The mainnet of the KuCoin Community Chain is launched

Related

Lyfe, the first music artist to debut its own Metaverse

Miami-based entrepreneur Antonio Trincao, a.k.a. Lyfe, has unveiled the...

Inaugural ZENCON a resounding success

Over 200 participants and attendees of the 68-Hour-Hackathon produced...

‘Baby Shark BubbleFong Friends’ NFTs made a splash on Binance NFT

BBF Inc., the operator of ‘Baby Shark BubbleFong Friends’,...

Share

The Ethereum-based KCC is designed for high performance and low cost through the use of Proof of Staked Authority

The leading crypto exchange KuCoin yesterday announced the successful launch of the mainnet of its KuCoin Community Chain (KCC), a powerful decentralized public blockchain.

The Ethereum-based blockchain was developed by KuCoin and the KCS community with the goal of providing KuCoin users with a convenient way to make quick and cost-effective transactions and to address performance and cost issues that are becoming increasingly urgent due to the explosion of decentralized applications (dApps). By using its Proof of Staked Authority (PoSA) consensus mechanism, KCC is more powerful and achieves a block confirmation time of three seconds. At the same time, transaction costs are reduced because KCC uses the KuCoin token KCS as fuel.

Johnny Lyu, CEO of KuCoin Global, states: “We believe blockchain technology will accelerate the flow of value around the globe. We see this as our mission and will continue to do so in the future. KCC also represents an important step towards decentralization, going beyond the integration of open source blockchain communities. We invite all community members and blockchain fans to join hands and promote the development of KCC and blockchain technology.

KuCoin will provide technical and financial support for the early development of KCC, which should facilitate the cost-effective migration and development of dApps. As such, the public chain is compatible with Ethereum and ERC-20 smart contracts.

KuCoin will migrate 100,000 KCS to KCC, while the same amount of ERC-20 KCS will remain locked on Ethereum. Also, the transfer of other mainstream crypto assets to the KCC ecosystem is planned, and with the introduction of an asset cross-chain bridge, users will be able to transfer assets themselves.

After the launch of the Mainnet, KCC wants to introduce projects such as node voting and a funding program as part of its ecology plan. This includes the development of KCC-based dApps and tools, as well as various ecological on-chain applications, such as decentralized exchanges, block browsers and wallets.