Singapore-headquartered blockchain development company and cryptocurrency exchange KuCoin announced that its team is one step closer to taking the KuChain test network to the next level of development.
KuCoin is in the process of moving forward to the next stage for its own blockchain platform, which will transition from KuChain to the KuCoin Community Chain.
KuChain is Evolving
Since its launch in 2017, the team at KuCoin has come a long way to achieve its mission of driving mainstream adoption of crypto assets through secure and user-oriented digital asset transactions and exchange services.
Like many crypto exchanges, KuCoin is working on creating its own blockchain platform. KuCoin has called its blockchain platform KuChain, and it will be entering the next phase of development soon.
Many exchanges have been able to use their position in the marketplace to develop new blockchain technology, and add value to the blockchain ecosystem as a whole. It looks like KuCoin is taking this path forward.
For the moment, the devs and users who participated in the KuChain program are being offered rewards, which are detailed below.
⭐️The KuChain Test Network Kratos' token KTSt will be exchanged for KCS at a rate of 200:1 as a reward for the community users who participate in the test.
👉Time: 03/04/2021, 3pm – 03/05/2021 3pm UTC
— KuChain (@KuChainOfficial) April 2, 2021
Rewards for the Network
KuChain’s initial operation involved the valuable contributions of all the nodes, partners, and community members in the beta testing. KuChain will continue to be developed and will take the form of the KuCoin Community Chain.
To leverage the exchange’s usability, KuCoin is sponsoring the KTSt-KCS Upgrade Exchange, and opening up rewards to exchange KTSt, KuChain Test Network Kratos’ token into KCS (KuCoin Shares), the KuCoin utility token for all KTSt holders at a rate of 200:1.
According to KuCoin,
The KTSt-KCS Upgrade Exchange is open to all KTSt holders and will begin on April 3, 2021 at 3pm (UTC).
- Calculation method of KTST-KCS upgrade exchange number: Suppose a user holds 10,000 KTSt, then the number of KCS rewards that the user can upgrade and exchange is 10,000/200 = 50.
- KTST-KCS Updated Schedule: April 3, 2021 3:00 p.m. to May 3, 2021 3:00 p.m. UTC.
- Users who participate in the KTSt on-chain staking through Pool-X platform, Pool-X platform will uniformly withdraw the staking and distribute to users.
- For users who directly staked on-chain, since the on-chain redemption period is 14 days, in order to ensure the smooth exchange of your KTSt upgrade, please be sure to redeem all your KTSt through Awake Wallet before 3:00 PM on April 17, 2021 UTC. Once your redeemed KTSt received, to transfer them to your KuCoin account, “KTSTOKCS” address. Otherwise, if you miss the upgrade redemption time, you will be deemed to give up the redemption of this reward.
- The minimum exchange quantity is 10 KTSt.
From your KuCoin account KTSt withdrawal page, you can withdraw your KTSt to “KTSTOKCS”. After receiving your KTSt, the system will transfer the corresponding KCS reward to your account at once.
New Horizons for KuCoin
KuCoin Exchange currently supports popular currencies like Bitcoin, Ethereum, and a broad list of altcoins as well as ICO projects’ tokens. The leading exchange offers a low transaction fee and excellent user experience through its integration of TradingView charts.
KuCoin Community Chain (KCC) is a community-focused Ethereum-based blockchain that offers good speeds while keeping costs down. The future of KuChain is KCC, and with the recently announced rewards package, the KuCoin community should be stronger than ever.
Many exchanges have been successful in launching their own blockchain platforms, with Binance, Crypto.com, and OKEx standing out as examples.
Now, it looks like KuCoin may be entering the crypto exchange blockchain and token market, which is great for KuCoin users, and the wider crypto markets in general. With the rush to use the major blockchains, like Ethereum, there is a lot of room for innovation and competition.
To learn more about KuCoin, or to discover all of the exchange services it offers, just click here for more information.