Whitepapers are an integral part of building a successful blockchain or cryptocurrency ecosystem. KCS, the popular currency associated with the KuCoin exchange and the KCC blockchain, has now received its whitepaper to highlight crucial elements. The 20 million token burn is one of the more surprising aspects.
The KCS Whitepaper Has Arrived
Even though the KCS token has been around for a while, its initial release did not come with a whitepaper. That is not entirely unusual, although many people were curious where the project would hear. This week, KuCoin, together with the KCS Management Foundation, unveiled that whitepaper. The document confirms there is a long-term growth plan involving the KCC community.
The first highlight of the whitepaper confirms a strong focus on scaling the KCS ecosystem. That involves looking forward and exploring new opportunities, partnerships, and collaborations. Moreover, KCS and the KCS Management Foundation aim to accelerate the token’s value growth. That includes addressing the distribution plan of 90 million KCS locked up since the start.
Tat 90 million KCS will be distributed as follows:
- Early investors (25 million) will retain 18 million KCS, released linearly over five years. The remaining 7 million is donated to the KCS Management Foundation to fuel ecosystem growth.
- Founding team members (65 million) will burn 20 million tokens – making KCS more deflationary – and use 20 million for long-term incentives for KCS holders and ecosystem contributors. The remaining 25 million is donated to the Foundation and released over five years.
Contributing such vast amounts to the KCS Management Foundation is a good way to focus on the long game. Incentives and rewards will appeal to both users and developers. As the KCS whitepaper hints at building a payment system and Web3 ecosystem aligning with KuCoin’s Web3 strategy, that long-term vision is essential. A strong emphasis is put on DIDs, NFT ownership rights, construction of metaverse network platform, and management and transaction.
The KCS Management Foundation Role
A second big focus of the whitepaper is the role of the KCS Management Foundation. Its main objective is to govern the ecosystem and emphasize the development, investment, decision-making, and applications of KCS and its technology. Moreover, the Foundation will handle funding, investment, research, incubation, and resource integration of various supported projects. The Function primarily exists to advance the decentralized technologies under the KCS banner.
Ultimately, the goal is to ensure KCS becomes a blockchain-based value self-circulation ecosystem empowering KCC community members, KuCoin users, and KCS holders. They will gain access to new services and products and benefit from the extensive applications scenarios with solid incentives. Those efforts are launched as KCS noted a 2,000% price increase since early 2021, primarily thanks to the collaboration with KuCoin and the KCC communities.
KuCoin CEO Johnny Lyu comments:
“KCS will build a bridge between the centralized and decentralized world by connecting KuCoin and the KCC community, and lead the way for the creation of a self-circulation ecosystem with the community support and bring the blockchain from the geeks to the masses”.
The creation of the KCS Management Foundation is possible by KCS aligning with the KuCoin core team, the KCC GoDAO Foundation, angel investors, KCS Holder Community representatives, and investment institutions. At this time, the Foundation works on researching and developing centralized and decentralized applications for KCS across various sectors of the blockchain economy. The KCC GoDAO will eventually replace the Foundation.