KuCoin Releases KCS whitepaper – a Path for Geek to Mass Adoption

KuCoin recently co-released the KCS whitepaper with KCS management foundation and KCC to outline the key details about its native KuCoin Token (KCS). It’s a new milestone for the KCS  considering that KuCoin and KCC will empower the development of the KCS ecosystem and 20 million KCS have been burned.

Given the significance of the move, we are going to have a quick look at  KCS (The KuCoin Token) with its potential, the KCC and what the move means for you as a trader.

But before we delve into the details, if you’re new to KuCoin, have a look at our review on the exchange in order to establish an understanding.

KCS Whitepaper & Management

The whitepaper outlines all of the essential details about KuCoin Token (KCS), and with it, the company’s grand vision for the overall ecosystem and how it fits within the greater cryptocurrency landscape.

Meet KCS & KCC

KuCoin Token (KCS) is the native token of KuCoin that came out back in 2017 as a profit-sharing token that allows traders to draw value from the exchange. KCS is a deflationary digital asset that achieves its deflation structure by performing a regular monthly buyback and burn from the secondary market.

In addition, the initial supply of KCS was capped at 200 million, and its final supply is planned to stabilize at 100 million through a buyback and burn mechanism.

Built by the fans of KCS and KuCoin’s fan communities, KCC is a decentralized public chain with EVM compatibility and high performance.

However, its purpose is to solve the problems such as low performance and high cost of public chains, to provide community users with a faster, more convenient, and low-cost experience.

KCS Whitepaper

KuCoin has co-released the KCS Whitepaper in coordination with KCS Management Foundation and KCC, the decentralized public chain built by KuCoin’s fan communities and holders of KCS, KuCoin’s native token.

“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” – KuCoin CEO Johnny Lyu.

The KCS Whitepaper focuses on the scaling of the KCS ecosystem and summarizes the key collaborations around KCS and the KCS Management Foundation.

The mechanisms designed to accelerate the value growth of KCS have been illustrated and the distribution plan of the 90 million KCS in lock-up has been clarified, in which 20 million KCS will be burned permanently. After the whitepaper was released, the 20 million KCS were burned on Mar 30. 

The KCS Whitepaper also highlights KCS will build a payment system and a web3.0 ecosystem to empower KuCoin’s web 3.0 strategy. Learn more about the whitepaper here.

KCS use-case and burn

KCS Bonus is regarded as one of the best ways to get passive income. Users who hold more than 6 KCS can get a daily dividend, which comes from 50% of KuCoin’s daily trading fee revenue. KCS Bonus is a unique incentive mechanism for KCS holders and KuCoin ecosystem builders. The amount of rewards that users can get depends on the number of KCS held and the trading volume of the KuCoin Exchange.

Besides being paid out as a dividend, KCS, as a utility token, is also used to pay for trading fees on the KuCoin Exchange, allowing users to enjoy discounts of up to 20% off .

The use case of KCS also includes participation in the token sale on KuCoin Spotlight, as well as LockDrop/BurningDrop on the KuCoin Earn platform. But this is not all, as KCS tokens also serve a series of other purposes on the platform.

For instance, KCS holders can become KuCoin VIPs and users no longer need to have a huge BTC trading volume to unlock the reduced maker and taker fees.

KCS can also be used as a payment method for shopping, making hotel reservations, buying gaming equipment, and more.

KCS Potential

KuCoin has announced that “Empowering KCS” will be a key priority of KuCoin and will build KCS as a killer product rather than a simple token, which is bound to further diversify the benefits that KCS holders can access. In the long run, KCS performs as the key to the entire KuCoin ecosystem. 

In addition, as the underlying fuel and general token of KCC, KCS will be used as the gas fee and empower the projects based on KCC. The KCC ecosystem will aggregate various types of projects and platforms. This includes DeFi, NFT+, games, Web3.0-related application projects, etc., which will increase the decentralized application scenarios for KCS to further its inherent value.

All said, KuCoin is a top-5 crypto exchange by volume (over $5B in daily trading volume) and has a prominent international footprint. KCS has massive potential and performs as the key to the entire KuCoin ecosystem.

Furthermore, as a utility token of KCC, with the development of the KCC ecosystem and the emergence of more and more KCC-based projects, KCS is poised to flourish. We look forward to seeing what the brilliant future holds for KCS.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Source: https://beincrypto.com/kucoin-kcs-whitepaper-a-path-for-geek-to-mass-adoption/