Kryptono Exchange Project Evaluation
The following is an objective review of the Kryptono Exchange. The evaluation is based on our experience in evaluating crypto projects since 2013. Please take into consideration that this is not is not a financial advice.
Kryptono (a.k.a. Krypto NOW or Crypto NOW) is a new cross-blockchain crypto exchange, with a native ERC223 token (the KNOW token) that will be used to pay for the transaction fees on the platform, along with other cryptocurrencies, but with a 50% discount.
The project was designed with the goal of developing an exchange that can solve the complexity of the current crypto trading industry and could serve ordinary citizens in everyday payment scenarios. To this end, Kryptono has created an instant, easy to use, efficient, and secure exchange that has the advantages of a crypto-to-crypto exchange (i.e. fast and a good user experience), and allows users to buy and sell crypto with fiat via a peer-to-peer network.
Kryptono is registered in Singapore. The team behind the project is made up of highly accomplished individuals with a wealth of experience in multidisciplinary fields such as legal-tech, finance, big-datamachine learning, and blockchain, These include Charles Thach (currently serving as Chief Crypto Officer at Gifto) and William H. Nguyen (former Chief Crypto Architect at the Asia Innovation Group).
Kryptono recently opened registration to their new exchange and has already attracted more than 30,000 users with an ongoing incentive program. Kryptono KNOW tokens will be sold through the exchange via a unique and limited fund-raising structure, starting on the 1st of June. The Exchange is live with internal test trading. Live trading will be live on the 1st of June.
Let’s begin with our evaluation!
At present, there are over 200 crypto exchanges worldwide. Some focus only on crypto-to-crypto trades, while others focus on crypto-to-fiat trades. Though both categories serve their users well, each of them has inherent limitations. A crypto-to-crypto exchange provides its users with fast execution times, low-cost offers, and many crypto-pairs, allowing users to trade with ease. However, the major drawback is market volatility. The investors who have fiat will find it difficult to take advantage of buying opportunities, and investors who have cryptocurrencies will find it difficult to convert their cryptocurrencies at cashing out time. On the other hand, crypto-to-fiat exchanges could represent a compelling alternative. However, in practice, they currently only offer a limited number of crypto-to-fiat pairs, which are usually subject to a relatively high fee. Furthermore, the amount of fiat a user can buysell is often limited.
Kryptono (a.k.a. Krypto NOW or Crypto NOW) was designed to address the shortfalls outlined above. To this end, Kryptono has developed an exchange that incorporates the strengths of both categories. An exchange where users can concurrently, enjoy the advantages of a crypto-to-crypto exchange and convert their cryptocurrencies with fiat via a peer-to-peer network.
Let’s briefly turn to explaining Kryptono’s key features to get a better understanding of its value:
- Parallel Computing Technology and Architecture: All components of the Kryptono Exchange are built to scale high-volumes of transactions and workload. Kryptono is using parallel computing technology and architecture, where workload and traffic are distributed uniformly to servers in data centers across the world. To give an illustration, on a top machine, one single price matching engine can reach 3.5 million orders per second. Since these engines are working in parallel, if they were to carry 1000 pairs of cryptos (within a theoretical limit), they would be able to reach up to 3.5 billion orders per second using 1000 servers working in parallel. In other words, using multiple servers, Kryptono will be able to connect transactions simultaneously and asynchronously, and thus, will be able to scale almost infinite traffic. These load balancing operations are run automatically without the need for rewriting and re-deploying the software.
- Security: Kryptono manages crypto assets based on 2 tiers. The first tier is AI-based fraud detection and has a price manipulation prevention system to protect a user’s portfolio value. The second tier is multi-level and multisig actions with human inspections for a large amount of crypto withdrawal, which is the same process as the banking system. All account accesses require 2-factor authentication (2FA) with either SMS or Google Authenticator to prevent unauthorized use. In addition to the 2FA, Kryptono also requires email confirmation for any withdrawal to give users a final chance to review the withdrawal and to prevent unauthorized transactions.
Kryptono is adopting the industry compliance standards and secure its users’ data and infrastructure in accordance with the Information Security Standard, ISO/IEC 27001, and the CryptoCurrency Security Standard (a security standard that helps secure all information systems that make use of cryptocurrencies.).
