Learning the friendly way

Kyber Network was launched in 2018 with the aim of being the main liquidity hub for the DeFi space. KyberSwap is the platform's interface, a decentralized exchange (DEX) aggregator that provides convenient and secure value exchange within the crypto market. Overall, the Kyber Network platform provides a smooth token-swapping experience while boosting earnings for liquidity providers. 

What is Kyber Network (KNC)?

Kyber Network is a decentralized multi-chain liquidity hub that provides instant, secure transactions on any decentralized application (dapp). Its main goal is to provide deep liquidity pools that offer the best rates for DeFi dapps, decentralized exchanges (DEXs), and other users. Kyber Network is built on the Ethereum blockchain and makes use of intricate smart contracts.

KyberSwap is its flagship DEX aggregator and liquidity platform. KyberSwap sources liquidity from multiple DEXes to provide the best swap rates for traders in DeFi. KyberSwap is decentralized and permissionless, allowing users to conduct transactions on any of its supported 12 chains, including Ethereum and Binance Smart Chain. 

Kyber Network seeks to solve the liquidity issue in the DeFi industry by allowing developers to build products and services using the platform's protocol, while KyberSwap acts as the trustless trading platform that also provides rewards for liquidity providers. With over $1 billion in total volume from over 1 million user transactions, Kyber Network is a growing player in the DeFi space.

Kyber Network's governance structure is managed by holders of its native Kyber Network Crystals (KNC) token through a decentralized autonomous organization (DAO) called KyberDAO. This allows KNC token holders to have a say in the network's decision-making processes and contribute to its development and growth.

Who created Kyber Network?

Kyber Network was founded by Loi Luu, Victor Tran, and Yaron Velner in 2017. The project created 226 million KNC tokens, most of which were sold to buyers and investors during its initial coin offering. This raised Kyber Network 200,000 ETH (roughly $50 million at the time) to launch the platform. The protocol went live on the Ethereum blockchain in February 2018, with Vitalik Buterin as an advisor. 

In October 2017, the Kyber Network burned over 10 million KNC tokens, bringing the maximum supply down to roughly 215 million KNC.

Victor Tran is the current CEO of Kyber Network, while Loi Luu is the current Chairman. Yaron Velner stepped down as CTO in October 2019 but remains as an advisor. The Kyber team has over 50 employees globally, and its headquarters is in Singapore, with a large presence in Vietnam.

How does Kyber Network work?

Kyber Network is a decentralized protocol that enables users to instantly trade tokens without intermediaries. KyberSwap is the user interface for Kyber Network, with two protocols: Classic and Elastic. 

Classic features the Dynamic Market Maker (DMM) protocol and the Amplification (AMP) programmable price curve. Elastic is a tick-based AMM (automated market maker) with concentrated liquidity, allowing liquidity providers to specify the price range for adding liquidity and earn fees for swaps processed at a specific price. 

KyberSwap also has features like the Reinvestment Curve, multiple fee tiers, JIT Protection, and liquidity mining farms. The Kyber Network aggregates liquidity from various sources into a single liquidity pool on its network, and anyone can provide liquidity. The protocol is integrated into dApps (decentralized applications), DeFi (decentralized finance) platforms, and crypto wallets, enabling users to utilize any Kyber Network-supported token and allowing platforms to receive payment in their preferred token. 

The Kyber Network protocol relies on reserves to provide liquidity for its decentralized exchange platform, KyberSwap. When a user initiates a trade, the platform searches for available reserves to find the best available rate being offered by takers. 

There are three main types of reserves: Price Feed Reserves (PFR), Automated Price Reserves (APR), and Bridge Reserves. PFRs use price feeds to calculate conversion rates using smart contracts acting as an alternative to market makers, APRs provide rates for available crypto assets through smart contracts, and Bridge Reserves access other decentralized exchanges to deepen liquidity. 

Previously, reserves were required to participate in the Kyber protocol by staking KNC to pay for network fees, but a recent upgrade removed this requirement, making it easier for reserves to participate. Kyber Network collects fees in ETH, with a portion of them going to reserves based on the amount of liquidity they provide.

The reserves model is a critical component of KyberSwap, enabling the platform to offer fast and competitive token trading services to its users.

What is the Kyber Network Crystal (KNC) token?

Kyber Network Crystal (KNC) is the native coin for the platform and acts as both a utility and governance token. Users can stake it to vote on upgrades and policies or delegate their tokens to other validators and earn a portion of the block reward. 

