The Ethereum-based KuCoin Community Chain (KCC) is designed to be efficient and inexpensive through the use of the PoSA (Proof of Staked Authority) consensus.
The KuCoin cryptocurrency exchange announced yesterday that it officially launched the main network KuCoin Community Chain (KCC), a high-performance decentralized public chain.
The KCC is a channel based on Ethereum built by KuCoin and the KCS community with the aim of providing users of the KuCoin platform with a convenient method for making fast and low cost transactions.
The public channel is designed to address performance and cost issues made more pressing by the explosion of decentralized applications (dApps). The KCC achieves better performance and a block confirmation time of 3 seconds through the use of its consensus mechanism called PoSA (Proof of Staked Authority). At the same time, transaction costs are reduced as the KCC uses KCS – the KuCoin token – as fuel.
KuCoin Global CEO Johnny Lyu explained, “ We believe that blockchain technology will accelerate the flow of value around the world. We regard it as our mission and we will make great efforts to achieve it in the future. The KCC also represents a key step towards decentralization beyond the integration of open-source blockchain communities. We invite community members and blockchain enthusiasts to hold hands and promote the development of KCC and blockchain technology “.
The KuCoin will technically and financially support the early development of the KCC, which aims to facilitate the migration and development of low-cost dApps. As such, the public channel is compatible with Ethereum and ERC-20 smart contracts.
KuCoin will migrate 100,000 KCS to the KCC mainnet, while the same number of ERC-20 KCSs will remain stuck on the Ethereum network. There are also plans to transfer other crypto-currencies general public to the KCC ecosystem in the future and enable users to transfer assets on their own with the launch of a cross-chain asset bridge.
After the launch of the main network, the KCC will introduce projects such as node voting and a subsidy program as part of its KCC green plan. This will involve the development of KCC-based dApps and tools, as well as various on-chain green applications, such as decentralized platforms, block browsers and wallets.