Kucoin Community Chain (KCC) is a decentralized public blockchain using the Proof of Staked Authority (PoSA) algorithm and built by the communities of Kucoin Shares (KCS). This chain is compatible with Ethereum and other ERC-20 smart contracts which offer low latency, high security, and stability for its users.
To be able to skin in the game with this blockchain, of course, you will need a Kucoin Community Chain Wallet. In today's article, I will show you the details on how to create a Kucoin Community Chain wallet.
What is Kucoin Community Chain wallet?
The Kucoin Community Chain Wallet is where KCS, KRC20 KRC721 standard tokens are stored on the Kucoin Community Chain blockchain platform. KCS is the native token of the Kucoin Community Chain blockchain. You can send and receive KCS, KRC20 KRC721 standard tokens as well as interact with applications on the Kucoin Community Chain platform.
KSC is the native token of KCC, KSC has the following use cases:
- Pay the gas fee for transactions on the KCC blockchain.
- Participating in management and decision making on the development direction of KCC.
- Buying tokens of projects on Kucoin Spotlight.
In particular, this wallet is owned by you, so no one has the right to influence or use the wallet other than you.
Kucoin Community Chain Wallet has 3 extremely important pieces of information you must note down:
- Wallet address: A sequence of numbers and characters used to send assets to the Kucoin Community Chain wallet. Others can transfer coins to you through the wallet address you provide. A Kucoin Community Chain 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 arrives address panel double divert ill tenant media grant move.
- Private key: This is a string format to connect to the account, quite similar to the password of a bank account. Format of a Private Key: 0xf7fd4b9b68193bf56e3c202fad20deb30daece19395a09e083e29875bfd8b344.
To make it easier to visualize, you can imagine that the Kucoin Community Chain 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 Kucoin Community Chain Wallet, the user becomes anonymous, no one knows who owns the wallet, and transactions only occur through the address encoded into a sequence of numbers and characters.
Where to create a Kucoin Community Chain Wallet?
You can create a Kucoin Community Chain wallet through Coin98 Wallet.
Coin98 Wallet is an NFT & non-custodial wallet that not only supports the Kucoin Community Chain platform but also many other platforms such as Ethereum, Solana, Tezos, Polygon, Kusama, BSC, HECO Chain, Near, Avalanche (C-Chain & X-Chain), Polkadot, Cosmos, Terra, Persistence, Bitcoin, TomoChain, Celo, Binance Chain, THORChain, BandChain, Kava, xDAI, GateChain, Klaytn, OKExChain, Ronin, Harmony, Tezos, Boba Network, Arbitrum on Ethereum, Arbitrum on xDai, Optimism, KardianChain, Harmony, Conflux,...
Because it is a decentralized wallet platform, users are in complete control of assets, no one has access to your wallet, even the developers. You can rest assured your KCS, KRC20 KRC721 standard tokens are safe here.
How to create a Kucoin Community Chain Wallet
This tutorial will guide you on how to create a new Kucoin Community Chain wallet on both the mobile and desktop interfaces, you can also install both to flexibly switch use.
Coin98 Super App
Download and access the app
The Coin98 Super App currently supports users to store, send and receive KCS, KRC20 and KRC721 token standards.
Kucoin Community Chain Wallet is now available on the Coin98 Super App for both iOS and Android users.
After downloading the app, open the Coin98 Wallet application and select the language you want to use, then you’ll be directed to the wallet interface.
At this interface, you can create a new wallet or restore an existing wallet from other wallet applications to Coin98 Wallet.
Create the Kucoin Community Chain Wallet (KCS, KRC20 KRC721)
Step 1: Open the application, click the wallet icon at the bottom right corner, then click Manage.
Step 2: Click Add Wallet and click on the Kucoin Community Chain icon (KCS, KRC20 KRC721) to create a Kucoin Community Chain wallet, or create a Multi-chain wallet to own more wallets with the same passphrase (recommended) → Create.
Step 3: Name the wallet (name it something that you can remember or is convenient for later use). Click Next.
Step 4: Back up the Passphrase/ Private key in a safe place.
Note: These are CRUCIAL information that directly affects control over your assets.
- Copy and paste the Passphrase/Private key into the Confirm box.
- Tick the Back up your recovery key box 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 do not disclose it to anyone. Otherwise, your account will be at risk of being stolen.
- Tick the two remaining boxes to confirm that you understand the risks if you lose your Passphrase/Private key.
Select Create Wallet.
Once done, you can also go to Manage → Manage All Wallets to check the newly created Kucoin Community Chain wallet.
Coin98 Extension Wallet
You can access chrome.coin98.com to install the Coin98 Extension Wallet.
For instructions on installing and using Coin98 Extension Wallet, you can refer to this guide here.
Create the Kucoin Community Chain Wallet (KCS, KRC20 KRC721)
Step 1: Open Coin98 Extension Wallet, enter the password. At the homepage click Manage. Click Add Wallet.
Step 2: Select the Kucoin Community Chain Wallet icon → Create Wallet.
Step 3: Create a name for the wallet (name it something that you can remember or is convenient for later use). Click Next.
Step 4: Back up the Passphrase/Private key in a safe place.
Select Create Wallet.
Once done, you can also go to Manage → Manage All Wallets to check the newly created Kucoin Community Chain Wallet.
How to receive KCS, KRC20 KRC721 tokens into Coin98 Wallet
This operation is similar on both the mobile and the extension versions, so you can conduct these steps for both.
Step 1: Click on the Kucoin Community Chain Wallet on the main screen.
Step 2: Click Receive.
Step 3: Copy the wallet address or use the QR code.
Step 1: Click Receive on Wallet section or search icon on the main screen.
