I’ve seen this coming for a long time, but I didn’t expect to be a community developed chain. In my mind it was that Kucoin exchange will release some time its own “smart” chain. Anyway, the Kucoin Community Chain – KCC launch, designs some massive price potential for the Kucoin token. This year we have seen what a well-developed smart chain can produce for the price of one cryptocurrency. And by this I refer to the Binance Coin – BNB, which price increased to over $600. Keep on reading my blog post and find out more about this topic. What is the Kucoin Community Chain, how to easily set up your Metamask wallet to run on Kucoin Community Chain – KCC, and what Dapps you can use so far.
Note for every reader, this is not financial advice. I am not a financial advisor, only a cryptocurrency supporter and enthusiast, seeking my financial freedom. Before investing in any cryptocurrency or blockchain project, do your own research – DYOR.
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Table of Contents
What is the Kucoin Community Chain – KCC?
The Kucoin Community Chain is exactly as it sounds, a chain that supports smart contracts, developed by the Kucoin token supporters. The Kucoin cryptocurrency exchange, is more presumably comparable to Binance, and as I see this new smart chain developed, that is also corresponding to the Binance Smart Chain. Only that this is a community driven blockchain project. I have to say that I like this kind of development, being truly a project built by the community for the community. If you want to find out more, here you can find the official KCC website.
Why do I make this comparison with Binance? On different social media channels, we have seen many people comparing the development of Kucoin Exchange with the Binance exchange. And I think it is a valid point of view, Kucoin continually evolving and keeping their place in the top global cryptocurrency exchanges. So, the Kucoin Community Chain aims to provide the users with a low cost, faster, and more beneficial smart user experience. And the Binance Smart Chain also has a fairly low-cost, and it is also a pretty fast smart chain.
With some higher chain performances, the Kucoin Community Chain creates a block every 3 seconds and it has accelerated transaction confirmations. Moreover, it is fully compatible with the Ethereum blockchain and with the ERC-20 smart contracts. Also, it has low fees for the migration of the smart contracts on the Kucoin Community Chain. Therefore, the data can be easily migrated to the KCC with low transaction cost.
I really like the Kucoin Exchange, and I started using its services sometimes last year, when the Kucoin token price was pretty low compared to now. As I remember, at the time I signed up on Kucoin, the KCS price was somewhere between $0.80 and $0.90. Pretty good price performances until now, but with the KCC launch, I think there is more upside potential for the Kucoin token.
How to add the Kucoin Community Chain to Metamask?
To add the Kucoin Community Chain to Metamask is an easy task, if you are going to use the Chainlist website. For the people who don’t know about Chainlist, it is a platform who helps users easily connect their wallets with different EVM powered networks. On Chainlist website users will find all the networks that support smart contracts to comfortably add their network ID and chain ID to Metamask.
In the Kucoin Community Chain case, let’s just follow the steps below:
- In the top right corner press the night mode. Just joking :)). I don’t like the day mode, it hurts my eyes, I am a night owl;
- Also in the top right corner, at the left of the night light button, search for KCC;
- Connect your Metamask wallet with Chainlist;
- Once the Metamask wallet is connected, click Add to Metamask. Note that the KCC main-net has the chain ID 321, and the other KCC network is the test-net;
- Approve this from your Metamask wallet;
- Switch networks from Metamask and it is done. Your Metamask wallet will run now on the Kucoin Community Chain.
This is the easiest way to add the Kucoin Community Chain to Metamask. And without making errors.
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The Kucoin Community Chain – KCC Dapps and precautions
The KCC Dapp store is currently under development, and according to the team, it will sometimes be launched in Q3 2021. Be informed that the Kucoin Community Chain will not release any decentralized swap project, and all the blockchain projects which will run on the KCC will be developed by the community. That is why it is highly recommended to take extra caution when using any decentralized projects. By this, I mean to all smart chains out there, because we all know how many scams are in the cryptocurrency world.
Also, the team states that the Kucoin Community Chain will not be responsible for any inconveniences caused by third party projects which operate on KCC. I need to mention that I totally agree with this statement, because this is decentralization. Financial freedom comes with responsibilities, and everybody should do what is necessary to protect their funds, and also do their research regarding any investment. I also think it is not actually possible for any developed chain, like KCC, to be held responsible for every scam project which will run on their chain. Therefore, the people who enter the blockchain world will need to be well-educated regarding cryptocurrency investments. Furthermore, before investing in any blockchain project, it is better to do a thorough research.
Now, after that we make a quick dive into the security of smart chains. The following Dapps are a few that currently are operating on the Kucoin Community Chain, and the ones most used so far:
- Kuswap.finance;
- Koffeeswap.exchange;
- Kudex.finance;
- kukuswap.io;
- gemswap.exchange;
Note for every reader, these are only a small part of the unofficial projects developed so far on KCC. Therefore, as I said above, everybody should do their own research before investing. Accessing the KCC Explorer, users can find all the projects which are running on the Kucoin Community Chain.
The only official developments so far made by the Kucoin Community Chain are the official KCC explorer, and the Ethereum – KCC bridge. Also, there is an unofficial bridge between the Binance Smart Chain and the Kucoin Community Chain. More specifically, Anyswap, which supports a BSC – KCC bridge, and the platform can be found at this address https://anyswap.exchange/bridge.
How to top up your Metamask wallet with KCS
In order to use the Dapps developed on the Kucoin Community Chain, you will need some KCS for gas fees. Also, for trading, staking, or providing liquidity to the available pools.
To top up the Metamask wallet with KCS is a simple job. I have some KCS in my Kucoin Exchange account, and I believe most of the users have. If not, it is also simple to buy or trade with the Kucoin Exchange. Therefore, to top up the Metamask wallet from your Kucoin exchange account, just follow the steps below. Moreover, if you need to check how to buy KCS on Kucoin, see my other Kucoin related article.
Steps on how to top up the Metamask wallet with KCS, from the Kucoin exchange account:
- Login into your Kucoin exchange account, or sign-up here if you don’t yet have an account;
- Copy the cryptocurrency address from your Metamask wallet;
- In the Kucoin Exchange account, click the withdrawal section, or assets, and select the Kucoin token – KCS;
- Paste your Metamask wallet address;
- Make sure to select the Network as KCC;
- Enter the withdrawal amount;
- Click confirm and then is done;
If you have additional security features on your Kucoin exchange account, enter the passwords required, or what other security features you enabled, for example 2FA.
Conclusion about the Kucoin Community Chain and what it designs for KCS – the Kucoin token
Being one of the many users and supporters of the Kucoin Exchange and its native token – KCS, I have expected this launch for a couple of months. And finally, it happened, the Kucoin Community Chain entered the main-net.
KCS being the only cryptocurrency used for gas fees in the Kucoin Community Chain environment, this smart chain launch designs some massive price potential for the Kucoin token. In my mind I expect to see the KCS to make a 5x to 10x by the end of the year 2021. But, be informed that it is not financial advice, these are only my personal opinions.
This is a huge step forward for Kucoin, which I believe is going to bring even more new users for the Kucoin token. With a limited supply of around 170 million and a pretty low market cap for what potential the Kucoin Community Chain designs, I believe we will see some big gains in the KCS price.
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Disclaimer:
This article about the Kucoin Community Chain and how to easily add the KCC network to Metamask is intended for informational purposes only. Therefore, the views expressed in this document are not, and should not, be construed as investment advice or recommendations. Readers of this document should do their own research, taking into account their specific financial circumstances. Also, the investment objectives and risk tolerance before investing. This document is not an offer, nor the solicitation of an offer, to invest, buy or sell any of the assets mentioned herein.
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