KuCoin, one of the popular and safe digital currency exchanges, has now become a provider for the Chromia network. The update was made public by Chromia via their official Twitter handle on 3rd July 2019. KuCoin took to the micro-blogging site as well to confirm the development on the same day.
? We are excited to welcome @KuCoincom as a provider for the #Chromia network! Hot on the heels of @NGC_Ventures StakeX division, we are very happy to announce that KuCoin will be joining our initial set of Chromia providers!$CHR #exchange #KuCoin #cryptocurrency #blockchain pic.twitter.com/mSP1XKHeLa
— Chromia | Power to the public (@teamchromia) July 3, 2019
In order to divulge more details, Chromia said that initially, KuCoin would form a part of the bootstrap mainnet of Chromia. What that means is, KuCoin will be seen contributing to dApp hosting, network security, as well as block production. Interestingly enough, this is the very first instance that KuCoin has entered the blockchain hosting space.
The bootstrap mainnet’s goal is to onboard providers gradually while offering a solid foundation for network development in the future. The mainnet will be forming the basis of Chromia’s inherent token system. Although the tokens would be registered as well as attributed to users, end users won’t be able to access them.
It will be possible to transfer tokens that are issued on this bootstrap mainnet to ERC-20, stated Chromia. The transfer will be done through the Chromia operated gateway. Remunerating providers and refining Chromia’s economic incentive models will be the prime purpose of these bootstrap tokens.
For those who came in late, Chromia is a public relational blockchain platform that is designed to allow the next generation of decentralized applications to scale seamlessly, beyond what’s currently seen. The brainchild of ChromaWay, Chromia is powered by Rell and built keeping in mind both the end users and developers.
KuCoin, on the other hand, focuses on finding the best quality projects in the crypto space. The exchange first opened crypto trading in the month of September 2017. It now has over 5 million registered users from more than 100 countries.