KyberNetwork, a new decentralized exchange for the instant trading of any cryptocurrency, has announced they will be closing their ICO whitelist registration three days earlier than planned, due to a massive number of registrations.
The company previously announced their ICO schedule on Wednesday of last week which stated that eligible users can be whitelisted – guaranteeing them the opportunity to purchase tokens in the public sale – by joining the official KyberNetwork Slack community. Since then, the community has grown to over 26,000 users, making it one of the largest crypto Slack communities, if not the largest public Slack community in the world.
In response to this incredible support, KyberNetwork has announced that they will be closing their whitelist registration at 2 PM (GMT+8/UTC 6am) on 22 August, 2017, three days earlier than planned. The company has stated that all eligible users in their Slack community by this time will be whitelisted and guaranteed the opportunity to buy their tokens in the public sale. The company has also announced that the purchasing of tokens will not be available to US residents (or individuals and organizations on sanctioned lists) and KYC checks will be performed on all eligible participants.
Additionally, to avoid clogging the Ethereum network and allow more time for their users to participate in the token sale, KyberNetwork has also extended the sale period by additional 24 hours.
“We are extremely grateful and truly humbled by the response to KyberNetwork,” said Loi Luu, co-founder and CEO of KyberNetwork. “Building a strong community is the most important aspect of what we are trying to achieve with our public token sale. After our initial announcement, we have listened to feedback from our community and made some changes that we think will make our token sale stronger in the long run and also fair and rewarding to the early adopters of KyberNetwork.”
Co-founded by Loi Luu and the creators of Oyente and Smartpool, KyberNetwork will be the first to implement an exchange that includes trustless, decentralized execution with instant trading and high liquidity by using an innovative system that incentivizes reserve managers. The result is a platform that handles trading, payments, and complex financial transactions like derivative options and forward contracts, while also integrating as a payment API that allows wallets to receive payment from any crypto tokens.
KyberNetwork solves the issue of liquidity by introducing a new system for any user to trade any token instantly and completely securely with guaranteed liquidity. Their approach is through the utilization of reserve managers, who are incentivized by monetizing their otherwise idle assets. By serving trade requests from users, reserves earn profit from the spread determined by reserve managers. As the network gains more traffic through collaborations with wallet providers and various other token projects, reserve managers will benefit directly from the trading volume due to network effects within KyberNetwork.
KyberNetwork will also introduce a new smart contract interface that will allow existing wallets, which only accept certain specific tokens (e.g. one that only accepts REP, GNT, etc. but not others), to receive any existing or future token (e.g. PAY and CVC) without having to modify the token contract code (i.e. the recipient is not aware that the payment actually was proxied via KyberNetwork). In other words, it enables smart contracts and recipients to access a wider class of users and receive contributions and payments from any token that the platform supports.
The KyberNetwork public token sale is scheduled to take place on September 15. To join the whitelist, by August 22, simply become a member of the KyberNetwork Slack community at: https://slack.kyber.network/