The Bitkub Coin, or KUB, is the native coin of the Bitkub Chain network (comparable to Ether, which is the native coin of the Ethereum network). The KUB coin can be used for various functions on the Bitkub Chain, a blockchain network developed by Bitkub Blockchain Technology. This article will guide everyone through understanding how the KUB coin is used and what its roles are.
What is the KUB coin?
The full name of the KUB coin is Bitkub Coin. It is the native utility token of the Bitkub Chain, a blockchain developed by Thai developers with the aim of allowing everyone to use the KUB coin within the Bitkub Chain ecosystem, where it serves different functions.
What are the utilities of the KUB coin, and what can it be used for?
The main functions of the Bitkub Coin (KUB) on the Bitkub Chain network can be categorized into four key roles:
1. Gas Fee
It functions as a unit of measurement for the amount of work accomplished by a Validator such as validating and confirming transactions, generating blocks, and securing transactions on Bitkub Chain network.
Users shall be required to pay the Gas Fee by use of KUB of which the amount of Gas Fee required to be paid dependent on the complexity and size of transaction generated on Bitkub Chain. The Gas Fee shall be used in these processes:
The Gas Fee for transaction fee on blockchain network such as asset transfer, storage, and others
The Gas Fee for utilizing smart contracts or Decentralized Applications on the blockchain network.
2. Fee Credit
Since KUB coin can be traded in digital asset exchange operated by Bitkub Exchange, such fact causes KUB coin to have different features from other Native Token of other blockchain. The holder of KUB can exchange KUB to Fee Credit of digital asset exchange operated by Bitkub Exchange which shall be announced and informed via Bitkub Exchange’s website.
3. Proof-of-Stake (PoS) Staking
The holder of KUB can stake their KUB to be entitled as the Validator or the Delegator on Bitkub Chain’s Proof-of-Stake consensus
4. Redemption of goods or services provided by BBT partners
KUB holders can obtain special goods or services by using the KUB from BBT partners. Such utilities, however, are for the purpose of marketing campaigns only. There is no intention to use KUB as payment for goods or services.
How to transfer KUB coin
The KUB coin operates on the KAP-20 standard, which is a smart contract development standard on the Bitkub Chain that the company developed. It includes minimum features equivalent to the ERC-20 standard of the Ethereum network, along with some additional smart contract features developed by the company. The KAP-20 standard's functionality enables users and developers to trust and rely on the security within the defined ecosystem of Bitkub Chain. You can easily transfer KUB coins by following these steps:
Transferring KUB from Bitkub NEXT to Bitkub Exchange
Open Bitkub NEXT and then select “Wallet” menu
Choose “Bitkub Coin”
Click “Transfer”
Choose “Bitkub Exchange Wallet” as transfer channel
Transferring KUB to other crypto wallet such as Metamask
Open Bitkub NEXT and then select “Wallet” menu
Choose Bitkub Coin
Click “Transfer”
Choose “External Address” as transfer channel
KUB, the native coin of the Bitkub Chain
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