Kyber Network Progress Update (January 19, 2018)
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Greetings from Seoul, South Korea, where we are just one day away from our first-ever Developer Competition!
We have been incredibly heartened by the overwhelming response of our community and are pleased to announce that the event is completely sold out. The air is abuzz with expectation, the gloom of Black Tuesday long forgotten. Tomorrow, at the JBK Convention Hall, speakers from Gifto, WAX, AppCoins, and ICON will take the stage to discuss exciting developments in their projects and the blockchain space.
The audience will also be treated to presentations from our competition finalists. We have received more than twenty high-quality proposals, diversely ranging from advertising to security solutions. Kyber Network strongly believes in innovation and is always keen to support new talent and ideas. This competition is our way of giving back to the community and fostering innovation in the blockchain ecosystem. Our five finalists are: Advolution, Open Market, Project Talent, SUST, and Uppsala. Congratulations!
Don’t worry if you are not able to attend the meetup, because the event will be live-streamed on our YouTube channel.
Here are some other updates:
Technical development
Wallet
Following the release of our testnet on Ropsten, we have received helpful comments from users and have since added some improvements to our wallet. We have fixed several issues in the cache server as well as integrated a debugger into the last screen of the exchange to prevent transaction failures. We have also begun preparations for next week’s internal mainnet test and deployment by adding support for our initial token list. We will be working on automating cache server deployment, including proxy in front of many cache instances to make the system more robust. There will also be further integration with the debug function from our smart contract. We would like to thank users for all their feedback thus far and will continue to incorporate them into our improvements.
Reserve
We have started integration on the Kovan testnet with the implementation of sanity price feeds to the contract. We are carefully tweaking final parameters for our pricing and rebalancing algorithm as we get ready for the internal mainnet test. Integration with the recent version of our smart contract is now complete, as well as deployment and integration with the internal Kovan testnet version. We have also begun initial integration with Huobi, although this is yet to be reflected in the main system. At present, we are recording order books 24/7 for long-term analysis and improving the UI of our reserve manager. We are pleased to say that the dashboard can now display all pending activities as well as a graph to visualize the rate that we have set.
Next week, we will set parameters for the internal mainnet test, add further tweaks to the pricing algorithm, and complete integration of sanity price with the mainnet version. For our dashboard, we intend to add visualizations of both volume history and profit history. Additionally, we will implement sanity monitors and built-in sanity tests for each component. All data will be recorded and analyzed. We will install fixes accordingly after the mainnet test and data analysis.
Our lawyers have started reviewing 30 tokens for the mainnet pilot launch. Out of the 30, we will short list and finalize 20 tokens that we support in our mainnet pilot. We will publish the list soon once we get updates from our lawyers.
Smart contract
We now have complete testing coverage for our smart contract with over 98% coverage for all main files. We are throwing in some final features to assist trade debugging and are taking into account some small comments from the auditor. For the internal mainnet deployment next week, we will add support for the tx-debugger.
The smart contracts are currently being audited by an independent auditor. The auditing started more than a week ago and we continue to provide fixes following feedback from the auditor.
Partnership
The Request Network team has landed in Singapore. They will be working closely with us for the next few months to use our protocol to support more payment options for users on their network. This integration will allow users to seamlessly send or receive payments in a desired currency that differs from the sending or receiving currency, thereby increasing accessibility of the platform. We hosted a dinner at The Pelican last Monday and toasted to our new collaboration. A warm welcome to Singapore, Request team!
Just today we announced yet another partnership, this time with ICON, the decentralized network that enables inter-blockchain transactions without intermediaries. Kyber Network will connect its protocol to ICON’s network and pave the way for instant token exchange between independent blockchains. Kyber Network and ICON will also collaborate on PeaceRelay development, Loi and the team’s relay protocol between EVM-based blockchains, in the future and potentially bring PeaceRelay in action for cross-chain trading. This is Kyber Network’s very first cross-chain partnership and we are excited about what this means for the future of transactions across blockchain communities.
It’s been an intense week for us, full of activity, full of adrenaline. Thank you for your support, Kyberians. We’ll see you at the Developer Competition tomorrow!
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/
Slack: https://slack.kyber.network/
Telegram group: https://telegram.me/kybernetwork
Telegram channel: https://telegram.me/officialkybernetwork
Telegram (Chinese): https://telegram.me/kyberchinese
Telegram (Korean): https://telegram.me/kyberkorea
Medium: https://blog.kyber.network/
