- KuCoin exchange has launched the testnet of KuCoin Community Chain (KCC)
- KuCoin Token (KCS) will be the native digital asset of KCC
- KuCoin Community Chain (KCC) promises Ethereum compatibility
- The value of KCS is likely to benefit from the launch of KuCoin’s own blockchain
The crypto exchange of KuCoin has announced the launch of the testnet version of the KuCoin Community Chain (KCC). KuCoin has gone on to invite the crypto community, developers and projects, to test the new KCC testnet in a bid to come up with suggestions and/or enhancements to help KCC become a secure and valuable blockchain.
Potential developers and users are requested to test the following areas of the KuCoin Community Chain (KCC):
- Blockchain node deployment
- Blockchain network and node security
- Basic functions of blockchain
- RPC API
- Smart contract
- Third-party wallet
- Product documentation
- PoSA consensus rules
KuCoin Token (KCS) to Power the KuCoin Community Chain (KCC)
The KuCoin Community Chain (KCC) is a public chain developed with the following noteworthy features.
- Ethereum and ERC20 smart contract compatibility
- KuCoin Token (KCS) to be the native token of KCC, serving as the core of all gas payments that are designed to be as low as possible
- Fast transactions with blocks being confirmed in 3 seconds
- Proof of Staked Authority (PoSA) consensus algorithm
Impact of the KuCoin Community Chain on the value of KuCoin Token (KCS)
With the launch of the KuCoin Community Chain (KCC), the exchange joins Binance and OKEx in a list of crypto exchanges that have launched their own blockchain.
With respect to value, Binance Coin (BNB) has had a meteoritic rise since the Binance Smart Chain went live in September of last year. When BSC was launched, BNB was trading at roughly $24. At the time of writing, Binance Coin is trading at $560 thus demonstrating a 2,233% increment in the value of BNB since the launch of the Binance Smart Chain.
Similarly, OKExChain Token (OKT) was launched earlier this year at a value of $52. At the time of writing, OKT is trading at $200 signifying a 284% increment in value in less than six months.
Therefore, it can be loosely concluded that the launch of KuCoin Community Chain will open the doors for KCS gaining in the crypto markets due to increased adoption on its native blockchain. KuCoin Token is currently trading at $13.28 and the launch of KCC could catapult the token to breaking its all-time high of $21.14 set in January of 2018.