Users who stake KNC receive rewards in ETH, and network fees paid in KNC will be burned over time, gradually reducing its supply. KNC holders can participate in the DAO and governance proposals by staking their assets or delegating their vote. 

They can also earn liquidity-mining rewards by staking their tokens in eligible Rainmaker farming pools or participating in various activities such as Trading Contest, Gleam Giveaway, and AMAs.

How can I buy KNC tokens?

Tap's mobile app offers a user-friendly platform for users to purchase, trade, and safely store Kyber Network's KNC token in an integrated wallet. The app supports a variety of cryptocurrencies and fiat currencies, which can be used for buying and selling KNC tokens. The app also makes use of a smart router which finds the best Kyber Network price at any given time.

Additionally, users can securely store not only KNC tokens but also other digital assets on the app. Downloading the Tap mobile app provides users with access to verified cryptocurrencies and fiat wallets, allowing them to take advantage of a wide range of investment opportunities.

We're thrilled to share that our fintech company has just celebrated its third anniversary! It's been an incredible journey so far, and we're so grateful for the opportunity to serve our users every day.

When we first launched our platform three years ago, we had a clear mission in mind: to provide an innovative, user-friendly, and accessible way for people to manage their money, trade cryptocurrencies, and access financial services. It was a big goal, and we knew that we had a lot of hard work ahead of us.

But we were determined to succeed. Our small team of passionate and dedicated individuals worked tirelessly, day in and day out, to bring our vision to life. We poured our hearts and souls into this project, and we knew that we were onto something special.

Fast forward three years, and we're proud to say that we've come a long way. We've built a platform that we believe in, and we're constantly striving to improve it. We've listened to feedback from our users, and we've added new features and services that meet their needs. And we've built a community of passionate and engaged users who share our vision for a better way to manage their finance everyday.

One of the things that sets our company apart is our commitment to transparency and user experience. We believe that managing your finances should be easy, intuitive, and stress-free. That's why we've built our platform to be as user-friendly as possible, with clear and straightforward interfaces that make it easy to manage your money and digital assets.

But our success wouldn't be possible without our amazing users. We're so grateful for your continued support, feedback, and encouragement. You've helped us to shape our platform into something truly special, and we're committed to continuing to serve you and improve our platform to meet your needs.

As we celebrate our third anniversary, we're excited to look back on how far we've come and to look forward to all the exciting things that the future holds. We're proud of what we've accomplished, but we know that there's always more work to be done. We're committed to continuing to innovate and improve, and we're grateful to have you along for the ride.

Thank you for being part of our journey. Here's to many more years of growth, success, and innovation!

We are delighted to announce the listing and support of Balancer (BAL) on Tap!

BAL is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold BAL for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting BAL will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Balancer, a popular choice for traders and liquidity providers in the crypto space, is an AMM platform built on the Ethereum network that functions as a self-balancing weighted portfolio, liquidity provider, and price sensor. 

Balancer allows users to create liquidity pools of digital assets using smart contracts. These self-balancing index funds automatically adjust the proportion of assets in the Balancer pools to maintain their desired ratios, even as individual coin prices fluctuate.

The BAL token is the native utility token for the Balancer protocol, which is used to govern the platform and incentivize liquidity providers. The token was launched three months after the initial platform launch following the success of the COMP token on the Compound network. 

Get to know more about Balancer (BAL) in our dedicated article here.

Risk management involves identifying and analysing the risks involved, and then choosing whether to accept this risk or make changes to avoid the risk. This process is one we carry out daily, from crossing the street to engaging with a stranger, however, in this realm we’re looking at it from a finance/investment point of view. 

If you have a fund manager or financial adviser, they will generally be responsible for calculating and communicating the risks associated with any type of investment. This will cover the potential returns as well as the potential risks to your capital. 

For example, investing in an emerging asset will hold a lot more risk than buying the stocks of a well-established institution. It’s worth noting that high risk doesn’t necessarily equate to a negative, typically assets with higher levels of risk bring about higher levels of return (high risk, high reward).

Each person’s level of risk will vary from one to another and should be decided prior to making any investments. Once this is established, your investment portfolio will work within those realms so as to manage that level of risk. 

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We are delighted to announce the listing and support of Compound (COMP) on Tap!

COMP is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold COMP for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting COMP will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Built on the Ethereum blockchain, the Compound protocol provides liquid money markets offering services such as lending and borrowing. Supporting a number of crypto assets, the Compound protocol allows users to deposit crypto into lending pools providing capital for borrowers on the network and allowing them to earn interest in return.

