Kucoin Shares Coin- Complete Analysis
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Kucoin is a Chinese based company with a rapidly growing trading platform that shares with users, 90% of its trading fees; It is also known as a blockchain assets exchange. Its first version was officially released in August 2017 and by December, went active with over 50 pairings. Its fees for both trading and withdrawals are extremely low; depending on the type of asset you purchase, trading fees are charged at 0.1%, while the withdrawal fee depends on the type of cryptocurrency used, but still at a very low fee, i.e. Litecoin at just 0.001, Bitcoin at 0.0005, and Ethereum at just 0.01 etc., while some are free from fees i.e. NEO and GAS, and the best part of it is that, no fees are charged for deposits. Also, its exchange volume has been on the rise; just a week ago (from the time of writing), it was $50 million, a week earlier, it was found at $20 million, and today, its metric sits at $166,957,272.
Kucoin came into existence as a result of those in need of a well secure and modern platform to trade in the crypto world. The idea behind it is to allow customers or users stake coins; this helps them earn money. If Kucoin shares (KCS) are used while trading on Kucoin, there is no need to pay trading fees; this makes it a unique and different way of exchange.
Ku coin is said to be digital in nature. It is a rare cryptocurrency because 90% of its revenue is shared with Kucoin shareholders; this same method is used by Binance. When such revenue is shared with token-holders, an incentive is given, these Kucoin tokens are paid daily in Bitcoin, Litecoin, and Ethereum, etc.
The Team Behind Kucoin Shares
Kucoin was founded by Eric Don(COO), Top Lan (CTO), Micheal Gan (CEO), John Lee (president of Business Operations), Kent Li (Operations and Maintenance Director), Jack Zhu(Marketing Director) and Linda Lin (Chief Legal Consultant).
He is the president of business operation Group and also of Jianbang communication who managed over 30 group purchase service in China with his knowledge in consumer finance.
An expert of Ant Financial of Alibaba Group, good at financial solutions and also the Chief Executive Officer of the Former technical expert of Ant Financial of Alibaba Group.
He is the director of maintenance and operations. He is also an expert in maintenance development, architect, and Maintenance director of multiple Internet titans, Stanford University REAP project Operations.
Eric Don (COO)
He has over ten years of experience in the internet industry and has vast knowledge in working and starting businesses. Asides this, he held the posts of the senior partner of well-known IT companies such as Fengzheng, Lianxian, Youling, Wulian, Ruiyun, etc. He is currently the Senior Researcher of the Internet and Systems Architect.
Top Lan (CTO)
He is the manager of several popular open source projects in Github; he is also a technical expert of the open source community. The deployment and design of Kucoin financial trading system were accomplished by him.
What is Kucoin Shares coin?
Kucoin Shares were launched on October 24, 2017. It is described as the currency of kucoin exchange that allows kucoin holders get profit from their exchange. This is like a daily dividend, in which half of the fees are shared among the circulating KCS. The rate at which Kucoin shares is growing has been very impressive.
The KuCoin Shares coin is what fuels the KuCoin exchange, a relatively new yet rapidly developing exchange for altcoins. Currently, it aims to become one of the top competitors to exchanges such as Binance. Based in Hong Kong, the KuCoin shares coin was launched on the 15th September 2017. Currently, the KuCoin exchange which is home to the kuCoin shares coin is ranked at the 17th most actively working exchange with respect to volume.
The KuCoin shares coin can be put to several uses on the platform which includes paying a trading fee, resulting in a good amount of discounts. Investors holding KuCoin shares coin can make a consistent earning simply by holding the coins since KuCoin exchange shares 50% of the entire trading fee among the holders of KCS.
With more and more trading being done on the platform, the KuCoin exchange will be accumulating a greater amount in trading fee. Passively, the holders of KuCoin Shares coin will end up accumulating a good level of the coins that are being traded. Under such a scenario, the holders of KCS can gain a significant level of payoff in case this exchange reaches a high status such as Binance and other major exchange.
The amount the Kucoin Shares, users hold when various coins are distributed is taken into account by Kucoin. The dividend you receive is dependent on the KCS you hold, i.e. the more Kucoin Shares you possess, the more dividends you receive.
Kucoin Shares cannot be mined. Through an exchange service, Kucoin shares can be bought. You do not need a central bank to run Kucoin shares. The currency pair for KCS/BTC is at 55.39% of daily volume, while KCS/USDT is at 12.79% of daily volume and KCS/ETH is at 22.69% of daily volume.
KCS coin supply distribution
The total supply of KCS is about 180,000,000 KCS while only about 90,000,000 KCS are currently under circulation. In the beginning, however, the total supply of KCS was set at 200 million. About 10% of the net profit achieved in every quarter will now be utilized so as to buy the KCS back and destroy them until only about 100 million KCS are left. This program is referred to as the ‘Buy-back” program.
