KuCoin Co-Releases KCS Whitepaper with KCS Management Foundation, Revealing the 20 million KCS Burn
KuCoin, the world-leading crypto exchange, 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.
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.
The KCS Whitepaper also highlights KCS will build a payment system and a web3.0 ecosystem to empower KuCoin's web 3.0 strategy, by exploring and implementing the following areas: DIDs, NFT ownership rights, management and transaction, and construction of metaverse network platform.
The KCS Whitepaper outlines the focus of the KCS Management Foundation to serve as the governing entity responsible for the development, decision making, investment, and applications of KCS. The Foundation will cover research, funding, investment, incubation, and resource integration of the various projects it supports. The efforts of the Foundation will ultimately be aimed at progressing the advancement of decentralized technologies.
The Whitepaper also outlines the concept behind the distribution of the 90 million initial KCS lock-up. Of the 65 million KCS held by the founding team, 20 million will be burned for the first time permanently to accelerate the deflationary process of KCS. The mechanism is implemented to maintain price dynamics stable over the long term. 20 million will be used as long-term incentives for KCS holders and ecosystem contributors, and 25 million will be donated to the Foundation and gradually released in 5 years. For the 25 million KCS held by the initial investors, 18 million will remain with the early investors and be released linearly over 5 years, another 7 million will be made as a donation to the KCS Management Foundation to further enrich the ecosystem.
The price of KCS has seen a 2,000% increase since the beginning of 2021, which is further strengthened by the collaboration with KuCoin and the KCC communities.
KCS aims to build a blockchain-based value self-circulation ecosystem, where all KCS, KuCoin, and KCC community members will be empowered to access services and be incentivized by the extensive application scenarios built into the system. According to Johnny Lyu, CEO of KuCoin, “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”.
KCS has also aligned with the KuCoin core team, the KCC GoDAO Foundation, investment institutions, angel investors, and representatives of the KCS Holder Community to co-establish the KCS Management Foundation. The latter will oversee the research, funding, investment, incubation, and resource integration of KCS and is currently working on the research and development of centralized and decentralized applications and various sectors of the blockchain economy. In the future, KCC GoDAO will replace the KCS Management Foundation to empower and facilitate the development of the KCS ecosystem.
Launched in 2021, KCC is becoming the birthplace of technological, business, and model innovation, and to create a complete closed-loop ecosystem of technology, products, and users. Its total TVL grows steadily and has reached 50 million in the first quarter of 2022.
KCC is a public chain project initiated and built by the developer community of KCS and KuCoin, aiming to solve the network latency and high gas fee of Ethereum. It is Ethereum-based and compatible with EVM and smart contracts to provide community users and developers with a higher-speed, more convenient, and lower-cost blockchain experience.
For more details, visit https://www.kcc.io.
Launched in September 2017, KuCoin is a global cryptocurrency exchange for over 600 digital assets. It currently provides Spot trading, Margin trading, P2P fiat trading, Futures trading, Staking, and Lending to its 10 million users in 207 countries and regions around the world. In 2018, KuCoin secured $20 million in Round A funding from IDG Capital and Matrix Partners. According to CoinMarketCap, KuCoin is currently one of the top 5 crypto exchanges. Also, Forbes named KuCoin as one of the Best Crypto Exchanges for 2021. In 2022, The Ascent named KuCoin the Best Crypto Exchanges and Apps for enthusiasts.
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