Kyber Network Progress Update (February 2nd 2018)
--
In the last two weeks, Kyber Network has announced some important milestones, including our first developer competition and most excitingly, our official mainnet launch date! Beyond that, we have also worked hard on acquiring more partners and expanding our visibility across major markets.
On the technical front, many of you have opened issues for our wallet on our Github account, and we have addressed most of them. That aside, we have also commenced an integration with Huobi, so that we can use the exchange for price feeds as well as to rebalance our portfolio.
Technical Development
Wallet:
As announced earlier, the wallet has been deployed onto the mainnet, and tested internally by team members. Team members are also encouraged to conduct 3 trades a day in order to test the versatility of the exchange service before the pilot.
What was done in the last two weeks:
- Completed cache server in Go
- Fixed more bugs, improved gas estimation, updated error messages for Ledger
- Compiled assets for multiple environments
- Deployment private mainnet version and supporting users.
Reserve:
As of now, our reserve can support multiple nodes to broadcast transactions. On top of that, we have successfully integrated with APIs from exchanges such as Binance, Bittrex and Huobi to monitor pricing uptime, pricing statistics and server time. The APIs are also made to set target quantity and other configuration that we might need in the future.
Some of our friends have also suggested improvements for our reserve algorithms, specifically related to pricing and rebalancing components, thereby enhancing the effectiveness of reserve management. Lastly, in terms of UI for reserve dashboard, we have incorporated graphs for price activity and rates of a token or currency, as well as a form to allow the setting of target quantity for a token in the reserve.
What was done in the last two weeks:
- Fixed more bugs related to integration with Huobi
- Handled lost transactions
- Sanity price — measuring price changes
- Algorithm analysis — analysing volatility.
- Deployment of private mainnet version and supporting users.
Smart contract:
Our smart contracts had undergone the first round of audit, and while no serious bugs were identified by the auditor, the development team amended parts of the codes to improve the response of the platform.
What was done in the last 2 weeks:
- Web3 deployment script to replace truffle deployment script
- Web3 verification script to verify deployed version parameters
- Supporting internal mainnet deployment
Community and Partnerships:
Kyber Network Developers Meetup and Competition- Seoul
On January 20th, Kyber Network hosted a Developers Meetup in Seoul, bringing together Dapp developers and members of the public to collaborate, educate, and compete. Presentations from our current Dapp partners, followed by a developers competition resulted in an overwhelmingly successful meetup. An event like this, attended by over 200 people and hosted in a blockchain hotspot like Korea, serves to illustrate the exciting and rapid growth of the Kyber Network community.
During the first part of the event some of our current Dapp partners presented on their work. We watched presentations from CoinManager, Gifto, ICON, AppCoins, and WAX, each of whom laid out their plans for application development, and showed our community how they will bring new success to the Kyber Network platform.
The second part of the event was a continuation of our development competition, which asked developers to submit their Kyber Network compatible dApp ideas, the best of which would received funding to advance their projects. Five development teams were shortlisted for the competition, each of which were given a presentation slot at our event. We enjoyed presentations from Advolution, Open Market, Project Talent, SUST, and Uppsala.
We were pleased to award Project Talent and Uppsala $30,000 each to further develop their projects which will contribute to the Kyber Network exchange platform. We look forward to continued collaboration with these promising teams in the future.
Web3 Foundation Meetup- Berlin
TN Lee, the Head of Business and Development here at Kyber Network, has had a very busy few weeks connecting and expanding the global Kyber Network community. Just shortly after the Seoul development event, TN presented on Kyber Network to a group of 300 people at a Web3 Foundation meetup in Berlin.
Quite a few promising teams such as Airswap, Radar Relay, Gnosis, OmiseGo and Melonport also attended. This speaks towards the networking potential of places like Berlin, and suggests that Kyber Network is becoming an increasingly well known name within the blockchain development world.
Twitter Contest
Kyber Network has reached some pretty incredible milestones over the last few weeks. We have seen a significant growth in the size of our community, the number of our partnerships, and the popularity of our social media presence. In celebration of our 50k followers we organized a twitter competition on the 24th of January. 200 KNC was awarded to 10 randomly selected people from a pool of those who retweeted the Kyber Network post. We thank our many followers and look forward to the continued growth of our presence online.
Mainnet Launch Announcement + bug bounty
Kyber Network’s mainnet pilot will commence on 11th of February 2018 and run till April 2018. During the pilot, only KGT holders — Kyber Network’s whitelisted ICO contributors — will be granted access to the platform. As this is the first time Kyber Network’s platform will be deployed on the Ethereum mainnet, we want to ensure stability by scaling up user access in gradual batches. After a couple of weeks, we will allow more non-KGT holders (probably a few thousands) to join the pilot launch on a request basis (more details on this will be made available later). To check if you are a KGT holder, please search for your address here on Etherscan.
The platform will be fully opened to the public in April. 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.
As our exchange is about to go live on the mainnet, we are starting a bug bounty program for the exchange smart contracts and exchange wallet web application. The codes for smart contracts and wallet applications are available here (Note the relevant branches are bug_bounty in both repositories). Given that this is the first time we are running the platform on the mainnet, bugs are expected and please report these issues to the team through Github or email (hello@kyber.network). Major bug finds will be rewarded up to $20,000 (in KNC). Higher rewards are possible (up to $50,000 in KNC) in case of severe vulnerabilities.
Partnerships
Kyber Network was thrilled to announce two new partnerships in the last weeks with CoinManager and Coinduck.
CoinManager is South Korea’s largest portfolio tracker and wallet provider, with a rapidly growing 350,000 active users. It offers features such as portfolio tracking, multi-coin wallet management, watchlist and price alerts updates, as well as a built-in community chat box. This partnership will integrate Kyber Network’s service into CoinManager’s wallet, such that CoinManager users have access to seamless and instantaneous in-app token conversion.
Coinduck is the world’s first Ethereum payment service that brings easy Ether transactions into everyday purchases. This service has the potential for mainstream adoptions as it is growing in popularity in Korea and worldwide. Integrated with Kyber Network’s token conversion protocol Coinduck will be able to expand its payment service beyond just Ether to all ERC-20 tokens, paving the way for Coinduck and Kyber Network becoming an essential part of everyday purchases.
About Kyber Network
Kyber Network is a decentralized and trustless exchange that enables instant conversion of crypto-assets with guaranteed liquidity. Our protocol will be key to promoting liquidity of crypto-assets in the blockchain ecosystem and improving the public perception of tokens as a tradable asset class.
These are the ONLY official channels affiliated with Kyber Network:
Reddit: https://www.reddit.com/r/kybernetwork/
Telegram group: https://telegram.me/kybernetwork
Telegram channel: https://telegram.me/officialkybernetwork
Telegram (Chinese): https://telegram.me/kyberchinese
Telegram (Korean): https://telegram.me/kyberkorea
Twitter: https://twitter.com/KyberNetwork
Medium: https://blog.kyber.network/
Slack: https://slack.kyber.network/
