Recap of AMA with Michael & Johnny: What’s Next for KuMEX, Pool-X & KuChain?
At 20:00 on March 17, 2020 (UTC+8), Michael Gan, the Chairman of KuGroup, and Johnny Lyu, the CEO of KuCoin Global, attended an AMA in the KuCoin English Telegram Group answering questions about the KuGroup and KuCoin’s upcoming plans: KuChain, KuCloud & new KCS bonus plan, etc,.
For those who missed the AMA, check out the recap of all questions answered during the session to make sure you won’t miss anything.
Michael: Hi guys, this is Michael, the founder of KuCoin and now the founder of KuGroup. Happy to be here to share with you our recent developments regarding KuChain and the whole KuCoin ecosystem.
Johnny: Hello everyone, Johnny from KuCoin here. As Michael moves to the Chairman of KuGroup, I will take over the role of KuCoin Global CEO. As the co-founder of KuCoin, I used to manage the listing, BD and investment team of KuCoin. Moving forward, please feel free to let me know your suggestions, I will work hard to make KuCoin the best place to trade crypto!
Q1: Why is the organizational structure of KuCoin adjusted?
Michael: Since 2019, KuCoin has gradually launched a series of financial services around the core of “exchange value”, such as fiat-to-crypto, futures, staking, borrowing, lending, token launch and more. KuCoin has changed from a spot crypto trading platform to a comprehensive financial service platform.
And we will continue to introduce new services as one of the most global exchanges with 5 million users from 207 countries and regions.
With the expansion of KuCoin ecosystem and so many upcoming plans, we decided on the adjustment for our organizational structure. After the adjustment, we can cover more services, such as the Public Chain. And it will also help us to better deal with compliance issues. Our long-term goal is to be regulated in all mainstream markets.
So in short, with this change, we will have more services and serve our users in a more regulated way.
Q2: Could you tell me more about Michael’s future role?
Michael: Sure, as the Chairman of KuGroup, I will oversee the global strategy of the whole group. Also, since I’m always into blockchain technology, I will put more efforts on exploring the boundaries of blockchain technology with KuChain, our Public Chain that will be launched soon.
Q3: Many top exchanges have developed their own chain, why do you think they do this? What are the advantages of KuChain?
Michael: I think there are two main reasons why exchanges are willing to do this.
First, exchanges have the advantages to build a Public Chain; second, there can be a synergy between exchanges’ existing business and its Public Chain
Let’s start with the first point, other than the advantages in funds and technology, but more importantly, exchanges are one of the most resource-rich players in the crypto industry. This is expected to solve a common problem that the mainnet is live but no application running on it.
From the perspective of synergy, crypto exchanges currently act as a bridge between projects and traders.
Imagining an exchange has its own Public Chain, it could attract projects to build on its Public Chain, so as to expand its ecosystem, and for traders, exchanges will be able to provide a better trading experience through its CEX and DEX.
I’d like to share more info with you regarding the KuChain we are working on.
KuChain proposes a permission-free decentralized financial framework. Through proper abstraction and reasonable stratification, KuChain will enable users to get rid of the complexity of the base layer of blockchain, covering on-chain, off-chain, and all kinds of use cases. It will fit into various front pages with high scalability that allows consistent evolution, so as to help all types of developers build their own chain and service in the system.
This is just a small piece from KuChain white paper. Will share with you more details within a month.
The KuChain team is reporting to me and we expect a lot from this initiative, hope you will like it as we do.
Q4: Why chose Johnny to be the CEO of KuCoin Global?
Michael: I’ve known Johnny for a looooong time hhh. Johnny was not only the co-founder of KuCoin, but also an old friend of mine. I have full recognition of his work ability and personality
Johnny has a strong technical background and has accumulated rich operational and business experience in his previous work and entrepreneurship.
In the past, Johnny has leveraged his expertise in business development and corporate management to take care of the listing, business development and strategic investment of KuCoin.
Previously, my role at KuCoin is to take care of the technical infrastructure, system and product, while Johnny was responsible for making KuCoin a household name where you could trade as many hidden gems as possible.
Based on his understanding of KuCoin, as well as his technical and operational capabilities, we believe that he is the best person to serve as the CEO of KuCoin Global. And of course, as the founder and chairman of KuGroup, I will also work with Johnny hand in hand.
