KuCoin’s KCS token, one of the world’s leading cryptocurrency exchanges, has become one of the most interesting altcoins of the last period. KCS broke an all-time high of $28.77 on December 1, 2021. In addition, KuCoin announced several innovations to its users in the platform’s native token, the KuCoin Token (KCS). The KCS Management Foundation and KuCoin have published the KCS whitepaper created in parallel with KCC, and the plan to burn a large amount of coins has been announced. In this article, we will first discuss the KuCoin Token and then talk about the newly released whitepaper. Here are the details…
What is KuCoin and KuCoin Token (KCS)?
KuCoin currently provides spot trading, margin trading, P2P fiat trading, futures trading, staking and lending services to its 8 million users in 207 countries and regions worldwide. Known as the “People’s Exchange”, KuCoin offers users 24/7 customer service. Having collected $20 million from IDG Capital and Matrix Partners in 2018, KuCoin is among the top five cryptocurrency exchanges on CoinMarketCap. It is also worth noting that Forbes has rated KuCoin as one of the best exchanges.
KuCoin is perhaps best known for its wide range of altcoins. As the home of crypto “gems”, KuCoin supports more than 600 projects with over 1,000 trading pairs. The value of KCS as the native token of the exchange is strongly correlated with KuCoin. Listed on exchanges such as
KuCoin, MXC, Poloniex, AscendEX (formerly Bitmax) and Probit, the tokenomics of KCS are deflationary. While the total supply of KCS is 200 million, a planned incineration and buyback is carried out until half of this amount, that is, 100 million KCS, remains.
What does KCS offer?
There are several opportunities for users holding KCS. To give an example, we can say that users with at least 6 KCS receive a daily KCS bonus. Also, KCS holders can get 20 percent discount on trading on KuCoin, join Spotlight (IEO) and Burningdrop (new launchpool product), book on Travala. Reportedly, as KuCoin grows, the daily KCS bonus will also increase. You can see all the articles on what can be done with KCS in detail below:
- KCS bonus: It is considered an incentive mechanism for KuCoin and a way to earn passive income. Users with at least 6 KCS can receive a daily bonus of 50 percent of KuCoin’s daily transaction fee income. This amount varies according to the trading volume of the exchange and the amount of KCS in the hands of the user.
- Invest in Spotlight projects: KCS holders can participate in the token sale on KuCoin Spotlight, a platform that serves early-stage crypto projects and initial token distribution. Thus, users can invest in some projects early and double their investments for later. The exchange has launched 17 Spotlight projects so far. Among them, LUKSO 187, PDEX 114 and CHMB increased 143 times. The price of the VR, which was offered for sale at $ 0.00295 in the past days, is currently $ 0.46.
- Participating in token distribution with Burningdrop: KCS holders can participate in BurningDrop, which is characterized as a “fair token distribution platform”. Burningdrop has so far supported HORD, TCP, LOCG, LNCHX, XCAD, etc. supported the token distribution of some projects, including The average return on investment in these projects is over 3,000 percent. Here is the graph that presents the statistics for the returns:
- Use case on the KCC network: KCC is a public blockchain built by the KCS community. Network; It has features such as high throughput, low latency, low transaction cost, and satisfactory security and stability. It reduces block confirmation time to 3 seconds with the Proof of Stakeed Authority (PoSA) consensus mechanism. KCS is used as KCC’s transaction and native token – that’s how gas fees are paid. Together with projects like Kuswap and Mojitoswap, the total locked value in KCC has approached $50 million.
- Using KCS as a payment method: There are many companies where you can make payments and purchase various services with KCS. These include companies like SwirlPay, PlayGame, Travala, Print-ted, Pundi X, Splinterlands, Constant, CoinPayments and BetProtocol.
KCS whitepaper published: 20 million KCS burned
KuCoin, which we described above; The KCS Management Foundation and the KuCoin communities and decentralized blockchain created by KuCoin’s native token KCS holders, in coordination with KCC, have released the KCS whitepaper. In the KCS whitepaper, that is, the technical report, there is what is designed about the KCS ecosystem. The mechanisms designed to accelerate the appreciation of KCS were demonstrated, and the distribution plan for the locked 90 million KCS was clarified, where 20 million KCS would be permanently incinerated.
It is also emphasized that the KCS ecosystem will strengthen the web 3.0 strategy and establish a payment system for it. Highlights include DIDs, NFT ownership rights, management, transaction and construction of the metaverse network platform. It is also summarized that the KCS Management Foundation will be responsible for the development, investment and implementation of KCS. The foundation’s efforts will ultimately aim to advance decentralized technologies.
90 million KCS locks
The whitepaper also outlines the concept behind the first 90 million KCS locks. Of the 25 million KCS held by the initial investors, 18 million will remain with the investors and enter the market for 5 years, with another 7 million being donated to the KCS Management Foundation to further enrich the ecosystem. Of the 65 million KCS held by the founding team, 20 million will be permanently incinerated for the first time to accelerate the deflationary process of the KCS. 20 million will be used as KCS incentives and 25 million will be donated to the foundation. The donated amount will be released gradually over 5 years. You can better understand how to distribute locked KCSs from the following diagram:
KCS price made 2,000 percent!
The price of KCS has seen a 2,000 percent increase since the start of 2021. Compared to other centralized exchange tokens, KCS takes the top spot with more than 33x price increase since the beginning of 2021. Coin is further strengthened by collaboration with KuCoin and KCC communities. KCS aims to provide an environment where community members across the entire KuCoin ecosystem can access services and be encouraged.
The KuCoin ecosystem continues to expand
KuCoin CEO Johhy Lyu said that KCS “connects KuCoin and the KCC community to create a bridge between the decentralized and decentralized world.” He says he will build a bridge. KCS also collaborated with KuCoin core team, KCC GoDAO Foundation, investment institutions, angel investors and KCS community representatives to co-found the KCS Management Foundation. KCC GoDAO; Currently, he is engaged in research and development of applications and various sectors of the Blockchain economy. In the future, KCC GoDAO will replace the KCS Management Foundation to strengthen and facilitate the development of the KCS ecosystem.
KCC, released in 2021, aimed at solving Ethereum’s network latency and high gas fee; becomes the birthplace of technological, commercial and model innovation and creates an ecosystem of technology, products and users. The total locked total value in the network is growing steadily and reached 50 million in the first quarter of 2022. KCC is based on Ethereum. It is compatible with EVM and smart contracts to provide community users and developers with a faster, more convenient and lower cost Blockchain experience.
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