The KuCoin token is a decentralized cryptocurrency platform that allows participants to draw value from the exchange by using its profit-sharing token. Upon its ERC-20 specifications release, it was available across several Ethereum wallets.
The platform announced that the empowerment of its dedicated cryptocurrency token, KCS will be its major priority. It further stated that it will build the product as a major part of its ecosystem, rather than a simple token. As such, the system will be bound to give users of the KuCoin exchange access to the variety of benefits that are limited to participants.
According to the platform, the KCS coin was created for the long game as it will serve as the key to the entire ecosystem. This will include the development of its decentralized exchange as well as other aspects of its KuChain, allowing the KCS token to be the network underlying fuel and the general currency within the network for the future of KuCoin and all its products.
Who are the Founders of KuCoin (KCS)?
The KuCoin ecosystem involves several services, one of which is its cryptocurrency exchange which is a major service offered by the network. The company was launched on the 15th of September, 2017. Originally, the company was co-founded by a group of people which included Eric Don, Jack Zhu, John Lee, Kent Li, Linda Lin, Top Lan, and Michael Gan.
Although all of the founders have major roles in the running of the company, Michael Gan serves as its current CEO. Gan gained his education at the Chengdu University of Technology where he studied computer software engineering. After getting his education, he worked across a series of industries before venturing into the world of blockchain technology and cryptocurrency.
Top Lan serves as the company’s CTO and just like Gan, he is also vastly experienced in blockchain engineering and security. Other roles of the founders include Eric Don as the COO, Jack Zhu as the marketing director, John Lee as the president of business operations, Kent Li as the maintenance director, Linda Li as the chief legal consultant.
What is KuCoin (KCS) used for?
Apart from its native function of being paid out as dividends, the utility token KCS is also used to pay for transaction fees on the KuCoin exchange and allows for its users to enjoy discounts as high as 80%. The use case of KuCoin also cuts across partaking in the KuCoin spotlight token sale and also burningdrop/lockdrop on the Pool-X platform.
However, this isn’t where its use ends as it also appeals to a series of uses within the network. For example, participants of the KoCoin network that hold KCS tokens are open to the advantage of becoming VIPs on the KuCoin network. This eliminates the regular requirement to have huge Bitcoin trading volume to unlock the reduced maker and taker fees. The KuCoin token can also be used as a method of payment for a series of goods and services including making hotel reservations, shopping, buying gaming equipment, and several others.
What Is the Unique Point of KuCoin (KCS)?
In general, the KuCoin exchange offers its participants a series of advantages including discounts from time to time as well as its dedicated cryptocurrency, KSC which is considered one of the best ways to earn passive income. On the network, participants who hold more than 6 KCS can be entitled to dividends on a daily basis, which will be paid from 50% of KuCoin’s daily trading revenue. Another point of earning is via the network’s KCS bonus system which is a unique incentive mechanism specifically for holders of the coin and participants in the building of the KuCoin ecosystem at large.
Overall, the amount of rewards that the network participants can earn is dependent on the amount of KSC tokens held, and the total trading volume of the KuCoin exchange at the time. These provisions put the KCS network ahead of most of the other cryptocurrencies available such as VeChain which is majorly dedicated to the flow of information.
How many KuCoin (KCS) coins are in circulation?
The present circulating supply of the KuCoin token as of February 2021 is 80,118,638 KSC. Initially, the network was set to a total supply of 200 million tokens, with a planned burn and buyback until there is a capped leftover of 100 million KSC tokens. However, the released maximum supply of the token stood at 170,118,638 KCS after its official launch.
According to details on the KuCoin website, sooner or later since the network has gone live, its cryptocurrency KCS will become a major native asset of the entire decentralized financial services of the KuCoin network. It will also serve as the token for governance in the KuCoin ecosystem.
Is the KuCoin (KCS) Network secured?
Given that the KuCoin token was issued under the ERC-20 standard, the token follows the same security measures used by the Ethereum network known as the proof-of-work consensus mechanism.
The proof of work consensus mechanism required the nodes on the network to validate transactions in order to earn rewards. Before a new block can be added to the network, it must have been vetted by at least 50% of the nodes to ensure its correctness.
In addition to its Ethereum consensus algorithm, the system also employs the use of a standard encryption protocol which makes sure that the data of users and details of transfers are hidden from other network users. This process ensures a high level of discretion on the network securing it from outside hacks.
The encryption protocol used has a multi-layer and multi-cluster architectural design system which allows it to be able to accommodate more than one transaction at the same time while ensuring that the system is stable all through every transaction.
How do I buy KuCoin (KCS)?
The use and general integration of the KuCoin have increased over time because of the series of advantages that the network provides for its participants. And in addition to that, more people are entering into the KuCoin space daily, thus increasing its general availability across several exchanges. KuCoin tokens can be bought through the steps below provide the right direction to purchasing its tokens.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy KCS through your trading account.
Which Cryptocurrency Wallet Supports KuCoin (KCS)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as KuCoin. Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their KuCoin wallet because offers a simple and interactive interface making it easy for people to navigate its system.