Step 2: Enter KCS or KRC20 KRC721 token names in the search bar.
Step 3: Click the icon to copy the wallet address or get the QR code.
You can send KCS, KRC20 KRC721 tokens to the address copied in step 3.
How to send KCS, KRC20 KRC721 from Coin98 Wallet
This operation works the same on both the Coin98 Super App and the Coin98 Extension Wallet. Here, I will give an example of how to receive KCS, KRC20, KRC721 stored in a mobile wallet.
Step 1: Click on the Kucoin Community Chain wallet.
Step 2: Choose Send.
Step 3: Select the token and enter the number of tokens you want to send & the wallet address to send to. Adjust the Gas fee slider to suit your needs → Slide the Send bar to confirm.
In addition, you can also go to the Send section in the main interface, select the KCS wallet you want to send from.
- The gas fee for each transaction is paid with KCS, approximately 0.000021 KCS
- The default gas fee on the Coin98 Wallet has been set at the standard rate that offers the most optimized speed at a reasonable cost.
How to swap KCS or KRC20 KRC721 token
How to KCS or KRC20 KRC721 token on Coin98 Super App
KuSwap and KoffeeSwap is a new decentralized exchange (DEX) on Kucoin Community Chain that offers users a variety of swapping through intuitive and simple interfaces.
Step 1: On the Coin98 Super App’s main interface, click Swap.
Step 2: Choose KuSwap or KoffeeSwap to start trading.
Step 3: Click the settings icon at the top right corner of the screen and choose between 2 interface options: the Basic UI and the Pro UI.
- Slippage Tolerance: This is one of the most common reasons for swap failure. You can trade with the default slippage rate on the wallet (2%), or set it higher to get a better success rate.
- Transaction Deadline: the maximum transaction time that you can specify to avoid the case of long waiting time without any matching orders.
- Unlimited Approval: a feature that enables users to grant platforms and smart contracts the permission to spend tokens/ coins on their behalf without limit.
- Default Pair: the default tokens for each trading pair.
- The default gas fee on the Coin98 Super App has been set for the highest speed with the most reasonable cost.
- The arrow in the middle of the trading interface is used to switch between the buying and selling positions. Users need to check the tokens’ positions carefully before making any transactions.
Then you need to choose some information below:
- Select the wallet that holds the coin/token you want to swap.
- Select the token you want to swap from the list. We will take USDC and KCS in this example but you can choose other tokens as needed.
- For those that haven’t been listed on the Coin98 Super App, you can still trade using their contract addresses.
Step 4: Slide the bar to adjust the trading amount. Carefully read the information before deciding to trade:
- Rate & Inverse rate: The price ratio of the 2 tokens.
- Price impact: Estimated % difference in price when swapping compared to the displayed price.
- Liquidity Provider Fee: the amount of fee that will be used to pay the liquidity providers.
- Gwei bar: a feature that allows users to adjust the amount of Gas fee (transaction fee) according to their needs by sliding the bar.
- Share URL: Share trading pair via URL.
Step 5: Choose the swapping amount then select Swap. Before swapping, please kindly check the information in the Review Order section → Swap to complete.
After swapping successfully, users can access the Trade History from the swapping interface to view their transactions or go back to the home screen to check the traded tokens if needed.
How to connect the Coin98 Extension Wallet to trade KCS KRC20 KRC721 tokens on Coin98 Exchange
How to access the Kucoin Community Chain DApp through the dApp Browser on Coin98 Super App
The Multi-chain DApp Browser on Coin98 Super App is the gateway for users to experience multichain decentralized applications in a simple, fast and secure way.
Coin98 Super App optimizes the user experience by arranging the DApps in the most intuitive and logical categories. Now, users can search and access their favorite DApps on the Kucoin Community Chain ecosystem by following these steps:
Step 1: On the homepage, click Browser on the home screen.
Step 2: In the Dapp Browser, there are 2 options to access your favorite Kucoin Community Chain Dapp:
- Option 1: Enter the Dapp name or URL in the search bar.
- Option 2: Click the Kucoin Community Chain logo on the Dapp Browser’s main interface, and the integrated Kucoin Community Chain Dapps will be shown according to the DeFi service they provide. After that, tap the DApp logo to access.
Is it safe to store KCS, KRC20 KRC721 standard tokens on Coin98 Wallet?
Coin98 Wallet is a non-custodial wallet, that is, full control of assets belongs to you, no one has access unless you disclose the key to others.
Is there a fee to send KCS, KRC20 KRC721 tokens and transfer KCS, KRC20 KRC721 tokens?
Sending KCS, KRC20 KRC721 tokens from the Kucoin Community Chain Wallet will cost the blockchain platform fee in KCS to confirm the transaction. But the transaction fees on Kucoin Community Chain are very cheap and nearly insignificant.
Is it possible to create multiple Kucoin Community Chain wallets?
Of course! You can create as many Kucoin Community Chain wallets as you want, each wallet will have a different address and passphrase, so remember to save each of them. Each wallet should be named so that you can easily manage them if you create multiple Kucoin Community Chain wallets.
Can Kucoin Community Chain Wallet store other coins?
Kucoin Community Chain Wallet can store KCS, KRC20 KRC721 standard tokens supported on the Ethereum blockchain platform. Otherwise, do not transfer any coins on other blockchain platforms to the Kucoin Community Chain Wallet if you do not want to lose your assets.
With the fast development of the crypto market, you will see a series of potential DeFi projects appearing on Kucoin Community Chain. Hope this tutorial can help you easily create and use the Kucoin Community Chain Wallet on Coin98 Wallet.
If you have any questions about the above steps, don't hesitate to leave a comment below! The Coin98 team will answer your questions as soon as possible.
See you in our future posts!