Nework NKC to KuCoin Shares KCS Exchange

Crypto Pair Details: NKC to KCS

Nework NKC

The bitcoin network is a peer-to-peer payment network that operates on a cryptographic protocol. Users send and receive bitcoins, the units of currency, by broadcasting digitally signed messages to the network using bitcoin cryptocurrency wallet software. Transactions are recorded into a distributed, replicated public database known as the blockchain, with consensus achieved by a proof-of-work system called mining. Satoshi Nakamoto, the designer of bitcoin claimed that design and coding of bitcoin began in 2007. The project was released in 2009 as open source software. The network requires the minimal structure to share transactions. An ad hoc decentralized network of volunteers is sufficient. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will. Upon reconnection, a node downloads and verifies new blocks from other nodes to complete its local copy of the blockchain. A bitcoin is defined by a sequence of digitally signed transactions that began with the bitcoin's creation, as a block reward. The owner of a bitcoin transfers it by digitally signing it over to the next owner using a bitcoin transaction, much like endorsing a traditional bank check. A payee can examine each previous transaction to verify the chain of ownership. Unlike traditional check endorsements, bitcoin transactions are irreversible, which eliminates the risk of chargeback fraud. Although it is possible to handle bitcoins individually, it would be unwieldy to require a separate transaction for every bitcoin in a transaction. Transactions are therefore allowed to contain multiple inputs and outputs, allowing bitcoins to be split and combined. Common transactions will have either a single input from a larger previous transaction or multiple inputs combining smaller amounts, and one or two outputs: one for the payment, and one returning the change, if any, to the sender. Any difference between the total input and output amounts of a transaction goes to miners as a transaction fee. In 2013, Mark Gimein estimated electricity consumption to be about 40.9 megawatts (982 megawatt-hours a day). In 2014, Hass McCook estimated 80.7 megawatts (80,666 kW). As of 2015, The Economist estimated that even if all miners used modern facilities, the combined electricity consumption would be 166.7 megawatts (1.46 terawatt-hours per year). To lower the costs, bitcoin miners have set up in places like Iceland where geothermal energy is cheap and cooling Arctic air is free. Chinese bitcoin miners are known to use hydroelectric power in Tibet to reduce electricity costs. Various potential attacks on the bitcoin network and its use as a payment system, real or theoretical, have been considered. The bitcoin protocol includes several features that protect it against some of those attacks, such as unauthorized spending, double spending, forging bitcoins, and tampering with the blockchain. Other attacks, such as theft of private keys, require due care by users.

KuCoin Shares KCS

KuCoin is an international cryptocurrency exchange based out of Hong Kong that currently supports the trading of 210 digital assets. What’s unique about KuCoin is that they share 50% of their overall trading fee revenue with users holding their exchange-based token. In a similar fashion to Binance, KuCoin offers relatively low tradings fees and incentives for holding (or trading) its native cryptocurrency. Back in 2011, the founders started researching blockchain tech and went further to build the technical architecture for KuCoin in 2013. 4 years later, the exchange launched with the ultimate goal of “becoming one of the top 10 worldwide hottest exchange platform[s]” by 2019. As stated on their official website which lists 12 core members, “Kucoin aims at providing users digital asset transaction and exchange services which are even more safe and convenient, integrating premium assets worldwide, and constructing state of the art transaction platform”. CEO and founder, Michael Gam, is a former technical expert at Ant Financial, an affiliate company of the Chinese Alibaba Group. He was also a senior partner at Internet giants like MikeCRM and KF5.COM. OO, Eric Don, is referred to as a “senior Internet researcher, systems architect, and Internet industry star”. He is also stated to be the CTO and senior partner of IT companies including YOULIN.COM, KITEME, and REINOT. However, it’s unclear if these websites actually exist as they did not show in a Google search or when entering the website domains. According to his LinkedIn, he is currently CTO at Youlin Network Technologies, yet there is no mention of KITEME or REINOT. With its growing user base and increasing number of cryptocurrencies being offered, KuCoin may be set up for a strong run in the markets. KuCoin Shares volume is expected to grow as the daily trading volume on KuCoin, hence, trading fees collection grows & thus, the size of dividend payout grows. This can lure investors to hold KCS token which may even increase its value. KuCoin faces stiff competition from OKEx, but it expects to continue to grow its community exponentially as it is being projected to be one among the top 5 exchanges in the world.

SOURCE: COINGECKO

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