The COMP token is the Compound platform's native token which mainly serves as a governance token, with a built-in incentive for users holding the token. Holders of COMP tokens are able to vote on all important decisions pertaining to the protocol, including interest rates. Much like the cTokens, COMP tokens are based on Ethereum’s ERC-20 token standard.

Get to know more about Compound (COMP) in our dedicated article here.

For all those curious about the crypto industry ready to dip their toe in the water, this one is for you. Below we share a warm welcome to the industry with a range of helpful resources covering everything from what cryptocurrency actually is to how to buy and store it. For individuals and businesses alike, let's get into it. 

What Is Cryptocurrency?

A great place to start for any people who are crypto-curious, let's cover the basics. Cryptocurrency is essentially digital cash that can be transferred from one person to another without having to rely on an authoritative entity (like a bank or government or financial institution). 

This peer to peer cash system is supported by blockchain technology, a technology that facilitates the transactions and essentially acts as a giant public ledger where anyone can view any transactions that have been made on the network. 

Through the use of blockchain, a decentralised network (meaning that no one is in charge, rather everyone follows the same protocol) of computers is responsible for verifying and executing transactions. Depending on the network this can be done in a few seconds or up to a few minutes, causing big waves in the traditional financial sector.

If you take away just four points from the above, let it be 

• Digital cash
• Peer to peer
• Blockchain technology
• Decentralised

Cryptocurrency gets its name from cryptography currency, as it uses encrypted code (cryptography) to secure and maintain the network. 

Each cryptocurrency will have a value, based on what it was last traded for, a market capitalisation, a circulating supply and a ticker symbol. The ticker symbol would be BTC for Bitcoin and ETH for Ethereum. 

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Let's Take A Look At The Three Biggest Cryptocurrencies

You've definitely heard of Bitcoin, but what about the other top cryptocurrencies? Below we give a very quick breakdown of the other big projects on the scene based on the biggest market caps. When learning about new coins we strongly advise that you do your own research before making any purchases.

Bitcoin (BTC)

A digital cash system that facilitates the quick and cheap cross-border transfer of money. 

Ethereum (ETH)

A blockchain platform that allows developers to create their own decentralised applications on top of theirs. 

Tether (USDT)

A stablecoin, meaning that its value is pegged to a fiat currency, in this case, the US dollar. 1 USDT will always be worth $1. Stable coins are a great way to enter the market as they are less volatile than traditional cryptocurrencies. ‍

How To Store Cryptocurrency

Similar to fiat currencies, cryptocurrencies need to be stored in a wallet. As the currencies are entirely digital, so too must the wallet be. Each cryptocurrency operates off a different network, requiring one wallet for each network. 

For instance, you cannot store Bitcoin in an Ethereum wallet as Bitcoin runs off a separate blockchain. Different to fiat wallets, digital wallets are how transactions take place. From your wallet, you will enter the crypto wallet address of the recipient and execute the transaction from there. 

To purchase and accumulate cryptocurrency, you will first need a wallet. There are a few different types of wallets, but let's keep it simple for now. On Tap, a fully regulated crypto app, users are automatically given a range of wallets, one for each supported cryptocurrency on the network. This allows users to buy, sell, trade, store and manage many cryptocurrencies from one secure app. Simply head to the Tap website and conveniently download the relevant app from there.

How To Buy Cryptocurrency

Buying cryptocurrency used to be a complicated endeavor however with new products on the market it has become simpler and easier to do. Tap's mobile app is a classic example. Buying crypto Tap has never been so easy all you need to do is to create an account.

You will then be asked to confirm your identity through a process known as KYC (Know Your Customer). This is a common practice required by any entity facilitating the sale of cryptocurrencies. The process is entirely integrated and will require you to submit a picture of an identification document and a selfie of you, easy stuff.

Once your account is created, you can then deposit funds. This can be done through debit card or bank transfer. Simply load your fiat wallet with the currency of your choice for free, using a debit card or a bank transfer as a payment method of your choice. 

With a loaded fiat wallet, you are then able to go shopping! Under Assets on the home screen, select Crypto, then find the cryptocurrency you would like to purchase. Simply click Options, then Buy once you are on the cryptocurrency you would like to purchase. The process is as simple and easy as it sounds. 

After buying crypto, the funds will be deposited into your wallet in a fraction of a second once the transaction has been confirmed. Not too complicated, was it? Submerge yourself into the world of crypto today with the Tap app, head to your Google Play or Apple app stores to get started straight away. 

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