Initially, the distribution of the KuCoin Shares coins went through private sales along with an ICO, so as to fund its growth and development.
The overall distribution was composed of three phases;
- 35% of the KCS got distributed to the founders.
- 15% went to the angel investors.
- The remaining 50% was distributed among investors.
- The whitepaper of KCS coin suggests that about 70 million KCS set for the founders is in a lock-up period of four years starting from 2nd September 2017, to 2nd September 2021.
Moreover, before 2nd September, the founders cannot sell/assign their holdings of KCS. Similarly, the 30 million Ku Coin Shares coins that are set for the angel investors and industry stars also follow the same route, but on a two-year lock-up period. At the same time, the coins that were bought during the ICO phase went into the exchange on the 2nd September 2017 since it was not subject to the lock-up period.
How do Kucoin Shares work?
The method of distributing Kucoin Shares works by considering the amount of KCS a user has in his/her exchange wallet. A trading fee discount of 1% is received per 1000 KCS held. For instance, if 20000 KCS is held, a 20% discount will be received. Kucoin share is an ERC20 token, which means that it can be stored on wallets that are supported by the Euthereum blockchain. Trading fees are not needed to be paid when KCS is used while trading on Kucoin; this is known as a win-win.
One of the benefits Kucoin users get is the 1% trading fee discount that is received per 1000 KCS held, users, are also allowed to have a portion of the Kucoin’s profit. Recently, the KCS holders distribute the 50% received from all trading fees among themselves.
Another great benefit KCS holders get is the burn and buyback plan Kucoin offers; a minimum of 10% of Kucoin’s profits on KCS is spent and permanently destroyed. The aggregate supply of Kucoin shares decreases over time, which makes the new ones held more valuable. Users are guaranteed of passive income that increases as Kucoin grows rather than a risky investment. The buyback plan makes sure that the value of the first KCS investment also rises over time.
Kucoin ensures that your portion of the 50% trading fees that is earned from daily transactions are directly deposited into your wallet address every night. There are other rights that KCS users enjoy when their holdings get to a certain level; such exclusive rights include customer service fast-past and a one on one investment consultation etc.
Discounts on trading are offered to users so as to encourage more users to join; it offers up to 80% discount on fees.
How To Buy Kucoin Shares?
There are certain procedures to follow when purchasing Kucoin shares, each procedure is very important and must be followed. The procedures are explained below;
- Register an account on Kucoin exchange and verify your e-mail.
- You are taken directly into your account on the Kucoin platform with the activation process.
- To add some funds to your account, there is a deposit link on the right side of your screen, click it.
- You will be told to secure your account when depositing for the first time by setting up Google 2FA.
- Download, install and enter the code displayed on your screen to activate the Google Authentication security on your Kucoin account.
- A default deposit page will be seen to deposit Kucoin shares token, choose the asset you want to deposit by clicking on the drop down. KCS paired with- USDT, ETH, BTC. We’ll use ETH.
- Select the ETH asset, your Ether wallet on the Kucoin exchange will be displayed. You can make multiple deposits.
- The wallet address should be copied to your wallet outside the Kucoin exchange. The transactions will reflect on the Kucoin exchange.
- Click on the MARKETS link at the top of the page once your deposit has reflected, then click the ETH tab, from the lists of assets displayed on the page.
- You will be required to enter a code from your Google Authenticator app.
- Click the best price link, and the best market price would be filled into the box.
- Click on the max link, the number you can buy with your deposited funds would be displayed in the amount box. Click on the buy button; your Kucoin shares would be credited to the wallet.
KCS is an ERC20 token that can be stored in ERC20 compatible wallets like Myetherwallet, Trezor, Ledger Nano S and more.
It is a hardware wallet that supports ERC20 tokens; it can display the details of transactions such as the token value, type and transaction fees.
It is a hardware wallet that is very safe for securing Kucoin Shares. It can be used to secure other cryptocurrencies. By using the ledger Nano, you can protect the access to your funds which is very important.
- It helps in checking your accounts, send payments as well as receive payments.
- It was released in August 2016; it costs about $100 and is the least expensive of the three major hardware wallets.
- When your coins are held on a ledge Nano, it means that your coins are kept in cold storage. It can never be hacked because it is not connected to the network, which makes it safe and well secured.
- It operates with its own interfaces, e. Ledger Apps.
This is a web-based Ethereum wallet. It allows you to send, receive and create Ethereum without any control over your private keys. This is the least safe option.
Thanks for taking out time to read this article; I believe this has created a platform to know more about Kucoin. For more insightful crypto-related pieces, always feel free to check our site at any given time.