KuCoin Announces Genesis Mining Of KTSt Tokens On Pool-X BurningDrop

KTS, a fundamental token for the operation of Kratos, will begin its initial distribution. Users can get KTSt (test) tokens by participating in the KTSt BurningDrop event held on the Pool-X platform during the KuCoin 3rd Anniversary celebration month.

Image from KuCoin

From 20:00:00 on September 16, 2020, to 20:00:00 on September 20, 2020 (UTC+8), by locking KCS or any of these tokens (BTC, ETH, and ATOM), users can obtain the corresponding KTSt (test) token. All KTSt mining rewards will be distributed on September 25. Users who will participate in the KTSt BurningDrop can directly enter the Betanet Events Phase II of Kratos to experience and test the operation of the Kratos economic model. In the latter stages of Kratos, these test tokens (KTSt) will be upgraded to an official status (KTS) once it is successfully launched.

More About KTS and Kratos

KTS is very important as it is the fuel for the Kratos ecosystem, motivating more users to contribute to Kratos and facilitate its healthy operation. In a similar vein, Kratos plays an important role in KuChain as its test network, and their relationship is similar to that between Kusama and Polkadot. Similar to the upcoming KuChain, Kratos is a public chain that is oriented to the needs in the DeFi field, and it provides more stable underlying environments for decentralized applications, including DeFi and DEX. While the two may seem to have like a substitute relationship, it is actually a complementary one. In the future, Kratos and KuChain will be two parallel public chains. Both of them will focus on the financial sector and provide a more stable underlying technology environment for decentralized applications such as DeFi and DEX. Kratos is co-ordinal with KuChain in concept, architecture, and resource. After KuChain is officially launched, Kratos will still operate normally.

Why is KuCoin Launching its own Public Chain?

KuCoin has always instinctively adored technology, which may have something to do with the technical background of its founding team. Perhaps this point in time is actually relatively mature and stable for the platform to introduce it. In addition, building its own public chain as one the most important part of the industry, the exchange has gathered the best resources and talents, and it also has the need for applications. Kratos is initially designed for the needs of DeFi and DEX. It will be able to effectively solve the issues faced by these fields, truly implement blockchain technology, and strive to bring new changes to the industry.

Steps to complete beforehand:

♦ Register an account with KuCoin (If you have one already, just skip and move onto the second step);
♦ Holds the necessary amount to stake in any of these assets (KCS, ATOM, BTC, and ETH);
♦ Knows how to use and stake on the Pool-X website once the KTSt BurningDrop page is live;
♦ Conduct risk verification and sign terms and agreement to ensure you are well aware of what you are doing.

First of all, what is BurnDrop?

A bit the same on the concept of Lockdrop, which is a token distribution method for existing holders of a token’s blockchain, users can receive KTSt through BurningDrop and also increase their computing power by burning POL, the native Pool-X token. In Kratos’ token, it’s distributing its KTSt tokens to users who want to participate, who can either signal their support for the platform. KTSt holders are granted the right to vote their tokens for Kratos’ beta network test nodes via the governance page of Betanet Events, which will also be deployed on the Pool-X platform. Through voting and validating, KTSt holders will be able to engage directly in the process of the Kratos beta network, so that they can continue to exercise the right of governance and stake for rewards.

What’s in it for you?

Through this BurningDrop, Kratos encourages decentralized financial product pioneers to test and prove their innovative technologies and notions, as well as try out and contribute to KuChain’s various functionalities spanning governance, staking, and validating. Kratos was said to be built as a four-layer network based on the needs of DeFi and DEX. Kratos improves the ease of use of what seemed to be complicated, modularizes the protocol and functions, reduces the threshold for developer participation, and solves most of the problems experienced in the DeFi field.

What’s with Kratos’ Four-Layer Network that Decentralized Financial Product Pioneers should look into?

Read an article about KuCoin’s public chain, thought it would be interesting to share it with more devs. I have myself translated the whole text, hope I didn’t get anything wrong from the original version.

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To make Kratos a “useful” public chain, the designers of Kratos created a four-layer network system. Layer 0 is the bottom layer of the public chain based on PoS consensus mechanism, mainly ensuring the normal operation of the whole system and the safety of assets. The layer 1 is the Maas Layer (Machine as a service), which provides multi-functional modules, such as MaaS DEX, Maas DeFi, Maas stable coin, etc. These multi-functional modules are called directly by DEX and other DeFi application developers so that they can quickly build their own applications with a minimum input. These two layers are the basic layers of the Kratos. For any modifications on the basic layer, Kratos community shall proceed to a series of proposals and voting on chain.

The second layer of the network is where DeFi applications are deployed. Generally public chains stop abruptly at this level, but Kratos is a practical public chain. Since DEX and other applications have a strong demand for liquidity, Kratos then introduces a third layer on its network: this shareable functionality layer is composed of modules — such as the Liquidity Sharing Protocol (LSP) — that can be called by all layer 2 applications. Through this four-layer network, the DEX developers’ job becomes easier, and the cost of obtaining liquidity for DEX projects is reduced. To exaggerate, the entire chain makes DEX launch possible within “one-click”. For those community projects, they don’t have to pay a lot to create their own DEX and share liquidity on Kratos.

What should I do to get this?

As stated from the announcement, Genesis Mining for KTSt is allegedly divided into KCS Staking Round with a total KTSt distribution of 95,000,000 and a BTC / ETH / ATOM Staking Round with a total KTSt distribution of 5,000,000.

Taking the KCS Staking Round as an example, it has two phases: Subscription Period and POL Burn Acceleration Period. During the subscription period, users can lock their KCS in 5 different Staking Products. After the end of the Subscription Period, users can calculate their “Initial Allocation” of KTSt according to the total KCS staking in the pool. By going to the Acceleration Period, users will receive a “Acceleration Ratio” based on which the “Final Allocation” KTSt will be calculated. To know more about the KCS Staking Round, you may visit the detailed info here.

Image from KuCoin

Aside from KCS, users are also able to choose from BTC, ETH, and ATOM to participate in the event. To know more about the BTC / ETH / ATOM Staking Round, you may visit the detailed info here.

Image from KuCoin

In addition, the BTC, ETH, ATOM and KCS staked tokens for KTSt Genesis Mining can be exchanged back for tradable assets through the Pool-X liquidity trading market. Just a word of advice, however, you need to have at least an experience or technical knowledge to participate in KTSt BurningDrop; including the subscription period know-how and trading your staked tokens by using the Pool-X liquidity market.

What if you don’t have any of these assets mentioned on my KuCoin account during the event. Will I get anything?

Unfortunately, no. But it’s good to know that there are alternatives aside from this BurningDrop event that you can opt for and still reap some benefits. From staking, lending, KuCoin Margin, and KuCoin Futures, there are a lot of benefits that you can get from keeping your crypto with KuCoin.


KuCoin Announces Genesis Mining Of KTSt Tokens On Pool-X BurningDrop was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.