Cryptocurrency

KuCoin Releases KCS Whitepaper, Reveals the 20 Million KCS Burn

Go through our article and know that KuCoin, a leading exchange, has released the whitepaper with KCC chain and KCS foundation, which reveals 20M KCS burn.

The world-leading KuCoin exchange has co-released the KCS Whitepaper, co-developed with the KCC decentralized chain and KCS Management Foundation. The new document provides details about the KCS Foundation and KCC Ecosystem and the distribution of KCS tokens for incentivizing users and developing the overall ecosystem.

The latest version of the Whitepaper outlines the main focus of the development of the KCS ecosystem, the efforts to be undertaken as part of the collaborations around KCS and the KCS Management Foundation, the details about the KCS Initial Lock, the launch of the KCS Management Foundation and its scope of activities. Other details provided in the document give insights into the platform’s support for KCS token holders and internal economy value maintenance.

“KCS will build a bridge between the centralized and decentralized world by connecting KuCoin and the KCC community, and lead the way to create a self-circulation ecosystem with the community support,” according to Johnny Lyu, CEO of KuCoin.

The Whitepaper also dedicates a special section to the KCS Management Foundation, which will act as an incubator, investment hub, and research platform for various projects working on developing decentralized Web 3.0 solutions with a focus on DIDs, NFT ownership rights, and metaverse platform development.

The document also reveals the details of token distribution, highlighting for the first time since the exchange’s launch that of the 90 million initial KCS lock-up, 20 million will be permanently burned. Details are also provided about the distribution of the 65 million KCS held by the founding team and the tokens of initial investors. 5-year token release timeframes are provided in the document, along with donations to the KCS Management Foundation and various user incentive distributions.

The 2,000% increase in value of the KCS token since the beginning of 2021 has contributed to the exchange’s strive to develop the KCC and provide users with a “blockchain-based value self-circulation ecosystem” that gives all KCS token holders various rewards for participation.

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