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The popularity of public chains, initiated by cryptocurrency exchanges, is increasing due to the advancement of blockchain technology and growing acceptance of this technology. Relying on the advantages of the exchange’s cutting-edge technology team, the exchange public chain has differentiated itself clearly from the rest. KuCoin Community Chain has been in existence for over a year. What is KuCoin Community Chain (KCC)? It’s a community-driven exchange chain that has been in existence for over a year.
A deep look at KuCoin Community Chains (KCC).
On June 16, 2021, KuCoin Community Chain (KCC)The KCS community officially launched, an EVM-based high-performance, decentralized public chain. This public chain aims to address the issues of high cost and low performance of other chains. Users can enjoy a stable, safe, and decentralized experience.
KCC is the KuCoin public chain and plays an important role in the KCS ecosystem. KCC released KCS Whitepaper on March 29, 2022 in collaboration with KuCoin and the KCS Management Foundation. KCC was highlighted in the whitepaper as the core of KCS’s current ecosystem development. KCC provides the foundation. The whitepaper has also revealed a stronger connection between KuCoin and KCC. KuCoin Labs, KuCoin Ventures, and Torches Finance have invested in and co-incubated numerous KCC projects including MojitoSwap and BitKeep. KuCoin lists several KCC projects, including MojitoSwap (OpenLeverage), CoolMining, Pikaster and CoolMining. MojitoSwap is also the winner of the KCC Unicorn Contest. The KCC Unicorn Contest provides clearer path to development for projects.
KCC sees 2021 as a phase of foundation-building. KCC has been receiving more support since 2022 thanks to the KCS community. KCC serves as the link between KuCoin’s centralization and decentralization. Both are expected to be one-stop entry points to the metaverse with the continued development.
Do you know where your favorites projects are? 👀
Plus 60+ Projects #KCCEcosystemIt is already🥳
Looking forward to the future!🔥🔥🔥 pic.twitter.com/BTT6u38zmR
— KuCoin Community Chain (KCC) Official (@KCCOfficialTW) July 6, 2022
KCC also made many efforts to enhance democracy in the Chain, and achieve DAO governance. The KCC GoDAO Foundation, which was founded on October 21st 2021. GoDAO grants everyone equal opportunities to participate in the community. It also gives them the rights to vote in important decisions. KCC is developing the KCC ecosystem. KCC will give power to KCS contributors and holders. This empowers them to manage and serve themselves as well as to create a KCS ecosystem that’s more effective, independent, and driven by the community.
KCC also enabled the KCC Validator Election, which took place on June 16, 2022. This was done in an effort to improve stability and decentralization within the KCC ecosystem. There is no limit to the participants in the KCC Validator election. Organisations and users are eligible to apply for the role of candidate. KCC active validateators are candidates for governance with node rights. They were responsible for the operation of the blockchain network, processing transactions and signing blocks. KCC can pay the gas fees revenue to active validators. Based on how many KCS nodes have staked, the KCC Validator Election will select 29 active validators. KCC users can choose nodes to stake KCS, and receive the KCC validator block reward and KCC subsidy benefits. If you are interested in applying for the KCC Validators, you can send an email to the official KCC email address ([email protected]) for the application link and more details.
KCC Validator Election, in general, is a significant adoption of the POS system. The current node is also granted enough rights by it. Investors will be more likely to keep their KCS because they are able to enjoy the gas fee dividends. Users also voted for validateators that had minimum KCS voting. This increases investors’ desire to own KCS in an unstable market. It can also increase KCC’s on-chain TVL. Additionally, lock-up will reduce KCS circulation, which in turn, increases the scarcity.
KCC Validator Election connects all KCS users more closely and adds new KCS usage scenarios. It also gives KCS holders the opportunity to enjoy the decentralized world for a very low price. KCS may be empowered more in the future.
Furthermore, KuCoin Ventures’ investment in Torches marks KCC’s dedication to building a strong DeFi infrastructure. According to reports, Torches was funded by KuCoin Ventures just 10 days after it launched. Torches entered into a partnership agreement with KuCoin Wallet in July 9. KuCoin Ventures described itself as to “discover the most revolutionary project of Web3.0 ”. Torches, a KCC-based lending protocol, would be most likely to be one such product.
“Discovering and incubating high-quality projects on the KCC through multiple incentive activities is the core objective of KCC this year. We announced the Ecosystem Accelerator Program worth $50 million at the start of this year, and also held the KCC Unicorn Contest (Q2). We hope to improve the KCC ecosystem from different aspects through project incubation, developer rewards, liquidity support, and ecosystem project competitions/hackathons. KCC will eventually move from 1.0 and 2.0 to blockchain compatible 3.0 through the use of innovative blockchain technology. KCC is promoting validator election and will collaborate with the community in order to encourage decentralization and build a community that benefits both the users and protocols. “
Overall, KCC will deeply integrate with KuCoin and the entire KCS ecosystem in the future, pushing multiple incentives and the delegation of on-chain governance rights (KCC Validator Election), and building an exchange public chain focusing on decentralization. KCC will soon be launching a groundbreaking DeFi project.
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