Kyber Network plans to interconnect all blockchains

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Kyber Network, an open-source protocol that supports the instant exchange and conversion of digital assets, just announced that it will be releasing the first version of its network. This step is expected to formalize the company as a liquidity protocol to power on-chain token swaps.

The mission of the project is simple:

“To make any token usable and exchangeable anywhere.”

Kyber wants to help Ethereum’s growth by facilitating seamless liquidity between it and other blockchains. The company has decided to build an interconnected liquidity network using relay bridges that will allow decentralized cross-chain swaps.

There is a big number of blockchains with different features that are trying to solve a wide range of use cases, which results in an overwhelming number of emerging digital ecosystems. Based on this problem, the Kyber protocol was born with the purpose of easing the liquidity between the different stakeholders in the respective ecosystems.

What sets Kyber apart

In differentiation from many other similar protocols that focus on a single source, Kyber will be taking liquidity from multiple sources such as exchanges, token teams, and individual contributors. This will allow them to guarantee conversion rates before the execution of an on-chain token swap.

The network will be maintained by delegated entities, overseen by the company, that will play a key role in governing the implementation, ensuring it conforms to the protocol specification, and determining tokenomic parameters. Over time, the “Network maintainers” will become increasingly decentralized as more developers deploy and implement the protocol on many other blockchains.

All for one and one for all

The Kyber protocol comes at a time when blockchains continue to emerge with their own ecosystems and multiple decentralized applications are built on top of these networks raising the challenge to allow them to interconnect. Building bridges between these systems will allow them to grow their utility and liquidity, as well as exchange value by bringing DApps to other chains. The whole protocol will enable cross-chain collaboration among all smart-contract blockchains.

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