Ether holders will now have the power to alternate their ETH for common ERC20 tokens by using a brand new token-swap characteristic launched by MEW, the primary Ethereum pockets supplier, and Kyber Network, the primary decentralized, on-chain alternate platform.
This characteristic will enable MEW pockets customers to simply convert their Ether into twenty completely different ERC20 tokens, together with Kyber Community Coin (KNC), EOS, OmiseGO (OMG), and steady coin DAI. This swap operate offers MEW’s hundreds of thousands of month-to-month customers the facility to diversify their Ethereum-based holdings with out having to maneuver their ETH out of their MEW wallets and onto an alternate.
Within the final quarter of 2017, the Ethereum community reached an all-time excessive market capitalization of $68.9 billion. MEW and Kyber hope to boost digital asset conversion on the Ethereum community by providing the most secure and best means to alternate ETH for ERC20 tokens.
Kosala Hemachandra, the founding father of MEW, mentioned, “This thrilling collaboration is based on a shared purpose of defending the privateness of our customers, whereas making the cryptocurrency buying and selling expertise fluid and satisfying.”
The founder and CEO of Kyber Community, Loi Luu, mentioned, “Folks across the globe know and belief the MEW model, whether or not they’re utilizing the platform to arrange wallets, or to ship and obtain cash from different customers. This main partnership with MEW affirms our dedication to each particular person who holds cryptocurrency and cryptotokens to maintain delivering the seamless and safe token swap expertise they’ve come to anticipate from Kyber Community.”
Neither MEW nor Kyber Community request or retailer any knowledge on their customers, and customers at all times have full management over their property and personal keys. Hemachandra mentioned, “We refuse to gather person knowledge as we wish to honour the rules of blockchain know-how, of which privateness is paramount.”
By mid-2018, MEW and Kyber plan to broaden the token swap operate to permit for conversion between completely different ERC20 tokens, as a substitute of simply between ETH and ERC20s. By the tip of the 12 months, MEW and Kyber plan on implimenting cross-chain token conversion, which might give customers the power to alternate digital property primarily based on completely different blockchains. This characteristic would enable MEW customers to transform their Ether into the token of their selecting, no matter whether or not that token was primarily based on Ethereum, all with out having to first withdrawl the Ether from the MEW pockets.
Some pockets suppliers, comparable to Exodus, have carried out a built-in token alternate on their wallets earlier than, primarily utilizing ShapeShift to energy the moment alternate characteristic. Nonetheless, ShapeShift is a centralized alternate. The Kyber Community, alternatively, is a decentralized alternate, constructed on the Ethereum community. This characteristic provides safety and privateness, as customers knowledge and funds usually are not collected and saved on the central servers of a single firm, however are as a substitute distributed throughout your complete Ethereum community.