The topic on altcoins has been a heated one in recent times. This was after the big surge in 2017 where almost all crypto coins managed a significant increase in the top exchanges despite the many problems they faced throughout the year. The crypto market is quite a big one and despite the major coins having so much dominance, they have paved way for new altcoins which are trying to come up with advanced innovations to the market.
KuCoin Shares (KCS) is one of the altcoins based in Hong Kong and has managed to make it to be an international exchange platform for cryptocoins. Currently, the KuCoin supports upto 210 digital assets. KuCoin stands to be different from most of the cryptos out there. This is because, it has based its protocols on sharing relatively 50% of the generated trading revenue with the users who hold tokens exchanged based on their platform.
KuCoin has so much in common with Binance, only that KuCoin makes it possible for the users to trade with lower fees and they are rewarded for being holders or traders of their cryptocurrency.
With that brief insight on KuCoin Shares, the essence of the article will be to discuss the history of KuCoin, features and any other information to enhance your understanding on KuCoin Shares.
History and Founders of KuCoin Shares
KuCoin Shares has 12 core founders who are working towards providing their users with convenient digital transactions for assets and safer exchange services. Their aim is to integrate all the premium assets available across the world as well as construct a platform for state of arts.
The CEO and founder of the KuCoin Shares is known as Michael Gam and he was a technical expert at an affiliate company of the Alibaba Group. He has also been among the senior giants in internet like MikeCRM. Eric Don on the other hand is the Senior Internet Researcher. He has been the CTO and partnered with some of the IT companies.
Other members include;
- Top Lan- CTO
- John Li- President of Business Operations group
- Jack Zhu- Marketing director
- Kenti Li- Operating Director
- Remmy Ran- Product Designer
- D.K- Art Designer
- Luffy- Principle iOS Engineer
- Will zhang- Principal Android Engineer
Understanding KuCoin Shares
The KuCoin Shares is the native currency of the KuCoin exchange platform. It allows all the users to benefit from the success of the exchange platform. The KuCoin shares accounts for the KCS amount the users have and the users with the highest KCS receive more dividends.
The protocols of this pay out system allows the users to receive passive income just by being holders of that crypto coin. Currently, the holders are being paid at 50% but this is bound to reduce in the future.
Major Features of KuCoin and KuCoin Shares
- Decentralized exchange
- It has multiple trading pairs; ETH, BTC, NEO, BCH, KCS
- It has incentive bonuses where the holders of KCS receive dividends on a daily basis
- The exchange format is user friendly
- It has a high performing engine to enhance scalability. The high technological levels ensure that KuCoin is more efficient than the standard industry. There are no delays and lags.
- It has 24/7 customer service which includes an email, web page and hotline.
- The token is an ERC-20 token
- Exclusive rights for the KCS holders who are highly ranked and they receive consultative service at one on one basis.
- It has low fees for transactions
- There is ultimate exchange security. There is a security system on the assets based on the security standards of a bank.
How the KuCoin Shares Work
The method of distribution in the KuCoin Shares considers the amount of KCS in the wallet of the users. Initially, the distribution method of KuCoin shares was done through ICOs as well as private sales but this was just funding strategy for this project. The KuCoin can be used to pay fees for trading then the users get rewards through a certain set discount.
Through the immersed value of the KuCoin Shares, they are able to share 50% of the accumulated fees with the stakeholders of this project. This system could pay very well especially if KuCoin makes it to statuses similar to those of Binance. This is because, the Binance cryptocurrency has managed to outperform the whole crypto space ever since it gained so much popularity.
The KCS has a program known as the buy back and burn. This is where after every quarter, they use about 10% of the profits accumulated to buy and burn the KuCoins shares already in circulation. This buy back and burn program will be in progress every time KuCoin is profitable until the company manages to burn at least 100 million coins out of the 200 million which are already in circulation.
As discussed earlier, the KuCoin is an ERC-20 meaning that it is compatible with any Ethereum based wallet. This means that all the hardware wallets that can support Ethereum like Trezor, Ledger Nano S can also support the KCS. It can also be supported by MyEtherWallet.
The fact the KuCoin has a trading volume almost to the OKex which is currently the leading exchange in terms of the trading volume within 24 hours. Very soon, KuCoin might make it to the top leagues if it manages to draw new users to the platform. Most exchanges that support cryptocurrency are locking out new users due to the inflation of people who are interested across the world. This is because most of these exchanges are experiencing instability. This is a great door for the KuCoin cryptocurrency to succeed in the crypto space.