Kyber Network, an on-chain exchange, reached a major milestone today by launching their mainnet on Ethereum’s blockchain.
What is Kyber Network?
Kyber Network is a “system which allows the exchange and conversion of digital assets,” according to their website. Essentially, their goal is to empower individuals or businesses to instantly trade one asset for a different one. This is done without any centralized exchange such as Coinbase, but through Kyber’s own on-chain protocol.
Just this week we have seen major technical issues occur with two centralized exchanges, Bitgrail and Binance. In Bitgrail’s case, a large amount of customer’s funds were lost. Kyber is a trustless and secure system and ideally will make it safer and easier to exchange currencies. Because of Kyber’s nature, it is also not necessary to wait for confirmation times and deposits. Everything is instant.
In August 2017, Kyber launched their testnet, and their road map marks the launch of their mainnet to be Q1 of 2018. They are following through with that plan and opening up the mainnet to ICO investors right now. As bugs are found and the system is tested, it will become available to more and more people.
I had to try it myself. While I couldn’t actually execute trades using it since I was not a whitelisted ICO investor, I was allowed to explore the site. I hooked up my Ledger as the count down clock went to zero marking its launch, and it connected seamlessly. I then selected the address that I wanted to use, just like you can in MEW. This action connected my Ledger wallet with Kyber’s wallet. Below you can see the trading interface which allows for the standard market buy, and limit buys when the “advanced” option is selected.
You can also view live trades as they are exectued.
Kyber is starting with 10 trading pairs which are as follows:
Kyber Network will definitely be put to the test in the coming days as ICO investors try out the exchange live on Ethereum’s blockchain. By April, Kyber will be available for all investors and will bring more liquidity to crypto in a safe manner. I encourage you all to explore the links below to learn more about Kyber.
Click here to view Kyber’s:
Request Network Partners with PwC France & Francophone Africa
Request Network is a project that aims to build an ecosystem for financial flows. The team is building an environment where developers can create apps utilizing the Request Network which is on the Ethereum blockchain. By using Request instead of creating a new chain or building from the ground up on Ethereum, developers can focus on their specific use cases instead of the details of smart contracts. Some of the use cases that Request aims to fill include the following:
- Business Invoices
- Online Payment
- Financial Audit
- Point of Sale
In order to accelerate their movement into the accounting and professional services space, Request Network announced a partnership with PricewaterhouseCoopers France. PwC is one of the big four auditing firms and the second largest professional service providers in the world. The specific PwC business unit focuses on blockchain technology. This is a huge partnership and not only gives credibility to Request, it strengthens the entire crypto space.
It has been a busy past 2 weeks for Request Network. Last week the team announced that they finished audits and started a bug bounty. Now, this week they announced the partnership with PwC and are expected to launch their mainnet. Request is turning out to be one of the ICO’s of 2017 that delivers.
Substratum Launches Beta & Releases Roadmap
Today is a big day for Substratum and the fight against internet censorship. The team announced opening up a beta for 100 testers and that they will continue adding 100 testers to the pool per day until sufficient data has been collected. The team also revealed that the next release will be a completely open beta.
Substratum is a project which conducted an ICO in August 2017. They are aiming to reduce cyber censorship by creating a network in which individuals can pay to receive content in a secure way that cannot be blocked by governments. People who have access to the desired content get paid by running a node; they forward the content from its source to the user who is paying to view it. This is not only an exciting and original technological feat, it can potentially allow more open communication around the world.
As we all know, 2017 was the year of ICO’s. 2018 is the year that they have to deliver. So far, Kyber has launched their mainnet, Chainlink released their initial Go implementation, and OMG published their beta SDK. Still though, nearly half of all ICO’s from 2017 have already failed. Substratum, and projects alike, are giving the crypto space legitimacy and strengthening its core. Substratum is no longer a whitepaper project going forward.
Although SUB is trading down significantly far from its all-time high, as is the rest of the market, it jumped over 25% today among this announcement. Eager investors and early adopters are excited to not only gain access to the open beta in the near feature but also to review the code which will be open sourced after the open beta release. Although I am not an investor in SUB personally, I am excited to be able to run a node and give you all at The Hodlr the first look and review when the open beta drops.
Here is the announcement
17,000,000 XRB Vanishes according to Bitgrail
After months of shady activities and Bitgrail suspending withdraws of NANO (XRB) from their exchange, it was announced that they are missing a large amount of their customers’ funds. Firano, the founder of Bitgrail, took to twitter to make the announcement. After linking to an article on Bitgrail’s website which revealed that funds were missing, Firano mentioned, “today a charge about those fraudulent activities has been submitted to the competent authorities and now is under police investigation,” which is an interesting first choice of words. He then followed by apologizing to his customers.
Firano continued by accusing the development team of NANO of being complicit because they refused to fork the chain to reverse the loss. Bomber stated on his Twitter, “NANO on BitGrail have been stolen. Unfortunately there is no way to give it back to you at 100% (we only got 4 MLN XRN right now). The devs, as you have guessed, dont want to collaborate”. The Dev team later responded by saying that even if they wanted it, which they said is impossible, they wouldn’t fork the chain.
At first glance, this is could be compared to The DAO attack which led to Ethereum forking. One of the primary reasons of the fork was because 15% of all ether was taken. In this case, almost 13% of all XRB is unaccounted for, according to Bitgrails’ estimate. Even if it was possible to fork the chain, the main difference might be the context. The loss of funds from The DAO posed a massive threat of bad publicity to the Ethereum network. In this case, the crypto space is much more matured than it was in 2016. While XRB is currently down 14% today and Firano blames NANO devs, the community has the general consensus that Bitgrail is solely at fault and Reddit users continue to praise XRB.
For many customers, the only reason why they used Bitgrail is because it was the only exchange where they could access XRB as it started gaining traction in late 2017. Then, as Bitgrail started blocking withdraw attempts, many customers could not remove their funds until it was too late.
It is too early to tell what really happened but the Nano team released a response where they state the following:
We now have sufficient reason to believe that Firano has been misleading the Nano Core Team and the community regarding the solvency of the BitGrail exchange for a significant period of time.
Binance, another cryptocurrency exchange, similarly had a speed bump yesterday where some of their data became out of sync. While no funds were lost, Binance was an example of exactly how exchanges should act when things go wrong. They gave regular updates and lowered fees after quickly fixing the issue. Binance also limited new customers for a period of time in late 2017 to ensure that they could scale in a stable manner. While Bitgrail screams the need for regulation, Binance shows that it might not be all that necessary.
In the coming days and weeks more information about what really happened to the millions of missing XRB will be revealed. The Hodlr will continue covering this story as more news develops.
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