Are you a KuCoin user if you are then you should definitely look into the crypto exchange’s native token KCS.
In this article, we’re going to explain what is Kucoin, who invented KuCoin, how does KUcoin work, and what are my thoughts on it.
What is KuCoin?
It is a cryptocurrency exchange that allows users to buy, sell and trade their cryptocurrency assets. It advertises itself as a hybrid exchange that combines elements of both centralized and decentralized exchanges. The long-term goal however is to convert to a truly decentralized exchange. In addition to standard trading options, it also provides leverage, futures, and peer-to-peer trading. Users can also bet or lend their tokens in order to earn passive income. It also features lower trading fees than its competitors making it an appealing option for cryptocurrency traders. It received 20 million in a round of fundraising in 2018 from IDG capital and matrix partners.
Kucoin also known as the people’s exchange is considered beginner friendly and an excellent option for traders. It also allows for the majority of trading costs to be remitted to community members. This is accomplished using its native token KCS previously known as KuCoin shares. KCS holders are eligible for a daily prize the incentive is available to users with as few as six KCS tokens making it an excellent option for newbies to make passive money.
Who Created kuCoin?
Kucoin was founded in 2017 by eight co-founders johnny Liu is the project’s current CEO. It’s headquartered in Singapore and Seychelles. Since its inception in 2017 KuCoin has grown to become one of the world’s largest cryptocurrency exchanges with over 10 million members and a substantial presence in over 200 countries. According to its staff, it is dedicated to researching disruptive technology and brilliant concepts in order to increase crypto adoption among the general public.
What is a KuCoin Token?
Kucoin token or KCS is KuCoin’s exchange native token originally known as KuCoin shares it was relaunched in January 2021 as KuCoin token. The KCS token is an erc20 token. The first public token cell for KCS took place from august 15 through to September 1st of 2017. Kcs is a deflationary coin since no new tokens will be produced after 200 million have been created. There is also a proposal to buy back and burn nearly half of the whole supply. The founders have been allotted 35 of the entire supply while early investors, influencers, and consultants have been allocated 15%. 25% of the total supply was placed up for sale on a yearly basis with the last sale taking place on September 2nd, 2021. The KCS token provides customers with various advantages on the exchange. Users can save money on their training fees, in addition, users can take advantage of the exchange’s many features such as the KuCoin spotlight. Users can also use KCS to participate in the pool-x program.
It also compensates KCS holders by offering them a bonus every single day. When KuCoin becomes a totally decentralized exchange in the future the KCS token will become its governance token allowing holders to vote and decide on the project’s future development.
How does KCS work?
We can see that KCS is comparable to BNB in that it permits users of its exchange to obtain trading charge savings. Users of KCS can receive discounts of up to 20% on the KuCoin exchange. Similarly, KCS is a deflationary currency like BNB that can be bought back and burned until a certain number of tokens are remaining. The total supply of tokens generated in this instance of KCS is 200 million. It enables the purchase and burning of the KCS token 10% of all profits are utilized to repurchase and burn KCS tokens. This will continue until the total KCS supply reaches 100 million tokens.
Initially, the burning was done on a quarterly basis but it’s currently done once a month. More than 3 million KCS tokens have been burned to date. This equates to over 37 million us dollars in KCS tokens. Holders of the KCS token are additionally rewarded via kuCoin, as a result, the users receive 50 of the overall earnings of the transaction. A user must own at least six KCS tokens to be eligible for this award. This means that the entry point is fairly low providing a good opportunity for people with limited financial resources to generate a decent passive income.
Another advantage is that these prizes are distributed on a daily basis eliminating the need to wait for long periods of time. Kcs is also a component of the KCS blockchain. Kucoin community chain or KCC is a decentralized blockchain network established by the KuCoin community members and supporters. It’s a high-performance blockchain with low transaction fees and latency as well as being secure. The proof-of-stake authority consensus technique is used by the KCC which allows the block confirmation time to be decreased to just 3 seconds.
Kcs are used exclusively as the network’s fuel and native token and the number of KCS addresses on the network has grown tremendously. Kcc already has new initiatives on its network such as Mojitoswap and Kuswap which are hosted on the platform.
Related: Centralized vs Decentralized Exchanges | Best Exchange?
Where can you purchase KCS crypto?
Like any other cryptocurrency, KCS coins can be purchased on significant cryptocurrency exchanges like KuCoin. You can place a market buy or a limit buy; with a limit buy, you choose the price at which you’re willing to pay, and your order is filled when the token price reaches your limit price. If you require the token immediately, you can place a market order, agree to pay the going rate, and have your order filled almost instantly. If you want to trade KCS you can do so at kuCoin, Binance, or Okex.
Conclusion
What are my thoughts? The fact that KuCoin lacks a US operating license is among its most serious problems. Users from the united states can open accounts on the exchange but they have limited trading possibilities. Furthermore, there’s always the risk that if a KuCoin crackdown occurs users will be unable to withdraw their money. Kucoin’s security is also a major problem on September 25th of 2020 a group of hackers stole over 275 million in cryptocurrencies from the exchange, this was viewed as a massive security breach and while KuCoin later identified the hackers it raises serious questions about the exchange’s overall security architecture.
As always I hope you got value from this video and learned something new about KuCoin, so I’m curious do you use KuCoin to buy sell, and trade crypto assets? What are your thoughts on KuCoin leave a comment below.
