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KuCoin(KCS) Online with Wigwam crypto app
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How to buy and hold KCS with Wigwam
1. Choose a token number that you want to buy
2. Create a wallet, where to store your crypto
3. Pay with credit card
4. Check your crypto in the created wallet
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KuCoin Token (KCS) review
KCS is the native ERC-20 utility token of the centralized exchange KuCoin, where traders can trade more than 750 cryptocurrencies. The exchange was founded by Michael Gan and Eric Don and launched in 2017, allowing users to exchange multiple crypto assets and offer passive income to their native token holders.
The KuCoin community developed and launched the decentralized KuCoin Community Chain (KCC) in June 2021 to overcome Ethereum’s high gas fees and scalability issues. The KCS token migrated partially to the KCC blockchain after its launch.
About KuCoin Community Chain(KCC)
The KuCoin Token (KCS) is an ERC-20 token, launched on the Ethereum blockchain due to its compatibility with the Ethereum Virtual Machine (EVM), which allows it to support smart contracts and decentralized applications.
However, in 2021, the KuCoin community decided to create its own public blockchain, called the KuCoin Community Chain (KCC). KCC is compatible with the Ethereum Virtual Machine which means that it can support all Ethereum-based smart contracts.
KuCoin Community Chain (KCC) addresses the issue of high gas fees on Ethereum. KCC uses a Proof-of-Staked-Authority (PoSA) consensus mechanism that reduces block confirmation time and transaction costs.
KCS Use Cases
KCS is the native utility token of both the KCC chain and the KuCoin Exchanges and it has the following utility:
Gas Fees on KCC Blockchain: KCS used as gas fees on the KuCoin Community Chain wit
Fees on the KuCoin Exchange: KCS used as payment for transactions and trading, offering discounts of up to 80%.
Reward(KCS Bonus): Holders of KCS tokens can earn passive income as users who hold more than 6KCS receive a daily reward which is 50% of KuCoin’s daily trading fee revenue, called KCS Bonus, these rewards are paid daily.
KCS also acts as a dividend and allows users to take part in the token sale on the KuCoin Spotlight.
Economic Value
KCS the native token of KCC, has a total supply of 170,118,638, and at the time of writing this article, there are 96,641,044 KCS in circulation. The current market cap of KuCoin Token is $965.85M, which indicates it is highly valued by the market. Its all-time high was $28.83 on December 1, 2021. The current price of KCS is around $10.00, with a 24-hour trading volume of $1,237,371.
KuCoin has a total of 200 million KCS tokens. They plan to cut this number down to 100 million by buying back and destroying some of these tokens. The amount of tokens they burn each time is determined by their monthly earnings. This method helps keep the price of KCS stable and prevents inflation.
Challenges
KuCoin is a centralized exchange that uses its KCS utility token. However, in the U.S., KuCoin doesn't have the necessary licenses, so users there can't access all the features. Also, KuCoin's funds aren't insured, and it had a big hacking problem in 2020. The KCS system has tough competition because fewer applications and less money are moving around compared to other big decentralized exchanges.
Even with these problems, KuCoin wants to become a decentralized exchange, which could make KCS more useful. But, this change also has big risks, like the value of KCS going down. To keep things stable, KuCoin regularly buys back and burns KCS tokens.
FAQ
The KuCoin exchange doesn’t have a license in some countries including the US, and it creates regulatory uncertainties as well as the risks involved with crypto market volatility, it is recommended to research and investigate thoroughly before buying KCS tokens.
You can view it by visiting KCC Explorer and entering your wallet address in the search bar.
You can buy KuCoin Tokens (KCS) in the Wigwam crypto app or on various centralized exchanges including KuCoin, BitMax, and ProBit Exchange.
The steps specifics might vary based on the wallet you are using
but the general steps will be as follows:
Open your crypto wallet, Navigate to “Manage Assets”, and then click on “Add Token” and then enter the KCS token details as follows
- Token Contract Address for KCS: 0xf34960d9d60be18cC1D5Afc1A6F012A723a28811
- Token Symbol: KCS
- Decimal Precision: With 6 Decimals
After entering the token details, click “Save” the details and add the token to your wallet.
Yes, you can stake KCS on the KuCoin platform. Users who hold more than 6 KCS can get a daily dividend, which comes from 50% of KuCoin's daily trading fee revenue.
