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Features of the KuCoin Shares (KCS) cryptocurrency: ways to store KCS tokens, differences and prospects for the development of the project
Total capitalization (as of September 11, 2019): $137.4 million
Trading volume (24h): $9,004,544
The KuCoin Shares cryptocurrency is a decentralized electronic currency (internal token) developed by the KuCoin exchange based on the Ethereum chain. The currency supports the ERC20 standard. The site was founded in Hong Kong in the summer of 2017. The total volume of cryptocurrency is 200 million tokens. Exchanges where KuCoin is presented: Binance, Bitfinex, Bittrex, Kucoin, Poloniex.
Emission of KuCoin
Out of a total of 200 million issued coins, 88 million are in circulation and this number will gradually decrease, that is, KuCoin Shares is a deflationary coin. Every quarter, the company will buy and burn coins. The value of the coins purchased during the quarter is equal to 10% of the profit of KuCoin. In total, the company plans to buy back and liquidate half of all coins and thereby leave 100 million KCS in circulation.
KuCoin tokens were distributed as follows:
- 1,000 million coins were sold to those who wished during the ICO for 5,000 BTC.
- 70 million are with the project team.
- 30 million remained in reserve for investors.
Ways to store KuCoin Shares
Just like storing any other cryptocurrency, you will need a wallet or exchange. You can store KuCoin Shares directly on the balance of the KuCoin exchange.
If, however, you need a quick exchange at a relatively favorable rate, we recommend placing in exchange wallets. For the purchase or sale of cryptocurrency, the exchange charges a commission of 0.1% of the amount from the buyer and the same from the seller. Half of KuCoin’s income from fee payments is charged daily by KuCoin Shares holders. But, if you want to put a large amount of money into storage in the long term, then it is better for you to keep the crypto in a cold wallet. Since KCS is an ERC20 token, you can store it on any wallet that supports Ethereum. The most popular wallets are:
- MyEtherWallet is the most popular wallet among those that support ERC20;
- MetaMask is a wallet plugin that is available in the browser. Using this wallet, synchronization can occur on several devices at once;
- Mist is the official Ethereum wallet;
- ImToken – available on mobile devices, both for iOS users and Android device owners.
Main differences and features
The main feature of the exchange is a user-friendly interface and a wide selection of currency pairs. The KCS token was launched on the Ethereum platform (ERC 20) and today the number of coins is 200 million. Initially, it was possible to exchange KCS only on the KuCoin exchange, but now there is such an opportunity on other sites
- The tokens are backed by Ether.
- The work uses the Ethash algorithm.
- Open source code.
- Basically, tokens can be exchanged on the KuCoin platform.
- The platform has been in existence since 2017.
- Systematic addition of relatively new trading pairs for buying/selling.
- The KuCoin exchange supports all kinds of cryptocurrencies.
- Everything is as accessible as possible in use – a good option for beginners.
- Low deposit fees.
- The KuCoin exchange has never been hacked.
Prospects for the development of KuCoin cryptocurrency
Based on this cryptocurrency review, we can conclude that it makes no sense to make a forecast regarding KuCoin Shares separately from the exchange itself, because they are closely related to each other. An interesting fact is that the number of KCS does not increase, but decreases over time, unlike other cryptos. This suggests that the behaviour of such a coin is very difficult to predict.
As for the KuCoin exchange, it also plans to create a decentralized exchange platform in the future, where the company’s shares will serve as a means of making transactions. Most users believe that KCS tokens have good prospects, as they show good growth: + 38.9% over the last year.
It also became known that the KuCoin exchange introduced updates – now users will be able to link up to 100 accounts to one main one. They will also be able to fully manage their funds: freeze them or limit transfers.
Despite the fact that KuCoin Shares is a relatively young cryptocurrency, you should pay attention to it.
