The global KuCoin cryptocurrency exchange released an updated Whitepaper, co-authored with the KCS Management Foundation and KCC – a decentralized chain built specifically for native KCS token holders.
The new document is almost entirely devoted to the scaling of the exchange’s native KCS ecosystem. The Whitepaper contains detailed information about the initiatives that will be undertaken to promote the native KCS token. Other points touched in the document pertain to the 90 million KCS tokens that have been locked-up at launch, their distribution among members of the community, and partial burning. 20 million KCS are slated to be burned in the near future.
The Whitepaper also explored other initiatives that KuCoin is intending on developing namely the Web-3.0 ecosystem in accordance with the exchange’s strategy, a native payment system, DIDs, ownership right properties for NFTs, metaverse venues, as well as management and transaction services. Another important aspect is the development of the KCC self-circulating ecosystem.
“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,” as stated by Johnny Lyu, CEO of KuCoin.
The KuCoin exchange believes that over time, the KCC can become a hub of business and technological innovation, producing various products and services. Since 2021, KCC has managed to attain a TVL of over $50 million by the end of the first quarter of 2022.
The KuCoin team’s intentions for scaling of the exchange’s ecosystem have resulted in the establishment of the KCS Management Foundation through partnerships with the KCC GoDAO Foundation, investment institutions, angel investors, and representatives of the KCS Holder Community.
The KCS Management Foundation is stated to be acting as the main entity responsible for the governance and development of the KCS, as well as all matters pertaining to investments and applications. Other areas of responsibility for the Foundation regarding various promising projects include research, funding, incubation, market fielding, and much more.
KuCoin states that the ultimate goal of the endeavor and the KCS Management Foundation is to advance the adoption and development of decentralized technologies. As part of its expansion strategy, KuCoin intends to allow early investors to keep 18 of the 25 million they hold, with gradual release scheduled over a period of 5 years.
The remaining 7 million will be allocated to the KCS Management Foundation. 20 million of the 65 million held by the founding team will be burned to maintain the deflationary nature of the KCS economy. 20 million of the remaining 45 million will be used as incentives for community members, while another 25 million will be donated to the KCS Foundation with a gradual release over 5 years.
The deflationary efforts undertaken by the KuCoin exchange have allowed the KCS token to see a 2,000% increase in price since the start of 2021, further fueling the attractiveness of the KCC and related products.