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KuCoin is the native token of the KuCoin Community Chain (KCC)
  • KuCoin Token (KCS) is the native token of the KuCoin Community Chain (KCC)

  • KCS offers holders trading discounts, the possibility of a daily passive income and other bonuses

  • KuCoin buys back KCS monthly with 10% of its earnings and “burns” it

  • There is nearly $50m TVL on KCC, with many dApps in the making

What is KCS?

KCS is a utility token based on the KuCoin platform. KCS was introduced in 2017 and offers various benefits for hodlers. Firstly, a trader who uses the token for gas fees enjoys a 20% discount. A user who holds more KCS will also receive more benefits, while bonuses are available that are tied to both the stock and trading volume of the broader KuCoin exchange.

KCS is essentially a bet on the KuCoin exchange. As the KuCoin exchange grows, KCS is also likely to increase. KuCoin is the third largest exchange according to CoinMarketCap. More than 8 million users in 207 countries and jurisdictions around the world have access to the KuCoin services, including hundreds of digital assets and cryptocurrencies.

The product range is broad and includes spot trading, margin trading, P2P fiat trading, futures trading, staking and lending. In November 2018, KuCoin announced a Series A financing round of $20 million with the participation of IDG Capital and Matrix Partners.

KuCoin also buys back KCS from the secondary market on a monthly basis with 10% of the platform’s revenue. These purchased KCS are “burned”, reducing the supply. KuCoin has already completed 27 “burns”.

Finally, in order to better support the development of the KCS ecosystem, the EIP-1559 and the KCC fee mechanism (base fee + priority fee) will be introduced into the KCS deflation mechanism. This will lead to the fact that the basic fuel fee will be dynamically adjusted to the congestion of the KCC network.

KCS is listed on several exchanges, including Kucoin, MXC, Poloniex, Probit, AscendEX (formerly Bitmax).

Spotlight &Burningdrop

With the ownership of KCS, investors get the right to participate in the token sale on KuCoin Spotlight, the token launch platform on KuCoin.

KuCoin Spotlight has launched over 20 projects, including the Highlights, CWAR and HOTCROSS.

Secondly, BurningDrop is a fair token distribution platform that has supported the token distribution of a variety of blockchain startups in which KCS holders can participate. By locking or naming crypto assets, users can increase their computing power for additional token distribution.

KuCoin Community Chain

The KCS token is the fuel that runs the KuCoin community chain. KCC runs through a Staked Authority (PoSA) consensus mechanism, which has strong performance, high throughput, low transaction costs, low latency, and high security and stability. In addition, the PoSA helps to limit the duration of block confirmation to 3 seconds.

The on-chain TVL currently amounts to about $ 50 million, and the number of wallet addresses is over 300,000.

KCC focuses on the following areas:

  • Building a basic toolchain for the blockchain

  • Combining centralization and decentralization

  • Building a global open developer platform

  • Building a decentralized autonomous community

  • Building cross-chain interoperability protocols

  • Expansion of capacity to cope with the additional load

DeFi, NFTs, Web3 projects and gaming are also target areas for the KuCoin ecosystem.

KCS Management Foundation

The KCS Management Foundation is responsible for the development, decision-making, investment and application of KCS and is currently working on the research and development of various centralized and decentralized applications.

In the future, the KCS ecosystem – consisting of the KuCoin core team, the KCC GoDAO Foundation, investment institutions, angel investors and representatives of the KCS Holder Community – will introduce more efficient, autonomous and community-based protocols and tools, gradually removing power from the KCS Management Foundation.

Ultimately, the GoDAO community will take over the administration completely.

Other KCS use cases and the future

KCS can also be used to purchase a variety of goods and services online and offline. The fields with merchants and digital payment providers supporting this token include online shopping, hotel reservations, and online gaming.

For KCS to achieve its goal, it needs to work with KuCoin Exchange and KCC to develop a payment system that can serve its users around the world. This payment system should connect all projects with the KCS ecosystem. It should also be involved in countless transactions such as derivatives trading, the launch of new coins, stablecoins, lending, NFT transactions and the transactions of the KCC ecosystem.

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