KuCoin, a global leading crypto exchange, announced that the mainnet of KuCoin Community Chain (KCC), is officially launched today. Built by the fans of KCS and KuCoin, KCC is an Ethereum-based decentralized public chain with high performance. KCC features high throughput, low latency, low transaction cost, and satisfactory security and stability, aiming to provide community users with faster, more convenient, and lower-cost experiences.
The public chain is the most important infrastructure in the cryptocurrency industry, but with the emergence of a growing number of decentralized applications such as DeFi and NFT, the existing public chain technology can hardly support such large-scale and complex commercial-level applications. Currently, problems such as low performance and the high cost of the public chain adoption have impacted the user experience, becoming one of the problems that hinder the large-scale application of blockchain technology.
KCC introduced the Proof of Staked Authority (PoSA) consensus mechanism and reduced the block confirmation period to 3 seconds to improve the processing power and performance on the chain. At the same time, KuCoin Token (KCS) is used as the only fuel for KCC to reduce transaction costs. Thus, KCC has successfully achieved faster transaction confirmation speed, higher transaction performance, and lower transaction fee.
In addition, KCC is compatible with Ethereum and ERC20 smart contracts, which offers extremely low migration costs for projects. It will improve the user experience by lowering the threshold for the landing and development of decentralized apps, while at the same time providing community users with a more convenient, faster, and lower-cost blockchain experience. As one of the KCC community members and angel investors, KuCoin provides financial and technical support for the early development of KCC.
“We believe that blockchain technology will accelerate the flow of value around the globe. We take it as our mission and will make great efforts to achieve it for the future,” said Johnny Lyu, CEO at KuCoin Global, “KCC also represents a key step towards decentralization beyond the integration of open-source blockchain communities. We welcome the community members and enthusiasts of the blockchain world to hold hands and promote the development of KCC and blockchain technology.”
With the mainnet launch, KCC will initiate the “C Plan”, namely the KCC Ecological Plan, which includes a bunch of innovative projects such as the Grants Program, node voting,etc. The plan will support a wide range of projects, including on-chain ecological applications such as wallet, block browser, decentralized exchanges, as well as projects built on traditional finance and supply chains. In addition, the plan will also support and encourage the deployment and development of various tools and Dapps based on the KCC public chain, while operating in a decentralized manner, thereby enriching the KCC ecosystem.
KuCoin will migrate KCS to KCC’s mainnet with the launch of KCC. The number of KCS migrations is 100,000. KuCoin will lock up an equal number of ERC20-KCS on the Ethereum network while releasing the same amount of KCC-KCS on the KCC network. The total circulation of KCS will remain unchanged during the migration process. More mainstream crypto assets are expected to be transferred to the KCC ecosystem in the near future to enrich its asset ecosystem. KCC also plans to launch an asset cross-chain bridge to support users in transferring cross-chain assets on their own.
Launched in September 2017, KuCoin is a global cryptocurrency exchange for over 350 digital assets. It currently provides Spot trading, Margin trading, P2P fiat trading, Futures trading, Staking, and Lending to its 8 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 the fifth biggest crypto exchange. In 2021, Forbes named KuCoin as one of the Best Crypto Exchanges for 2021.