The KuCoin exchange has released an updated Whitepaper, as stated in today’s press release. The document, co-authored with the KCS Foundation, reveals the details of the upcoming KCS token distribution and overall scaling strategy.
The updated Whitepaper reveals the KuCoin exchange’s plans to scale the native KCS ecosystem and distribute the KCS tokens held in lock-up to promote the development of the platform and empower users.
KuCoin is striving to develop Web-3.0-centered products that add value to the overall ecosystem and promote the development of decentralized services. The exchange also intends to launch a range of supporting and innovative services, including a native payment system, metaverse environments, DIDs, portfolio and transaction management utilities, and NFT ownership right support.
The self-circulating KCC ecosystem remains the prime focus of the KuCoin team, slated to become a hub of innovation and business activities in the near future. The ecosystem has already attained a TVL of over $50 million since its launch in early 2021, boosted largely by the 2,000% growth of the KCS token since the beginning of 2021, and the influx of users to KuCoin, which has seen its community grow past the 10 million mark.
“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 CEO of KuCoin Johnny Lyu commented on the exchange’s new strategy.
The KCS Management Foundation is intended to become the main instrument for the development of the KCC and various promising projects joining it. Established as a result of partnerships between KuCoin, the KCC GoDAO Foundation, investment institutions, angel investors, and representatives of the KCS Holder Community, the KCS Management Foundation will be responsible for research, as well as incubating, funding and promoting projects.
The updated Whitepaper also reveals the details of the exchange’s plan to maintain the deflationary economy of the native KCS token. As part of the effort, early investors will keep 18 million of the 25 in lock-up, released over 5 years, with the remaining to be donated to the KCS Management Foundation. The KuCoin team’s 65 million KCS in lock-up will also be distributed: 20 to be burned, 20 to be distributed among community members as incentives, and 25 donated to the KCS Management Foundation with the release over 5 years.
The KuCoin exchange is continuing to uphold its course towards maintaining a deflationary economic policy, increasing the attractiveness of the KCS token. Coupled with the many advantages and bonuses the token offers its holder, the KCS is also intended to become the main instrument in the exchange’s ambitious KCS ecosystem.
Disclosure: This is a sponsored press release. Please do your research before buying or investing in any cryptocurrency, service, or project.
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