What is Kucoin Community Chain (KCC) Wallet? Instructions for creating and using KCC wallets (KCS, KRC20, KRC721)

Kucoin exchange is known as one of the largest centralized exchanges in the crypto market today. Not only famous for its large transaction volume and quality IEO projects, Kucoin is also not inferior to other exchanges such as Binance, OKEx,… when it officially launched its own blockchain. Kucoin Community Chain. This article will guide you to create and use a Kucoin Chain wallet so you don’t miss any opportunities!

What is Kucoin Community Chain (KCC)?

Kucoin Community Chain, also known as KCC, is a decentralized public blockchain using the Proof of Staked Authority (PoSA) consensus mechanism, compatible with Ethereum and ERC-20 smart contracts. KCC is built by KCS fans and the KuCoin fan community. The purpose of KCC is to solve the problems such as low performance and high cost of current public blockchains, providing community users with a faster, more convenient and low-cost experience.

What is the KuCoin Community Chain (KCC) Wallet?

KCC Wallet is a place to store KSC and standard tokens KRC20, KRC721 in KCC’s blockchain platform. You can send and receive KSC and standard tokens as well as interact with applications on the KCC platform.
KSC is the native token of KCC, KSC holders can use it in the following use cases:

• Get passive income from Kucoin’s daily transaction fee revenue.
• Pay gas fees for transactions on the blockchain.
• Participating in the governance, making decisions on the development direction of KCC.
• Participate in buying tokens of projects that are open for sale on Kucoin Spotlight.

KCC wallet has 3 extremely important information you must note:

• Wallet address: Is a sequence of numbers and characters used to send assets to KCC wallet. Others can transfer coins to you through the wallet address you provide. A KCC wallet address (KCS, KRC20, KRC721) will have the following format: 0x8fe0b65F7DFB4E03651e4EDa9288b832B5a5299F
• Passphrase: A security key that can be understood as a password consisting of any 12 English keywords. If you want to perform the wallet recovery operation, you must go through the Passphrase login step. Format of a Passphrase: swallow garbage arrive address panel double divert ill tenant media grant move.
• Private key: A string format for connecting to an account, quite similar to a bank account password. Format of a Private Key: 0xf7fd4b9b68193bf56e3c202fad20deb30daece19395a09e083e29875bfd8b344

To make it easier to imagine, you can imagine that KCC wallet is a bank account, the wallet address is the account number and the passphrase/ private key is the password.

The difference here is that with a bank account, other people will know your personal information. As for the KCC wallet, you become anonymous, no one knows who you are, but only transact through an address encoded into a sequence of numbers and characters.

Read more: Learn about KCC

Where to create KCC wallet?

You can create a KCC wallet through Techtipsnreview Wallet.

Techtipsnreview Wallet is a decentralized wallet (non-custodial & NFT Wallet) that not only supports KuCoin Chain platform but also many other platforms such as Ethereum, Polygon, Kusama, BSC, HECO Chain, Near, Avalanche (C-Chain & NFT Wallet) X-Chain), Polkadot, Cosmos, Terra, Fantom, Persistence, Bitcoin, TomoChain, Celo, Binance Chain, Tron, THORChain, OKExChain, BandChain, Kava, xDAI, Ronin, GateChain, Klaytn, KardiaChain, Optimism, Arbitrum on Ethereum, Arbitrum on xDai, Boba Network, …

Because it is a decentralized wallet platform, users have complete control of assets, no one has access to your wallet, including developers. You can rest assured when storing KCS and standard tokens here.

Instructions to create a KCC wallet (KCS KRC20 KRC721)

Techtipsnreview Mobile Wallet

Download and access the application

Techtipsnreview Mobile Wallet is currently supporting users to store, send and receive KCS and KCC token standards from version 10.3.

You download the Techtipsnreview Wallet app to your device.

After downloading the app, you open the Techtipsnreview Wallet application and select the language you want to use to be able to directly access the wallet interface.

At this interface, you can create a new wallet or restore an existing wallet from other wallet applications to Techtipsnreview Wallet.

Instructions to create a KCC wallet (KCS KRC20 KRC721)

Step 1: Open the application, at the homepage click Manage (Management)

Step 2: Choose Add Wallet (Add Wallet) and click on the icon KCC (KCS KRC20 KRC721) to create a KCC wallet or you can choose to create a Multi-chain wallet to own more wallets with the same passphrase (recommended) → Create (Create wallet).

Step 3: Name the wallet (name something that you can remember or convenient for later use). Choose Next (Continue).

Step 4:

Backup your Passphrase in a safe place. (Note: This is extremely important information that directly affects your assets).

• You copy and paste Passphrase / Private key into the box Confirm (Confirm).
• Tick ​​the box Backup the recovery key and click on the copy icon to confirm that you have saved your Passphrase / Private key. You must save the security key in a safe place and absolutely do not disclose it to anyone. Otherwise, your account is at risk of being stolen when someone knows these sequence of characters.
• Tick ​​the remaining two boxes to confirm you understand the risks if you lose your Passphrase / Private key.

Choose Create Wallet (Create wallet).

Once done, you can also access Manage (Management) → Manage All Wallets to check the newly created KCC wallet.

Instructions for receiving KCS and KCC token standards into Techtipsnreview Wallet

Way 1

Step 1: Click on the KCC wallet on the main screen.

Step 2: Choose Receive.

Step 3: Copy the wallet address or use the QR code address.

Way 2

Step 1: Choose Receive on the homepage.

Step 2: Enter the token name (KCS or standard tokens KRC20, KRC721) in the search bar.

Step 3: Click the icon to copy the wallet address or get the QR address.

You can send KCS and KCC token standards to the address copied in step 3.

Instructions to transfer KCS and KCC token standards from Techtipsnreview Wallet

Here, I will give an example of how to receive KCS stored in a mobile wallet.

Step 1: Click on KCC . wallet

Step 2: Choose Send (Send).

Step 3: Select the token and enter the amount of the token you want to send & the wallet address to send it to. Adjust the Gas fee slider to suit your needs. → Slide bar Send to confirm sending.

In addition, you can also go to Send In the main interface, select the KCS wallet you want to send.

Note:

• Gas fee on KCC wallet is calculated in KCS and takes about 0.000021KCS per transaction.
• The default gas fee is the one that has been optimized so that you can transact with the fastest speed and the most reasonable cost.

Some notes when using KCC wallet

Is it safe to store KCS and KRC20, KRC721 standard tokens on KCC wallet?

Techtipsnreview Wallet is a non-custodial wallet, ie full control of your assets belongs to you, no one has access to your wallet except you unless you disclose the key to others.

Is there a fee to send KcS tokens and transfer KRC20, KRC721 tokens?

Sending KCS and other tokens from the KCC wallet will cost the blockchain platform fee charged in KCS to confirm the transaction. But transaction fees on KCC are very cheap and insignificant.

Is it possible to create multiple KCC wallets?

Sure! You can create as many KCC wallets as you like, each wallet will have a different address and passphrase, so remember to save it. What name should be given for you to easily manage if you create multiple KCC wallets.

Can KCC wallet store other coins?

KCC wallet can store KCS coin and KRC20 standard tokens, KRC721 supported by KCC blockchain platform. In addition, absolutely do not transfer any coins on other blockchain platforms to KCC wallet if you do not want to lose your assets unfortunately.

summary

So I introduced to you what is KCC wallet (KCS KRC20 KRC721). If you have any questions about KCC, leave a comment at the end of the article or join the group Techtipsnreview Insights Chat to exchange, discuss with admins and many other friends!

See you in the next posts!