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Review on KuCoin Shares by Celil Ozturk
Known as Kucoin Shares or KCS for short, the token issued by Kucoin…
Known as Kucoin Shares or KCS for short, the token issued by Kucoin Cryptocurrency Exchange
Platform maintains a total issuance volume of 200 million. After buy-back disposal, it will be a
constant - 100 million. As a decentralized cryptocurrency issued on the basis of Ethereum, also
a standard ERC 20 token based on Ethereum blockchain.
Known as Kucoin Shares or KCS for short, the token issued by Kucoin Cryptocurrency Exchange
Platform maintains a total issuance volume of 200 million. After buy-back disposal, it will be a standard ERC 20 token based on Ethereum blockchain.
aThe 70 million KCS issued by the founders in the first phase should be subject to a four-year lock-up period from Sep 2nd,
2017 to September 2nd, 2021. Founders are prohibited to assign or sell their KCS holdings in any way before September
2nd, 2018. Team members can only assign or sell 25% of their largest historical exchange volume in 365 natural days from
Sep 3rd, 2018 to the end of lock-up period.
The 30 million KCS exchanged by the consultants and angel investors in the second phase should be subject to a two-year
lock-up period from Sep 2nd, 2017 to Sep 2nd, 2019. Holders are not allowed to assign or sell their KCS holdings in any
way before September 2nd, 2018. They can only assign or sell 50% of their largest historical exchange volume in 365
natural days from September 3rd, 2018 to the end of lock-up period.
The 100 million KCS issued by public users suffers no lock-up period and opens for exchange from Sep 2nd, 2017.
After the Kucoin platform opened for use, at least 10% of the net profit will be applied to the buy-back of KCS every quarter.
The KCS retrieved through buy-back will be destroyed immediately. The buy-back record shall be released to the public at
the first time, so that users can review via blockchain explorer, to ensure the open and transparent nature of the whole
process. We will continue our efforts in this regard, until 100 million KCS destroyed.
To improve user involvement and exchage vitality, Kucoin is going to award incentive bonus, which equals to 50% of the
total trading fees charged by the platform, to users who hold KCS in their accounts. Please note that this award proportion
could be adjusted based on the actual situation in the future. The initial amount of KCS is 200 million among which 100
million owned by the team and angel investors would not be taken into account when calculating the bonus. In addition, we
guarantee that at most 100 million KCS be calculated in the bonus plan during official buy-back and destruction. To obtain
the daily bonus, users would need to deposit their KCS into Kucoin Platform. Then the platform will conduct accounting
and award bonus based on to the KCS holdings in user's account at 0:00 (UTC+8) that day and all the trading fees charged
to the platform on the previous day.Then the bonus gained by users will directly put to their Kucoin accounts in the
corresponding currency. For instance, If ETH-BTC cryptocurrency pair rate is 0.063 on the platform and the daily exchange
volume is 30,000 BTC; based on the 0.1% rate from each side, the platform shall charge 30 BTC and 476 ETH as trading
fees. The bonus for every 10,000 holdings would be 10,000 by 100,000,000 (0.01%). So that the daily bonus from this very
cryptocurrency pair is 0.003 BTC and 0.0476 ETH (1 BTC and 17 ETH annually). Please note that this is ONLY the ETH-BTC
exchange pair BONUS. Other than ETH-BTC, there are still various cryptocurrency pairs on the platform, which creates the
trading fees in the corresponding currency and bonus based on the description above
Pros
- While Kucoin itself is relatively young, the founding team has been conducting research related to blockchain technology since 2011 and the exchange platform’s technical architecture was achieved back in 2013. This provided the team with several years to iron out the details and deliver seamless service.
Cons
- Registering to join Kucoin is as simple as you could expect it to be. Begin by entering your email and chosen password. From there, you will receive a verification email with further instructions.
