KuCoin Is A Public Blockchain That Claims To Reduce Ethereum’s High Gas Fees

May

11

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Due to its high gas fees, Ethereum was unable to show its full utility.

Decentralized finance (DeFi) is becoming incredibly popular. Even though Ethereum (ETH), probably DeFi’s primary accelerator, accomplished its aim of being the world’s most programmable blockchain, the network’s most significant drawback –– scalability –– has been underlined by its extensive use. Congestion has been widespread on the web, leading to high gas fees, making microtransaction payments on Ethereum difficult for projects.

Realizing the disadvantages, the DeFi community has constantly been searching out alternatives, as demonstrated by the rising demand for on-chain bridge technology. Transactions on a costly network like Ethereum might be routed through a cheaper network with a bridge in this scenario, resulting in reduced transaction costs. As a result of the carefully crafted bridge technologies, the world may be exposed to a more productive environment where formerly isolated blockchains are now connected to ensure use cases are not limited by network scalability.

KuCoin and the community that has sprung up around KCS, their native coin, have teamed up to create KCC, a high-performance blockchain.

KuCoin is a well-known exchange that is considered a public service. On the contrary, the KuCoin community and KCS holders created the KCS ecosystem’s developer community. These organizations are combining their experience to publish the KCS white paper.

The white article demonstrates how Ethereum’s high gas costs might be addressed as part of a more extensive ecosystem. Several various projects and platforms, like as DeFi, NFTs, games, and Web3-related application projects, will be combined in this ecosystem to extend the range of alternatives for KCS, KuCoin’s native currency.

The KCS white paper is also said to pull together the KuCoin core team, investment institutions, angel investors, and other community members to create the KCS Management Foundation. These activities will manage KCS’ research, funding, investment, and resource integration in inventing different offerings that support project objectives.

Moving to the multichain 3.0 ecosystem

The public blockchain utilizes the Proof-of-Staked-Authority (PoSA) consensus process to reduce block confirmation time. At the same time, prices are addressed with the use of KCS as the on-chain gas fees by the exchanges. As a result, the group can give community members speedier, more comfortable, and less costly experiences. It’s worth emphasizing that PoSA will improve security and stability as a consensus algorithm.

Unlike other public blockchains, the KCC chain works in the same way as Ethereum Virtual Machine (EVM) compatible chains. The public chain will be entirely functional with EVM and ERC-20 intelligent contracts, reducing project migration expenditures. When the KCS token is employed for gas fees on the chain, however, prices are further lowered, and transaction confirmation speeds are enhanced due to the generation of blocks every three seconds.

As the KCC blockchain grows, it will advance from EVM-compatible 1.0 to 2.0, useful in a multichain 3.0 environment with cross-chain and asset compatibility. At this moment, the KCC blockchain must keep focusing its efforts on developing appropriate infrastructure for large-scale use and development, particularly intra-chain and inter-chain protocols.

These technological developments will continue to be the primary driving force behind the blockchain sector. As a result, the team has agreed to spend resources to help developers develop early-stage creative businesses, using the KCS fan base and KuCoin exchange ecosystem on KCC. As a result, the white paper shows that KCC is more than just a chain; it is a closed-loop ecosystem of technology, goods, and consumers that function as a breeding ground for industry growth.

 

About the author, Awi Khan

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