Foundation capital

KuCoin co-publishes KCS whitepaper with KCS Management Foundation, revealing 20 million KCS Burn

KuCoin, the world’s leading crypto exchange, co-published the KCS whitepaper in coordination with KCS Management Foundation and KCC, the decentralized public chain built by KuCoin fan communities and holders of KCS, KuCoin’s native token.

The KCS white paper focuses on scaling the KCS ecosystem and summarizes key collaborations around KCS and the KCS Management Foundation. The mechanisms to accelerate the growth of the value of KCS were illustrated and the distribution plan for the 90 million KCS in lock-up was specified, in which 20 million KCS will be permanently burned.

The KCS whitepaper also highlights that KCS will build a payment system and web3.0 ecosystem to strengthen KuCoin’s web 3.0 strategy, exploring and implementing the following areas: DID, NFT property rights, management and transaction , and building a metaverse network platform.

The KCS white paper describes the objective of the KCS Management Foundation to serve as the governing body responsible for the development, decision-making, investment, and applications of KCS. The Foundation will cover the research, financing, investment, incubation and integration of the resources of the various projects it supports. The Foundation’s efforts will ultimately aim to advance the advancement of decentralized technologies.

The whitepaper also outlines the concept behind the distribution of the initial KCS 90 million lock. Of the 25 million KCS held by the early investors, 18 million will remain with the early investors and will be released linearly over 5 years, an additional 7 million will be donated to the KCS Management Foundation to further enrich the ecosystem. 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 keep 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 over 5 years.

The price of KCS has seen a 2000% increase since the start of 2021, which is further bolstered by the collaboration with KuCoin and KCC communities.

KCS aims to build a blockchain-based value self-circulation ecosystem, where all members of the KCS, KuCoin and KCC community will be empowered to access the services and incentivized by the extended 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 pave the way for the creation of a self-circulating ecosystem with the support of the community and will bring blockchain from the geeks to the masses.”

KCS has also aligned with the KuCoin core team, 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 integration of KCS resources and is currently working on 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 strengthen and facilitate the development of the KCS ecosystem.

Launched in 2021, KCC is becoming the cradle of technology, business and model innovation, and creating a complete closed-loop ecosystem of technology, products and users. Its total TVL is growing steadily and reached 50 million in the first quarter of 2022.

About KCC

KCC is a public chain project initiated and built by the KCS and KuCoin developer community, aimed at solving Ethereum’s network latency and high gas fees. It is based on Ethereum and compatible with EVM and smart contracts to provide users and community developers with a faster, more convenient and lower cost blockchain experience.

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About KuCoin

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 Series A funding from IDG Capital and Matrix Partners. According to CoinMarketCap, KuCoin is currently one of the top 5 crypto exchanges. Additionally, 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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