Everything You Need to Know About KuCoin Shares
KCS or KuCoin Shares are what they call the token that the Kucoin Cryptocurrency Exchange Platform issues. Its total supply is at 200 million. After the buy-back disposal, it will become a constant 100 million. A minimum of 10% of the net profit of Kucoin will get applied to the KCS’ buyback every quarter. They will destroy the KCS retrieved through buyback immediately. The process will go on until they kill 100 million KCS.
KCS is a decentralized cryptocurrency issued based on Ethereum. It is also a standard ERC 20 token that has a basis on the Ethereum blockchain and can support all of the Ethereum wallets.
The relatively new crypto exchange based in Hong Kong is KuCoin. At first, its base is in China until the Chinese government banned all of the digital currency exchanged.
Last August 2017, KuCoin was able to receive the angel investment from their investor and consultant team five days after they launched the first version of the KuCoin exchange. On November 2017, KuCoin was able to release mobile applications for the Android and iOS.
KuCoin is now very popular because it doesn’t have fees on deposit and it has little trading fees. It’s beautiful interface, and high-security level also encouraged a lot of people to get it.
As of the moment, KuCoin is at the 29th place based on their daily trading volumes. The daily trading volume is $53,526,736, and more than 12% of this goes to the currency pair Bitcoin or Revain. The second-most traded currency pair is the USDT or BTC that takes more than 6% of the trading volume.
As of the moment, you may trade a massive 268 trading pairs on the trading platform of KuCoin.
Features of KCS
Whenever you hold a KCS account, KuCoin will reward you an incentive bonus that is equal to 50% of the total trading fees that the platform charges. The starting amount of KCS is 200 million. 100 million of this is under the ownership of the angel investors and team. That will not get taken into account whenever they calculate the bonus.
According to the white paper of KuCoin, daily users can get the regular bonus if they deposit their KCS into the KuCoin Platform. After that, the platform will conduct award and accounting bonus that has the basis on the user account’s KCS holdings at 0:00 or UTC +8 that day as well as all of the trading fees charged to the platform the day before. Users may gain the bonus that will put their Kucoin accounts in the corresponding currency. One example is if the ETH-BTC cryptocurrency pair rate is 0.063 on the platform, the daily exchange volume is 30,000 BTC. That has a basis on the 0.1% rate from every side that the platform may charge 476 ETH and 30 BTC as trading fees. There will be a bonus for every 10 thousand holdings that is 10,000 for every 100,000,000 or 0.01 %. The daily gift from this cryptocurrency pair is at 0.0476 ETH and 0.003 BTC or 17 ETH and 1 BTC every year.
One example is that a user may hold 10 thousand KCS in his KuCoin account. If the average volume of KuCoin exchange the whole day is at 10,000 BTC, taking into consideration the current fee rate, trading fee and amount collected daily is at 20 BTC; the user may get 20 * 50% * (10,000/100,000,000) = 0.001 BTC per day, 0.03 BTC per month. The amount of KuCoin bonus may become ignored if the calculated amount is less than 0.00000001.
You may invite other people with your invitation code, and if you were successful in encouraging other people to trade on the KuCoin platform, you might get a bonus that is a share of the trading service fee of the invited person.
One example is that you may get 20% of the fees of the users that you directly invited. These people will also get 12% of the indirectly asked user’s costs, and then these users will get 8% of the fees of the indirectly invited users.
Discount in Trading Fee
When you hold a specific amount of KCS in your KuCoin account whenever you place orders to trade, it may minimize the trading fee. KuCoin can take a snapshot of your KCS holdings daily at 00:00 UTC + 8. You may get the new discount rate after an hour, and it will last until the next snapshot.
Whenever you hold 1,000 KCS, you may become entitled to a 1% discount on the trading fees. Make sure to note that the maximum possible discount is 30%. That means if you are holding 10,000 KCS, you may get a 10% discount. If you have 50,000 KCS, 50% will become your maximum discount rate.
You may check out your Trading Fee Discount on the trading page.
As of the moment, this is how everything works. KuCoin may change it in the future. When this happens, they will announce it on their website.
In case you are holding a specific amount of KCS on your KuCoin account, you may use specialized services such as the customer service Fast-Pass, one-on-one investment, among others. It may not specify the amount of KCS that you have to hold on your KuCoin account so you can get these special services.
The Airdrop of Gas
Whenever you hold NEO on your KuCoin account, you may get GAS rewards. The counting begins at 00:00 UTC+8. As of the moment, the GAS reward ratio is at 0.03%, and it only depends on the NEO blockchain that may change every day.
To get the GAS reward, on your account, you need to activate the Google two-step verification. When your Gas reward is less than 0.000000001, they may not issue the award.
KuCoin Shares ICO
The ICO of KuCoin shares has three stages. The first stage of KuCoin has their founders issue 35%. In the second stage, consultants and angled investors issue 15%. At the third stage, all public users openly release the rest of 50%.
The 35% that the founders’ issue may get locked up for four years and they will become prohibited to sell or assign their KCS holdings before the 2nd of September 2018. They may only sell or allocate 25% of their most prominent historical exchange volume within 365 days starting September 2018 and until the end of the lock-up period.
Consultants ad angel investors may issue a 15% portion that may get locked up for two years. They can only sell or assign 50% of their most significant historical exchange volume within 365 days beginning September 3, 2018, or until the lock-up period ends.
The public users issue 50% that will not have a lock-up period and that people may exchange anytime.
Purchase and Storage of KCS
People may only purchase the KCS on the KuCoin exchange. Since the KCS is the ER20 token, you may store it in any wallet that can support the Ethereum blockchains like the Trezor and Ledger Nano S.
Price and Market Cap of KuCoin Shares
As of the moment, the Market Cap of KCS is at $386,988,609, and the price is at $4.25. Their daily trading volume is above $900 thousand, and they have a fluid supply of 91,043,076 KCS.
Last January 12, 2018. KuCoin Shares reached their all-time high price that was $20.61 with a trading volume of more than $24 million and a market cap of more than $1.8 billion.
KuCoin Shares Charts
A group of blockchain enthusiasts founded KuCoin. They are aiming to provide a safe and convenient environment for users’ digital asset exchange and transaction services. It will be capable of constructing the state of the art transaction platform and integrating the premium assets all over the world.
The team includes the following people:
Michael Gan is the CEO. He was a former technical expert on Alibaba Group’s Ant Financial. This group is a senior partner of Internet giants like KF5.COM, MikeCRM and a veteran of financial solutions.
Erin Don is the COO. He is a senior Internet researcher, systems architect, and Internet industry star. He became a CTO and senior partner of famous IT companies that includes YOULIN.COM, KITEME, and REINIOT, etc.
Top Lan is the CTO. He is also the designer, manager of multiple mainstream open source projects in Github, deployer of the financial exchange system of Kucoin as well as a free source community Technical expert.
As of the moment, there are rumors that they will decrease the current incentive bonus may minimize to 15% from 50% this year.
Despite this, holding KuCoin Shares has a lot of advantages. You may get 1% off your trading fees for every 1,000 KCS that you own. A maximum of 30%-50% of the trading fees that KuCoin users pay everyday will get set aside for the KCS holders and become equally distributed to all KCS tokens.
As long as the KuCoin is popular, it is likely for KCS to become popular too. If more and more people use the KuCoin, they can collect more trading fees and increase the size of the payouts.