KNC coin is the platform token of the exchange Kyber Network. Kyber Network is a decentralized exchange that does not require a third party to be trusted, facilitating instant conversion/exchange between crypto assets. Through the Kyber Network, users can pay in token A to the corresponding recipient who wants to be paid in token B in one step. In addition, Kyber Network has introduced a new smart contract interface that allows existing wallets that only accept specific tokens to accept any existing or possible future tokens (such as PAY and CVC) without needing to modify the token contract code. That said, Kyber Network enables smart contract and payment recipients to reach a wider audience and receive payments in any token supported by those platforms.

Kyber Network uses innovative ways to ensure liquidity, trustless and instant exchange of tokens, including reserve managers, reserve contributors, dynamic reserve banks and smart contracts to manage reserves. Each participant mentioned above interacts with the smart contract in a different way. The dynamic reserve pool in Kyber Network can meet the user's request and realize the conversion of any token in one step.

In addition, Kyber Network allows multiple reserves to coexist and the platform can provide users with the best conversion rate in a series of comparisons. In addition to operators, individuals or organizations not affiliated with the Kyber Network can register to participate in the system to contribute to the entire repository and become the reserve manager of their personal assets. In this way, the Kyber Network actually provides more ways to exchange and trade low-volume tokens. Kyber Network does not hold reserve funds managed by independent reserve managers (which are stored in reserve contracts), but ensures that their reserve contracts comply with the terms of the Kyber Network platform.