KuCoin Token (KCS) Soared more than 100% Within A Month After The Launch Of KCC

2021/07/08 14:06:11

Earlier this week, KuCoin Token (KCS) took a bump of 27% in 24h, making it one of the top gainers according to a prominent crypto price aggregator CoinMarketCap. This price bump came after the launch of KCC a month ago. KCC is an Ethereum-compatible decentralized public chain focusing on speed and high performance.

KCS token among the top gainers | Source: CoinMarketCap

On July 5th at 19:00, KCS was trading at $7.51 and quickly spiked up to $14.77 yesterday, July 7th at 22:54 - a straight +100% gain in a matter of 2 days. This growth is fuelled by the recent developments in the KCS ecosystem, a major one being the launch of KCC that uses KCS as its native token to pay for gas fees on the network.

According to CoinTelegraph, one of the leading crypto publications, there was an ongoing market rally across the top exchange-based utility tokens after the BTC surge, but there was a bullish pattern for KCS since the first week of July. VORTECS™ data from Cointelegraph Markets Pro gave it a score of a score of 65 amid the price surge above $11.27 and 1,246.31% rise in trading volume.

Price bump of the KCS token | Source: KCS-USDT Trading

A Little Bit about KCC

KCC is built by the fan communities of KCS and KuCoin. It is a high-performance and decentralized public blockchain based on go-ethereum, which is one of the three original implementations of the Ethereum protocol written in Go. With a focus on high speed, high transaction throughput, and low gas costs, KCC is on a mission to accelerate the flow of value around the world without boundaries.

KCC offers the following key advantages:

Ethereum Compatibility: KCC is a fully Ethereum and ERC-20 compatible smart contract platform, allowing Ethereum developers to migrate without any additional cost of development.

KuCoin Token (KCS) Native Support: KCS will be the native token of KCC, primarily used to pay gas fees on transactions and execution of smart contracts.

Ultra-Fast Block Confirmations: KCC has 3 seconds block confirmation times, making it one of the fastest and high performance public blockchains out there.

Robust Consensus: KCC uses a Proof of Staked Authority (PoSA) consensus algorithm, ensuring stability, security, and efficiency.

The Proof of Staked Authority (PoSA) consensus mechanism supports up to 29 validator nodes. It is faster and more efficient with quick block generation times to increase transaction throughput on the network. The PoSA is more democratized because anyone can become a validator and run a node after submitting a proposal.

Active validators on the network can vote on the proposal, and if a proposal gets half the votes among all the active validators, he becomes eligible to become a validator. The approved validator can then provide a stake to the staking address, and once his staked amount ranks in the top 29, he can become an active validator.

Another essential feature is that KCC is fully EVM-compatible and can run Ethereum smart contracts without any additional change in the codebase. Developers who want to build on KCC can use their favorite Ethereum developer tools like Remix, Web3.Js, Truffle, etc.

How Will It Impact The KuCoin Token (KCS)

Kucoin Token (KCS) is the fuel of KCC and will be used for all sorts of economic activities on the chain, such as paying for transaction fees and the execution of smart contracts. When the ecosystem around KCC grows, the demand for the KCS token will grow because of its utility.

KCC is already undertaking a lot of initiatives to grow the ecosystem. One of the biggest initiatives will be the launch of the KCC ecological plan that will include ecosystem development projects such as the Grants Program, node voting, etc. Under the KCC ecological plan, the team has already launched a Grant Program to fund innovative projects within the KCC ecosystem.

Talking about the community, Johnny Lyu, CEO at KuCoin Global said, “KCC also represents a key step towards decentralization beyond the integration of open-source blockchain communities. We welcome the community members and enthusiasts of the blockchain world to hold hands and promote the development of KCC and blockchain technology.”

Overall, the future for the KCS token looks bright as it will provide a massive utility for the KCC ecosystem. The focus on innovation, community, and ecosystem is key to the growing adoption of KCC, which in turn will help KCS grow.