Kyber Protocol to be Utilized on Blockchains with Smart Contracts, Shares 2019 Goals Outlook

Kyber protocol has always been known for providing a platform for seamless transactions, however, their team wants to take the next step. It is bringing its platform across smart contract enabled blockchains.

What is Kyber Network?

Kyber Network is an Ethereum-based protocol that allows the “instant exchange and conversion of digital assets and cryptocurrencies with high liquidity.” It provides a decentralized, on-chain exchange, but removes the order book. This gives the platform the ability to securely exchange your crypto instantaneously at minimal cost.

Other than as an exchange, Kyber Network is used as a medium to transfer tokens from person to person. This is great for p2p transfers as well as ICOs. The tokens that you send don’t have to match the specific token that the receiver wants to receive. The 0x project is the biggest competitor to Kyber Network. Both teams are attempting to enter the decentralized exchange market. The primary difference between the two is that Kyber performs the entire exchange process on-chain while 0x keeps the order book and matching off-chain.

Kyber’s 3 Objectives For 2019

In a blog post, Kyber Network listed their 3 long term objectives.

  1. Expanding the scope of Kyber, by moving towards a permissionless liquidity protocol that can be implemented on any smart contract enabled blockchain.
  2. Supporting the growth of the decentralized economy in 5 key areas: End-user swaps, NFT and commerce payments, exchanges and trading, decentralized finance and liquidity provision.
  3. The company expects protocol direction, implementation, and treasury decisions to eventually be made by the Kyber community. Therefore, the technical, communication and governance framework must be established to grow a community with the passion, expertise, and incentive to build Kyber together.

While Kyber started out on the Ethereum blockchain, there are a number of other blockchains with distinctively different features and with different types of ecosystems emerging. They believe Kyber will become a key backbone in these ecosystems as well.

Kyber will drive the implementation of the protocol in these chains to facilitate liquidity between token holders, token teams, DApps, and liquidity providers. This will be a complex process with many forms of execution, and Kyber will be both exploring the implementation of our protocol on other chains by themselves, as well as working with third-party teams and projects who are interested in doing so.

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