First and foremost, KyberNetwork is an exchange. Unlike most exchanges, however, KyberNetwork performs trade requests instantly. Moreover, KyberNetwork does not hold users’ tokens, thus any theft or loss of tokens is prevented by design. This contrasts sharply to most exchanges where confirmation time of several minutes is typically needed. Any malfunction during that period could potentially result in inconvenience or in the worst case scenario, loss of funds.
Emerging cryptocurrencies such as Bitcoin, Ethereum and others have been gaining tractions of late because they allow users to transact, manage their digital assets in a decentralized and trustless model without relying on a third party. More interestingly, Ethereum network, with its turing complete scripting language and trustless smart contracts, makes its easier for people to issue and digitalize their own crypto tokens which either represents some real-world asset (e.g. Digix Gold token) or has values in some platform (GolemNetwork token, Gnosis token, Augur token and so on). To date, the total market capitalization of the most popular cryptocurrency assets is 72 Billion USD . This total market cap has tripled in the last 5 months and is still 1 growing.
User API User API can be called by any Ethereum account, including normal account and contract ones. Transfer( amount, source tokens, destination token name, destination address) Transfer function converts amount of source tokens (token A) to destination tokens (token B) and sends type B tokens to destination address. For example, users can call Transfer( 100, “DGD”, “Melon”, “0xb794f5ea0ba39494ce839613fffba74279579268”) to convert 100 DigixDao tokens to Melonport tokens and transfer all converted Melonport tokens to “0xb794f5ea0ba39494ce839613fffba74279579268”. GetExchangeRate( token A, token B) Returns the conversion rate between token A and token B. In the future we can support different exchange rates for different trade.