinary team of 13 individuals. The project was founded by Kain Warwick, who previously co-founded blueshyft, one of the largest digital payment networks in Australia. The CTO is Justin Moses, who also serves as the Director of Engineering at MongoDB. Synthetix aims to address the problem that companies running centralized payment networks such as PayPal, credit card networks, or the SWIFT banking network have “absolute control over the value within the network, so any transaction conducted within them may be blocked or reversed at any time.” According to the Synthetix white paper, “Although this is ostensibly designed to protect users, it introduces systemic risk for all participants. If the network is compromised or its owners cease to behave benevolently, no party can trust that the value in their account is secure or accessible.” This is theorized to work because anyone who holds SNX tokens in escrow will be incentivized by Synthetix rewards derived from network transaction fees that will be distributed “in proportion with how well each issuer maintains the correct Synths supply.” When a Synthetix escrow user puts their SNX in escrow, USD-stabilized Synths will be automatically put up for sale on a decentralized exchange at a price of $1 USD. To release escrowed SNX, the user must buy back the Synths issued (also at a price of $1 USD) at which point the Synths will be burned. The Synthetix system uses an algorithm to adjust network fees, and therefore dividends, to SNX holders to incentivize (or disincentivize) the holding of SNX in escrow smart contracts, and thus, the creation of Synths. The theory is that this will cause users to mint and burn Synths in the appropriate amount based solely on supply and demand.

BitKan KAN

BITKAN as an App serving cryptocurrency users and integrating market, information, mining monitoring and wallet, it provides four language versions, namely Chinese, English, Russian and Japanese. Now it has more than 5 million users from 170 countries around the world. BITKAN provides quotations and candlestick charts of more than 2,200 kinds of cryptocurrencies from more than 50 major cryptocurrency exchanges around the world. It has achieved News cooperation with more than 70 international media. The daily news updates are over 300, and the daily reads of the News section are over 500 thousand. BITKAN provides wallet services for digital asset transfer, such as BTC, BCH, DASH, ETH, SAFE, and it has provided stable and secure wallet service for the assets of 170,000 users. The team will launch the first blockchain-concentrated community around the blockchain industry based on the BITKAN platform: K Site. The community will encourage users to produce high-quality contents, and users can get profits in the form of cryptocurrencies by publishing high-quality contents. The communities created by users in the community will be presented in the form of 'K Site'. The creators can set up the 'K Site' to pay for admission or join for free. By composing high-quality contents, it can attract other users to join in and form their own 'K Sites'. Users having joined in can read the contents of the 'circle' or post their own content in the 'circle'. On the other hand, users can also set a certain content for paid reading, the more people who read, the greater the income. Users can also reward the content to encourage the author to continue to compose more and better content. KAN will be used to pay for the platform services of BITKAN. If a user keeps sufficient amount of KAN will enjoy a certain percentage discount for service fees, and service fees will be deducted from KAN. The main project team comes from BITKAN, which currently provides price monitoring, news and information, mining monitoring, wallet and other services for cryptocurrencies. Users can store cryptocurrencies simply, conveniently and safely through the BITKAN app. At the same time, they can check the market price of cryptocurrencies of major exchanges in real time, get timely and fresh industry information at home and abroad, and set up price reminders by BITKAN app. And it has real-time mining monitoring, which allows you to master the running condition of the mining machine whenever and wherever possible. The token is called 'KAN'. A strict limit of 10 billion KAN will be issued, and will never be increased. KAN will be issued according to the Ethereum ERC 20 standard. KAN's profit comes mainly from the payment fees, exchange fees and membership service fees from the BITKAN platform. BITKAN is already online. The team is currently developing the 'K Site' feature which is a decentralized crytocurrency-concentrated & content payment community. KAN will be online as the same time as the 'K Site' feature, which is scheduled in May 2018.

SOURCE: COINGECKO

instantcryptocurrencyexchange Statistics

Instant Cryptocurrency Exchange Platform