Q5: As the CEO of KuCoin Global, any plans for KuCoin?
Johnny: Well it is my pleasure to play the role in KuCoin. In the past two years, KuCoin has grown into a well-known trading platform in the crypto industry.
As we can see, many users like KuCoin because we have more than 200 tradable digital assets, secure and easy-to-use trading experience, and very supportive customer service.
After the establishment of the KuGroup, we will think more about new businesses, and how to create another “KuCoin’’ among the new services and products.
The KuMEX futures platform is one of the most important products after KuCoin. Due to the fact that you could make a profit by both longing and shorting in futures trading, KuMEX has developed rapidly since its launch. Recently, the KCS bonus from KuMEX surpasses that from KuCoin, indicating that the platform is performing quite well. In the first half of this year, we have the plan to launch USDT futures and to support more cryptocurrencies in addition to BTC.
In 2020, we believe that the Ethereum 2.0 upgrade will bring a lot of attention and traffic to the Staking economy, so we will put lots of efforts on Pool-X as well.
I believe many of you have participated in the LockDrop and Staking on Pool-X, and obtained many POL tokens.
Good news, POL will be listed on KuCoin soon, and we are expecting that the user of Pool-X will grow rapidly as the holder of POL continues to grow.
In addition, we have recently launched KuCloud, and we are currently in discussions with hundreds of potential partners around the world. Through KuCloud, we will help partners quickly build a spot or futures trading platform that better meets the needs of local users.
Last but not the least, we will have many new products and services in this year, such as KuChain and KuDEX.
All of the above businesses have the potential to create another “KuCoin” within this year, and all businesses will contribute to the intrinsic value of KCS.
Though already working at KuCoin for 2+ years, I’m still new as a CEO. Expecting your help and support!!
Q6: Some people are worried that the shift of KuCoin top management may affect KCS negatively. What is the reasonable price of KCS?
Johnny: Good question, I can understand your concerns, but I don’t think this is a shift of our top management as no one will leave the company. Michael and I have been in the company since the inception.
Although we both will have new positions, it is still our common goal to contribute to the long-term development of the company. Therefore, I don’t think this will have a negative impact on KCS.
About the reasonable price of KCS, I think KCS is much undervalued. KCS price is highly associated with the development of KuCoin, and we are constantly improving its value.
Within KuCoin, the function of KCS is as many as the exchange token in other channels, pay trading fees, get VIP rights, etc., and KCS also has plenty of use cases outside of KuCoin in traveling, gaming, financing, social networking and other industries. As for the value of KCS, I think it has infinite possibilities. With the continuous expansion of the KuCoin ecosystem, the business around KCS will gradually become ecological, and the intrinsic value of KCS will be higher and higher.
Michael: Agree, actually we care KCS more than anyone else. And whenever we have some new services / products, we think hard about how it can be associated with and benefit KCS. In our Public Chain, KCS will also play a very significant role.
Q7: There has been a constant delay in the listing of POL. Can we expect them at least in early Q2? How will this affect KuCoin and KCS?
Johnny: First sorry for the delay. I’m a co-founder of Pool-X and I also wanna see it get listed soon. We intended to list it in early Q1 but delayed due to multiple reasons, but the good news is, we have almost confirmed the listing date. As the current plan, POL will be listed on KuCoin in 2–3 weeks.
Compared with other PoS mining pools, Pool-X has the kind-in-its-kind liquidity trading market, in which lockup assets can be traded, and POL will be used as the “currency”.
After the POL is listed, I believe the number of POL holders will grow dramatically, and these users will also become potential users of Pool-X, which will greatly contribute to the prosperity of the liquidity market.
As you may know, according to the burn mechanism in the POL whitepaper, after each trade in the liquidity market, a certain amount of POL will be burned, which means the development of the liquidity market will accelerate the burn and contribute to improving the intrinsic value of POL. Let’s expect the upcoming listing together.
Q8: How will the KCS Bonus plan be adjusted?
Johnny: Regarding the current KCS bonus plan, we will adjust the way we distribute the bonuses. I cannot unveil too many details now but it is certain that the bonus of holding KCS will only be higher.
Q9: As a CEO of KuCoin what is the value you want to receive from the community and how will it help you improve KuCoin in the future?
