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How KuCoin differs from other brokers

 


What is KCS?

KCS is a utility token based on the KuCoin platform. Introduced in 2017, KCS offers several benefits for hodlers. First, a trader using the gas fee token enjoys a 20% discount. A user who holds more KCS also receives more benefits, while bonuses tied to both inventory and trading volume of the broader KuCoin exchange are available.


KCS is essentially a bet on the KuCoin exchange. As the KuCoin exchange grows, KCS is also likely to increase. KuCoin is the third largest exchange according to CoinMarketCap. More than 8 million users in 207 countries and jurisdictions around the world have access to the KuCoin services, including hundreds of digital assets and cryptocurrencies.


The product range is broad and includes spot trading, margin trading, P2P fiat trading, futures trading, staking and lending. KuCoin announced a $20 million Series A funding round in November 2018 with participation from IDG Capital and Matrix Partners.  


KuCoin also buys back KCS from the secondary market on a monthly basis with 10% of the platform's earnings. These purchased KCS will be "burned", reducing the supply. KuCoin has already completed 27 burns.


Finally, to better support the development of the KCS ecosystem, the EIP-1559 and the KCC fee mechanism (basic fee + priority fee) will be introduced into the KCS deflation mechanism. This will result in the basic fuel charge being dynamically adjusted to the congestion of the KCC network.


KCS is listed on multiple exchanges including Kucoin, MXC, Poloniex, Probit, AscendEX (formerly Bitmax).


Owning KCS gives investors the right to participate in the token sale on KuCoin Spotlight, the token launch platform on KuCoin.


KuCoin Spotlight has launched over 20 projects including the Highlights, CWAR and HOTCROSS


Second, BurningDrop is a fair token distribution platform that has supported the token distribution of a variety of blockchain startups that KCS holders can participate in. By blocking or naming crypto assets, users can increase their computing power for additional token distribution.


The KCS token is the fuel that runs the KuCoin Community Chain. KCC runs on a staked authority (PoSA) consensus mechanism that features strong performance, high throughput, low transaction costs, low latency, and strong security and stability. In addition, the PoSA helps to limit the block confirmation duration to 3 seconds.


The on-chain TVL is currently around $50M and the number of wallet addresses is over 300,000. 


KCC focuses on the following areas:


Building a basic toolchain for the blockchain


Combination of centralization and decentralization


Building a global open developer platform


Building a decentralized autonomous community


Building cross-chain interoperability protocols


Expanding capacity to handle the additional load


DeFi, NFTs, Web3 projects, and gaming are also target areas for the KuCoin ecosystem.  


KCS Management Foundation

The KCS Management Foundation is responsible for the development, decision-making, investment and application of KCS and is currently working on the research and development of various centralized and decentralized applications.


Going forward, the KCS ecosystem — comprised of the KuCoin core team, the KCC GoDAO Foundation, investment institutions, angel investors, and representatives of the KCS Holder Community — will adopt more efficient, autonomous, and community-based protocols and tools, and the KCS Management Foundation will gradually provide the withdraw power.


Eventually, the GoDAO community will take over the administration entirely.


Other KCS use cases and the future

KCS can also be used to purchase a variety of goods and services online and offline. Fields with merchants and digital payment providers supporting this token include online shopping, hotel reservations, and online gaming. 


For KCS to achieve its goal, it needs to work with KuCoin Exchange and KCC to develop a payment system that can serve its users around the world. This payment system should connect all projects to the KCS ecosystem. It should also be involved in myriad transactions such as derivatives trading, new coin launches, stablecoins, lending, NFT transactions, and the transactions of the KCC ecosystem.

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