According to an announcement by KuCoin on Wednesday, June 16th, KuCoin Community Chain (KCC) is a decentralized public chain with high performance that features “high throughput, low latency, low transaction cost, and satisfactory security and stability, aiming to provide community users with faster, more convenient, and lower-cost experiences.”
According to the KuCoin team, problems such as low performance and the high cost of the public chain resulted from the emergence of a growing number of decentralized applications such as DeFi and NFT, are hindering the large-scale application of blockchain technology.
KuCoin’s contribution to addressing these issues is KuCoin Community Chain (KCC). KCC uses the Proof of Staked Authority (PoSA) consensus mechanism and is fully compatible with Ethereum and ERC20 token standard. The KCC public chain will be powered by the currently Ethereum-based KuCoin Token (KCS) to reduce transaction costs.
KCS will now be migrated to KCC’s mainnet. To do this, KuCoin will lock up an equal number of ERC20-KCS on the Ethereum network while releasing the same amount of KCC-KCS on the KCC network. The number of KCS migrations is 100,000. Other notable crypto assets will also be transferred to KCC in the future. Furthermore, the KCC team will also launch an asset cross-chain bridge to support users in transferring assets on their own.
According to the teams behind the project, KCC is able to reduce the block confirmation period to 3 seconds to improve the processing power and performance on the chain. Thanks to its compatibility with Ethereum and ERC20 smart contracts, it offers extremely low migration costs for projects.
KuCoin exchange itself is a KCC community member and investor in the project and will provide financial and technical support for the early development of the KuCoin Community Chain (KCC).
Johnny Lyu, CEO of KuCoin Global, commented:
“We believe that blockchain technology will accelerate the flow of value around the globe. We take it as our mission and will make great efforts to achieve it in the future. 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.”
The KCC team will soon launch a “C Plan”, namely the KCC ecological plan. The plan will introduce a bunch of innovative projects such as the Grants Program and node voting to support a wide range of projects, “including on-chain ecological applications such as wallet, block browser, decentralized exchanges, as well as projects built on traditional finance and supply chains.”
If you found this article interesting, here you can find more Blockchain and cryptocurrency news