- Peer-to-peer crypto-fiat conversion system: Kryptono provides a peer-to-peer crypto-fiat function allowing users to buysell cryptos for fiat with other users in the Kryptono network. The Kryptono platform will keep the crypto in escrow, while the buyer transfers the fiat directly to the seller. During the peer-to-peer trading process, the buyer and seller will be able to communicate directly with each other via a message system. The content of the chat will be archived in the event of a potential dispute. If a dispute arises, Kryptono has a customer service team that will step in and assist the disputing parties.
- XPAD: A Launching Platform for ICO Projects: Kryptono will power a platform for ICO projects called XPAD. The project will have a team of experts who will undertake due diligence on the projects launched by XPAD, to ensure their credibility. Kryptono will also have fully vested KYC investors ready for participation in any ICO launch on XPAD, thus providing an additional incentive for ICO projects to join the platform.
- Customer Support: Kryptono cooperates with Zendesk support and operates customer service software featuring an email ticketing system. Accordingly, each issue the user has, will be processed and resolved with a ticket ID via email and if necessary, through phone calls. The customer support will be provided 24/7 and will start with the English, Korean, Chinese, and Vietnamese languages.
- API support: Open API for 3rd party automatic trading like those of io will be provided. The API will allow traders, and third parties to build whatever trading scheme their imagination desires, as the team wishes to have a platform not only for the ordinary and professional investors but also for large institutional investors as well. They believe API support will help bring investors from equity market to the crypto market, hence better serving the crypto community with more liquidity.
- Multi-Currency Supported: Kryptono will support cryptos across various blockchains such as ETH, BTC, USDT, and ERC20/ERC223 tokens. So, tokens from different blockchains will be exchanged seamlessly on the Kryptono Exchange.
- Website and apps: Kryptono will support web browsers and major platforms such as iOS (subject to App Store approval) and Android. The website and app will support multiple languages such as English, Korean, Chinese, etc.
Kryptono Token – KNOW token
The KNOW token will be an ERC223 token with 10 decimal places (The ERC223 tokens are backward compatible with ERC20 tokens, so ERC223 supports every function or service working with ERC20). These tokens will be used to pay for the transaction fees on the Kryptono Exchange, along with ETH and BTC, but with a 50% discount.
There will be no ICO. Instead, the KNOW tokens will be sold over time on the exchange.
- Tokens sale: 50% of the KNOW tokens will be sold on the Kryptono Exchange over time.
- Private sale (Completed): 10% of the tokens were sold in exchange for 10 M USD via a private round. No bonus was given and there is no lockup on the private sale allocation.
- Public sale: 40% of the tokens will be sold over time at the exchange, with 1-2% being released every week (starting from 1st June). The minimum price for the KNOW tokens sold by Kryptono will be $0.1, equivalent to the KNOW tokens price sold in the private round. Though there is a minimum price for the tokens sold, the maximum price will be determined by the investors, by supply and demand.
- Incentive programs: 15% of the tokens will be given for “free” to build a strong community. The first 1000 KYC approved members will receive 1000 KNOW tokens per member. The subsequent 20,000 KYC approved members will receive 200 KNOW tokens per member.
- Team and Advisors: 20% will be for management and advisors. Those tokens will be locked up for 2 years with 1/24 being unlocked every month.
- Reserve: 15% will be reserved for employees and future expansion.
Kryptono revenues will come from transaction fees incurred on the platform (trading, listing, and the XPAD service). The transaction fees will primarily be used to pay for continued software platform development and maintenance, operational costs, business development, and marketing.
The fees on the exchange are expected to be around 0.1% for crypto-to-crypto trades and 1% for peer-to-peer trades. When users pay for transaction fees using KNOW, they will receive a 50% discount.
All fees relating to trading, listing, XPAD services, and bot trading via API usage will be published online on May 30: https://kryptono.exchange/fees.htmlFees
Kryptono is currently in the process of developing a blockchain that aims to achieve the following:
- High transaction confirmation rate that will be comparable to the VISA/MASTERCARD networks (Visa handles on average around 2,000 TPS, while its daily peak rate is around 4,000 TPS).
- True decentralization: Kryptono hopes to allow anyone with a PC or MAC to become a miner in the form of screensavers application using the parallel computing technology. Such a mining feature has already been tested on the Ethereum Ropsten Testnet.
The exchange is already open for registration. The trading function will be available for public on 1st June with BTC, ETH, and other ERC20/ERC223 token pairs. The blockchain infrastructure will be available later this year.
