KYBERNETWORK RELEASES THEIR INITIAL PRODUCT AND ANNOUNCES AN ICO

The anticipated decentralized trading platform from the creators of Oyente and Smartpool has released their minimum viable product (MVP) and announced the timeline and registration procedures for their public token sale, scheduled for September 15

KyberNetwork, a new trustless, decentralized platform that will allow for instant trading and conversions between any crypto-assets, has released a minimum viable product (MVP) on the Ethereumtestnet and announced the timeline and registration procedures for their public token sale.

KyberNetwork’s technology stack includes three major components, including a user web-wallet, the core smart contracts and a reserve dashboard that helps reserve managers to operate the reserve. All of these components are functional in their MVP release and they provide the core functionality that they aim to support in KyberNetwork’s first mainnet release, scheduled for Q1 of 2018.

To learn more about the KyberNetwork MVP visit: https://blog.kyber.network/kybernetwork-mvp-release-e8440a79346f

The KyberNetwork ICO – Registration and Timeline

The company has also announced that their public token sale is scheduled to take place on September 15, and current and future members of their Slack, WeChat, and KakaoTalk + Telegram (Korean) communities will be automatically whitelisted and eligible for participation in the sale.

In summary, the simplest way for people to participate is by joining the KyberNetwork Slack channel before August 25, which will automatically add a user to their whitelist: https://slack.kyber.network/

Timeline and details:

All eligible supporters can participate in the token sale.  Unfortunately, US citizens (and individuals and organizations on sanction lists) will not be eligible.

  • Whitelist collection period: August 18 to August 25
  • Token sale registration period: August 31 to September 10
  • Public token sale: September 15; 24 hour sale only
  • Equal individual purchase cap for registrants during the first 6 hours

Whitelist (August 18–25, 2017)

KyberNetwork will only be organizing ONE public token sale, which will occur on Friday, September 15, 2017. In order to participate in the sale, users will need to be on the whitelist. This whitelist process ensures that only members of the Slack, /Kakao/Telegram (Korean), WeChat/private list groups can register for KyberNetwork’s token sale. Below are the ways to enlist in KyberNetwork’s whitelist:

  1. Slack

If you are a current KyberNetwork Slack member, you can just sit back and relax for now. KyberNetwork will collect all emails that are registered on the Slack group by the end of 25 August.

  1. KakaoTalk + Telegram (Korean)

If you are a member of the KyberNetworkKakaoTalk/Telegram (Korean) groups, their partner FindenCapital will collect your email from August 18 and send it to KyberNetwork for consolidation on August 25, the last day of whitelist application. FindenCapital will verify the membership of applicants.

  1. WeChat

Unlike Slack, KakaoTalk and Telegram (Korean), the whitelist for the KyberNetworkWechat community has already been concluded. Those who had missed out can join the KyberNetwork Slack to be on the whitelist.

Registration (August 31 to September 10, 2017)

Whitelists from different communities will be consolidated so that only one email is valid to an individual. Following that, KyberNetwork will request whitelist members to register for the token sale at our registration system. Users will register for the token sale using their whitelist email, and a know-your-customer (KYC) check will be performed and you will be asked to verify your identity.

Quick statement from KyberNetwork about KYC checks:

KyberNetwork’s goal is to create an incredible technology platform that will be an integral part of the cryptocurrency community for many, many years to come.  By performing KYC checks for our ICO we are ensuring that we comply with local regulations and are doing due diligence to prepare for any uncertainties. None of the information we collect will be shared with any authorities or partners.

Token Sale (September 15, 2017)

The token sale terms will be released before the end of August, but until then, below are the initial purchasing procedures:

First 6 hours: individual cap

There will be individual caps during the first 6 hours of the token sale on September 15. The computation of individual cap for each approved registrant is as follow: Individual cap = Total public cap/ No. of approved registrants.

After 6 hours: no cap

The individual cap is effective ONLY for the first 6 hours, an adequate time period for all registrants to participate. After the 6 hour mark and should there be any unsold KNC, the cap will be lifted and whitelist members can purchase any amount of KNC until the hard cap is reached.

Learn more about the KyberNetwork ICO at: https://blog.kyber.network/kybernetwork-public-token-sale-901b3e7f5457


 

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