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What is KuCoin wallet? How to create one and use it?

  1. 1. What is KuCoin Community Chain (KCC)?
  2. 2. What is the KuCoin Community Chain (KCC) Wallet?
  3. 3. Notes when using the KuCoin wallet
  4. 3.1 Is it safe to archive KRC20 and KRC721 tokens on the KCS wallet?
  5. 3.2 Does it cost much to send KCS tokens or transfer KRC20 and KRC721 Token?
  6. 3.3 Can I create multiple KCC wallets?
  7. 3.4 Can KCC store different tokens?

What is KuCoin wallet? The wallet owned by the Kucoin exchange is one of the largest platforms in the Crypto market today and is not inferior to Binance or OKEx. So what are the outstanding features of the KCC wallet? Let's find out in this article!

1. What is KuCoin Community Chain (KCC)?

Kucoin Community Chain (KCC) is a decentralized Public Blockchain applying a Proof of Staked Authority (PoSA) consensus mechanism, compatible with Ethereum (ETH) and ERC-20 Smart Contracts.

Kucoin Community Chain was built by KCS fans and the community of the KuCoin system. The purpose of KCC is to solve problems such as low performance and high cost of Public Blockchain. It enhances the users' experience, making everything faster and more convenient.

The concept of KuCoin

Currently, KCC allows Users and Developers create dApps on Testnet and Mainnet for free. However, the number of dApps and TVLs of KCS is still limited. The backing of the Kucoin trading platform can soon become one of the Blockchains with great changes.

Read more: What is Krystal Wallet? How to install and use it

2. What is the KuCoin Community Chain (KCC) Wallet?

KCC Wallet is a place to store KSC and KRC20, KRC721 standard tokens in the KuCoin Blockchain. Besides, users can send and receive familiar KSC and Tokens and interact with the application on this platform.

KSC is a Native Token of KCC. You can use them in the following cases:

  • Receive passive income from Kucoin's daily transaction fee revenue.
  • Pay Gas fees for transactions on Blockchain.
  • Participate in the management and decision-making on the development direction of KCC.
  • Buying Tokens of projects that are open for sale on Kucoin Spotlight.

KuCoin Wallet

The wallet has three essential pieces of information:

Wallet address:

  • A sequence of numbers and characters to send assets to the wallet. You need the wallet address to transfer and receive tokens.
  • KCC wallet addresses (KCS, KRC20, KRC721) will have the following format: 0x8fe0b65F7DFB4E03651e4EDa9288b832B5a5299F.

Passphrase:

  • A security key, like a password, consists of 12 English keywords. Users who want to recover the wallet must go through the Passphrase login step.
  • Correct format of a Passphrase "swallow garbage arrive address panel double divert ill tenant media grant move".

Private Key:

  • A character string format to connect to the User's account, similar to a bank account password.
  • The format of the Private Key is as follows: 0xf7fd4b9b68193bf56e3c202fad20deb30daece19395a09e083e29875bfd8b344. Users can imagine the KCC wallet as a bank account to make it easier to understand. The wallet address is the account number, and the Passphrase/Private Key is the password.

The difference here is that other people will know the User's personal information with a bank account. With a KCC wallet, Users are anonymous. The transactions are done through the address encoded into a sequence of numbers and characters.

Reference: What is a Blockchain Wallet? How to use Blockchain wallet

3. Notes when using the KuCoin wallet

Here are a few notes when using the KCC wallet.

3.1 Is it safe to archive KRC20 and KRC721 tokens on the KCS wallet?

KCC Wallet is a Non-Custodial wallet, meaning full control of assets belongs to the User. No one is allowed to access the wallet except the User unless they reveal the key to others.

KuCoin Wallet is safe.

3.2 Does it cost much to send KCS tokens or transfer KRC20 and KRC721 Token?

After logging in to the KuCoin wallet, sending KCS and other Tokens from the wallet will cost an amount. The cost is calculated in KCS to confirm the transaction. However, the transaction fees on KCC are insignificant.

KCC Wallet has meagre transaction costs

3.3 Can I create multiple KCC wallets?

Users can register a KuCoin wallet as much as they like. Each wallet will have an address along with a Passphrase, so be sure to save it. You should create a catchy account name, so it's easily managed if creating multiple Wallets.

KCC Wallet can create many different wallets

3.4 Can KCC store different tokens?

KCC wallet can store KCS tokens and tokens that follow the KRC20 or KRC721 standards on the Blockchain platform. In addition, do not transfer any token on other systems to the KCC wallet if you do not want to lose the property.

Token storage on KCC Wallet

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Through the above article, hopefully, you better understood kuCoiN and "What is KuCoin wallet". From there, you can choose whether the wallet suits your needs. If you have any questions about related Just chopse out our site and follow BHO Network to get the latest information on the crypto market.

Published on March 22, 2022

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