With news of yet another hack of a crypto-currency exchange, Kyber Network has announced the launch of its mainnet pilot platform whose decentralised model allows users to perform trades whilst keeping possession of their assets.
After raising around 200,000 ETH in its ICO of last year, the project team has been pursuing its intention of improving the public perception of tokens as a tradable asset class, staying on track with its original roadmap of a 2018 Q1 release of the first iteration of its platform.
Restricted User Access
The pilot, which will be deployed on the Ethereum mainnet, will be released today to holders of their KGT token.
By utilising smart contracts, Kyber Network ensures users do not need to hold their assets on the exchange which eliminates KYC delays, deposit and withdrawal restrictions as well removing opportunities for hacking and fraud.
To maintain stability, user numbers will be scaled up in gradual increments. Only after the present KGT holders have tested and verified the platform will it be opened up to general public access.
A bug bounty program will be offered during this initial phase with rewards of up to $20,000 paid for any vulnerabilities found in the platform’s smart contracts or wallet web application.
CEO and co-founder, Loi Luu, advised that the project “will be fully opened to the public in April and users will be able to use Kyber Network’s wallet and trade on the platform. Our exchange will start by listing at least 10 tokens, with more to be added in the near future.”
For those dealing in large amounts and wishing to hedge their positions, the Network will provide derivative trading to help mitigate price fluctuations.
Kyber Network will also facilitate a cross-chain payment interface for the conversion of digital assets which allows a customer to pay in one token and the vendor to seamlessly receive another.