Kryptono team is notable. It is comprised of 30+ highly accomplished individuals with a wealth of experience in the cryptography, bit datamachine learning, and finance domains. Kryptono is also working with over 100 members from leading universities including Harvard, Stanford, Yale, MIT, Cornell, etc.
William H. Nguyen, Ph.D. – Founder and CEO
William is an inventor, blockchain developer, and serial entrepreneur with many successful ventures. Over the past 10 years, William has built many social networking, on-demand video streaming, telecommunication, and search engine applications serving tens of millions of users worldwide. He is the author of the U.S. Patent Pending Technology [US Patent Application No.: 62/590,659] allowing one to build a massively scalable and transactional cryptocurrency wallet that can handle billions of users, which is the foundation of the GIFTO wallet for the GIFTO Protocol (the fastest ICO in Asia). He is also the inventor of the advance collaborative telecommunication technology empowering EdooPAD and its auxiliary applications, which were featured on many renowned technology review blogs such as Engadget and Android Authority.
William is the former Alfred P. Sloan/U.S. Department of Energy Postdoctoral Fellow at Harvard Medical School. Before Harvard, he was the Institutional Doctoral Fellow in Computational Science at the U.S. Department of Energy’s Lawrence Livermore National Laboratory. He graduated summa cum laude (Highest Honors) from the University of California-Davis campus.
Celeste Kwon – Chief Operating Officer
Celeste ran the business development and partnerships at Bithumb. For the past 12 years, she has worked for global financial institutions, assuming senior roles in strategic planning, portfolio management, and corporate banking in Korea, the UK, and Singapore. Banks such as Chartered bank, and MUFG based in Singapore.
Yingyu Wang – Chief Legal Advisor
Ying is the co-Founder of Taylor Vinters Via, a law firm known for its expertise in Technology Law and Intellectual Property Law in Singapore. She is the only female noted by The Legal 500 AP as a leading individual for Tech, Media & Telco Law from 2016 to 2018 and Chambers & Partners for Intellectual Property (IP) Litigation 2017 in Singapore. She was also a finalist for “Woman Lawyer of the Year” award by Asian Legal Business in 2017. Some of her clients in the blockchain space include Nebulas, Gifto, and BitGuild.
Charles Thach – Member of the Board of Directors
Charles is currently the Chief Crypto Officer of GIFTO. He previously worked at top tier investment banks in various roles in Washington DC, Boston, Paris, New York and Hong Kong. He also co-authored the first AML/KYC policy and procedures at Societe Generale (a French multinational banking and financial services company). Charles holds an MBA degree from HEC Paris and earned his BS degree from Georgetown University. He is also a Certified Alternative Investment Analyst.
Wrap it all together, and Kryptono aims to create an easy-to-use, scalable, efficient, and secure exchange for crypto-to-crypto and crypto-to-fiat trades. An all-in-one easy to use exchange that could serve ordinary citizens.
What sets Kryptono apart from other exchanges is (1) its underlying technology which allows the exchange to theoretically handle 3.5 billion orders per second, (2) its organized, and responsive customer services, and (3) its P2P fiat conversion.
Below are some key factors to consider.
- Team and advisors: highly reputable team with a wealth of vital experience (Charles, William, Celeste).
- User base growth: Kryptono has managed to attract over 30,000 members and 3 projects for the XPAD in less than 10 days. Furthermore, according to the team, Kryptono is currently in advanced discussions with 5 countries on a certificate to trade crypto-fiat pairs.
- ICO terms: there were no bonuses during the private rounds, and the tokens allocated to the team will be locked up for 2 years with 1/24 unlocked every month.
- Project potential: considering the project’s targeted market, circulation supply, and initial price, the token potential seems high. The initial price of the KNOW token will be 0.1$, and during the initial phase, there are going to be 100M tokens in circulation. Subsequently, another 400M token will be gradually released in accordance with the growth of the exchange. To put things in perspective, at the time of writing, Binance have 114 M coins in circulation, and each coin is valued at around 13.2$; Houbi have 50M tokens in circulation, and each token is valued at around 3.55$. Considering the above, despite the relatively large supply, the KNOW token seems to have high potential.
- Intense competition: Although the project potential seems high, one should keep in mind that Kryptono faces intense competition from big institutes such as Binance, Bitfenix, etc.
For More Information
To get involved,
Read an in-depth blog on the Kryptono exchange structure,
Join Kryptono Telegram group of 80,000+ members,
Join and sign up for the Kryptono exchange to receive free KNOW tokens, live for a limited time.
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