Johnny: One core value at KuCoin is “Users First”, that’s why we established a number of global communities to communicate with our users.
We are happy to hear from our users and implement these ideas to make KuCoin a better place to trade.
Q10: I’m a new user of KuCoin, as I understand KuCoin is an exchange having services like KuChain, KuCloud with KCS as gas. It seems KuCoin is changing to be an ecosystem in the near future. So which benefit does this ecosystem bring to us? (The question is from a Twitter user)
Michael: Yes KuCoin is not a simple spot exchange any more, we have developed into a finance service provider offering fiat-to-crypto, crypto-to-crypto, futures, staking, lending, token sale and more.
As we introduce more services, we will be able to better satisfy the investment needs of crypto traders.
Also, our native token KCS is the backbone of all our services, which means as the development of all these services, the intrinsic value of KCS will improve as well, benefiting all KCS holders.
Q11: Got a pack of questions from another Twitter user
1) what architecture will it be built on (traditional blockchain or DAG, for example)?
2) will there be the possibility of developing Dapps?
3) do you have plans to develop your own decentralized exchange based on KuChain?
Michael: Good questions. Our Public Chain will be developed on the basis of Cosmos SDK. KuChain will support many high-performance Dapps, and our decentralized exchange KuDEX is very likely to be the first one.
Q12: Why became trading leverage with kucoin platform after it was in KuMEX?
Michael: Oh, it’s different, margin trading on KuCoin and futures trading on KuMEX.
Q13: Is spotlight dead or any plan to continued that product?
Michael: We will continue the plan. I think in 2020, investing in major coins might be more profitable because of the upcoming halving. But we will still introduce good projects through Spotlight.
Q14: How to get list coin in Kucoin?
Michael: Contact our listing team and pass the review process. But we have a relatively high standard in terms of project listing, ususlly less than 10% of applicants will get listed
Q15: What are the possible KCS list on other market exchange?
Johnny: We are excited to see KCS trading on other exchanges in the future, and we are currently in communication with a number of major exchanges
Q16: What is the Future roadmap of KUCOIN next 2–3 years?
Michael: To be honest in the crypto world, everything changes really fast. We prefer not to plan for such a long-term. But in 2020, our focus will be on KuMEX, Pool-X, KuChain and KuCloud
Q17: What is KuCoin’s best selling point for attracting new users to the exchange?
Michael: 1) many good coins 2) super friendly 3) solid product to bring secure and stable trading services
Q18: Is KuCoin easy for new users? What are the highlights that attract users of KuCoin?
Johnny: Yes, KuCoin is very friendly to new users. Firstly, our website and app have a good interactive experience. Secondly, we set up use guidance for some problems of new users. For contract users, the lite version of KuMEX also enables new users to experience the charm of contract trading
Q19: Is there any possible to make KuCoin dex ?
Michael: Yep, KuDEX will be developed on KuChain.
Q20: When KuMEX support other trading pair like ETH?
Michael: In Q2 I suppose, after the launch of USDT futures, we will be able to support other coins quickly.
Q21: Hi Johnny, since the BTC plunge, most users are sad, and we really hope that during this time you can bring us some positive news. Are there any activities or campaigns to reward your users?
Johnny: This is a good question, and we have been thinking about it. We know that many users has suffered some losses in the recent market. As our new products are launched and upgraded in the future , we will launch a series of activities to reward our users.
Q22: What is the biggest obstacle for KuCoin like nowadays happen Corona virus?
Michael: I see this more like an opportunity for the blockchain industry actually. For instance, during the outbreak in China, many companies leverage the blockchain tech to contribute to dealing with the virse. This is a good way to show everything what blockchain can do.
Q23: How about KuCoin security systems? Is it enough safe bcos recently many exchanges get hacked and what makes KuCoin different from other exchanges? Can you tell with us?
Michael: We are quite confident about our system. We have multiple mechanism to protect our users and we are working with many top security companies to improve the security level. Please rest reassure to trade on KuCoin.
Q24: Which countries KuCoin are now focusing to attract and educate about your project?
Michael: As a global exchange, we’d like to target all potential markets. 2020 see many new countries open its door to blockchain, and we’d like to put more efforts on them. India for instance is one of them.
