KYC Coin is a solution for both business and personal use that is designed to make the use of cryptocurrencies easy, fast, and well-secure. It is based on an advanced version of a Proof of Stake protocol. This protocol has been known for quite a long time as a much better opportunity than a Proof of Work protocol.
Find more information in White Paper.
One of the issues that cryptocurrency users are most concerned about is the safety of their money.
It’s not just about storing, but also about transferring it. For one reason or another, some users prefer to remain anonymous. They also want information about the transfer of money to remain inaccessible to outside eyes.
When working out the principles of transactions, KYCC developers decided to use the most advanced data protection protocol based on a Proof of Stake blockchain. It was called SHIELD and is an advanced version of Zk-SNARKs.
Zero-Knowledge Proof is a cryptographic method allowing one party to prove to another party that a particular statement is true.
Complete anonymity is possible but is not needed in some cases. In other words, shielded transactions, or SHIELD transactions, are not only the most secure way to transfer funds but also an opportunity to keep things private.
This doesn’t involve conveying any information, only the statement must be true.
With KYCC, not only end customers but also entrepreneurs experience fast transactions with the lowest fees possible.
A user might be willing to share the transaction details with some trusted third party. It is possible by using view keys.
Only 144 bytes of information are generated on a low-powered device to prove the transaction.
Proof of Stake is a consensus mechanism that is based on the idea of selecting validators of the network in proportion to how many assets they hold.
In other words, the more coins a particular member of the network has devoted to staking, the more chances they get to be chosen.
Understanding the Proof of Stake model and principles is not tough. The thing is, every crypto transaction must be appended to the blockchain to be recognized. For this purpose, the network needs a large number of validators. In return, they get rewarded.
When it comes to being a staker, Proof of Stake is a lot easier to work with than Proof of Work. Its main advantage is that it doesn’t require using expensive equipment such as powerful computers, dedicated servers, or standalone devices that become obsolete once the network is upgraded. This often happens to bitcoin miners and other crypto industry enthusiasts.
Proof of Stake mechanism makes it possible to become a miner for every single user regardless of how powerful their computer is. Another Proof of Stake benefit is less power consumption.
From a technical point of view, in order to participate in mining, the device simply has to be turned on. Mining is a background process, not a core process. At the same time, the user can edit text documents, work with videos, use social networks, messengers or watch a movie. The energy consumption of mining in the case of the Proof of Stake is kept to a minimum.
How does staking work? Crypto staking is the process of locking up some of your crypto holdings to earn rewards. Cryptocurrencies have been created with blockchain technology which requires verifying transactions and putting and storing this information on the blockchain.
Cold staking requires keeping your KYCC in cold storage while a hot wallet is involved in the staking.
Another name for cold staking is hardware staking because it requires using a third-party device. The most popular option is cold staking with Ledger. It is a well-known cryptocurrency wallet designed for storing your funds offline.
The great thing about taking part in this process is that even if you don’t have enough resources to maintain a hot wallet, you can always find dedicated members of the community and other third-party services that will do the work on your behalf.
Staking doesn’t require sending your coins to another member of the network or losing your right of ownership. The staker always remains the sole owner of the coins.
The only disadvantage of cold staking is that if you don’t have an offline wallet, you will need to make a small one-time investment.
Masternode is a big node providing more functionality to the network and implying a bigger reward.
Setting up a masternode is not difficult but it does require some special technical knowledge. On top of that, every masternode owner must have at least 100,000 KYC coins.
Running a masternode has significant advantages over regular staking. For example, each masternode owner receives a stable and predictable income. That’s more than the income that stakers get. For example, when generating one block, stakers get 2 KYCC and masternode holders – 3 KYCC.
Unlike staking, every masternode owner, if desired, can become a valuable member of the community – and not just the community, but society as well!
The important thing is that running a masternode is a background process. This means that you do not need to purchase a new device. You can use your main computer while performing your usual tasks on it.