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As public chains continue to develop and blockchain technology is adopted, those initiated by crypto exchanges are receiving more attention. Relying on the advantages of the exchanges’ state-of-the-art technology teams, the exchanges’ public chains are clearly differentiated from others: the KuCoin Community Chain (KCC) has been in existence for more than a year now; it is the first public chain in the world to be launched by an exchange. As the community-driven chain of the renowned exchange KuCoin, what is the value behind KCC?
KuCoin Community Chain (KCC) in depth!
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On June 16, 2021,the KuCoin Community Chain (KCC), a high-performance decentralized public chain based on EVM, was community, has been officially launched by the KCS community. It aims to solve the low-performance and high-cost problems of many public chains. It provides users with a secure and stable decentralized experience.
As KuCoin’s public chain, KCC plays an important role in the overall KCS ecosystem.On March 29, 2022, KCC, in collaboration with the KCS Management Foundation and KuCoin, released the KCS White Paper. The white paper points out that KCC represents the basic infrastructure and is key to the current development of the KCS ecosystem. Since the release of the white paper, the public has also seen a closer relationship between KCC and KuCoin. Not only do they often appear together at major events, but KuCoin Labs and KuCoin Ventures have invested in several projects on KCC, including Torches Finance, MojitoSwap, BitKeep, Idle Stoneage, Klein Finance, xHashtag KuCoin has invested in and incubated several projects on KCC. KuCoin, on the other hand, lists several projects on KCC, including MojitoSwap, OpenLeverage, CoolMining, and Pikaster. selected, providing a clearer development path for KCC projects.
Thus, 2021 is more of a foundation-building phase for KCC. And after 2022, the KCS ecosystem will provide more and more support to KCC, which now acts as a bridge between the decentralization and centralization of KuCoin. With continued development, both are expected to become the gateway to one-stop services in the metaverse world.
Can you find your favorite project there? There are over 60 projects in 👀
#KCCEcosystemalready listed on 🥳
Expect more growth🔥🔥 pic.twitter.com/BTT6u38zmR– KuCoEosystems
– KuCoin Community Chain (KCC) Official (@KCCOfficialTW) July 6, 2022
KCC has also taken various measures to increase the Chain’s democracy and further DAO governance On October 21, 2021, the KCC GoDAO Foundation was established GoDAO gives everyone an equal opportunity to participate in the community and gives them the right to vote on important As the KCC ecosystem further develops, KCC will delegate authority to KCS holders and contributors, empowering them to govern and serve themselves to create a more efficient, autonomous, and community-driven KCS ecosystem.
Besides, KCC will enable the KCC Validator Election on June 16, 2022 to further improve the stability and decentralization of the KCC ecosystem The KCC Validator Election will not limit the number of participants. Organizations and users can apply and become candidates; KCC Active Validators are node candidates with governance rights. They power the blockchain network by processing transactions and signing blocks. Active validators receive gas fee revenue on the KCC; the KCC validator election dynamically selects 29 nodes to be active validators based on the amount of KCS staked by the nodes. Users can select nodes on the KCC to stake KCS and share in the KCC validator block rewards and KCC subsidy rewards.Those interested in applying for the KCC validator can send an email to the official KCC email address ([email protected]) with the application link and details.
In general, the KCC Validator Election is largely based on the POS mechanism. However, on top of the POS, it gives the current node full rights. By enjoying the benefit of gas rate dividends, investors are more willing to hold KCS. At the same time, because users voted for validators with only a minimal amount of KCS votes. In an unstable market, this can further motivate investors to hold KCS. On the other hand, it can increase the on-chain TVL of KCCs, reducing the distribution of KCSs through lockups and increasing the scarcity of KCSs.
The KCC Validator Election will more closely tie the entire KCS ecosystem together, not only adding to the KCS usage scenarios, but also allowing KCS holders to experience a decentralized world at a lower cost. We look forward to further empowerment of KCS in the future.
Additionally, KuCoin Ventures’ investment in Torches demonstrates KCC’s dedication to building a strong DeFi infrastructure. Torches reportedly received the investment from KuCoin Ventures just 10 days after launch. Torches then partnered with KuCoin Wallet on July 9, which KuCoin Ventures self-describes as “discovering the most revolutionary projects of Web 3.0.” And Torches is likely one of its products as a financing protocol on KCC.
“KCC’s goal this year is to identify and incubate quality projects through multiple incentive activities. To that end, we announced a $50 million ecosystem accelerator program at the beginning of the year and hosted the KCC Unicorn Contest in the second quarter. Through project incubation, developer rewards, liquidity support, and an ecosystem project contest/hackathon, we hope to improve various aspects of the KCC ecosystem. Through innovation in blockchain technology, KCC plans to gradually move from 1.0 to 2.0 and eventually achieve 3.0 with multi-chain support. By promoting validator elections, KCC will work with the community to facilitate the decentralization process, creating a community of interest that can benefit both users and protocols.”
Overall, KCC plans to deeply integrate KuCoin and the entire KCS ecosystem, promote multiple incentives and delegation of on-chain governance rights (KCC Validator Election), and build an exchange public chain focused on decentralization. We will be building a public chain of exchanges focused on decentralization. We expect to see a revolutionary DeFi project emerge from KCC in the near future.
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