From Wallet To Ecology layout, Kcash Aim To Be Blockchain ‘Alipay’
Wallet is essential for digital asset. To make it secure and convenient is a big challenge, while Kcash made it. Kcash is a digital wallet supporting multiple blockchain assets, with over 100,000 users within 3 months since its launch and user retention rate of 40%. It is committed to becoming the Alipay of the digital asset industry with the model of safe and convenient one-stop management.
Start small, Think big, Act fast
As the rapid growth of digital asset industry, on one hand, centralized storage institutions are facing huge risks with coin theft emerging here and there. On the other hand, there appears more and more kinds of digital asset, and how to meet the majority users’ need of convenient token exchange and management is a realistic challenge. Therefore, Kcash was founded with the intention of making a digital currency wallet that can be quickly and safely used even by newbies. During its development, the Kcash team gradually realized that blockchain-based small wallets could do more.
Kcash is on a run to achieve three main functions:
- Blockchain asset management. Circulation and exchange of BCH, LTC, ETC, ACT and other more 60 tokens with smart contract guarantee. At this point, the pain points of insecure digital asset management and high transaction costs are removed.
- Financial value-added services. Kcash has a unique cross-chain and cross-contract technology. Its own high-performance public chain as a strong basis help dock with varied asset to achieve asset’s appreciation. In this way, this is a solution to the 4 headache troubles faced by individuals and enterprises who want to step in the blockchain industry, that is, unreasonable design, high costs, waste of computing power and difficulty in connecting with the physical world.
- Transfer payment using digital asset. By partnering with banks and card issuers (Visa and Master, etc.), Kcash can offer users online applications for virtual or physical bank cards which can been recharged with any digital currency, as well as functions of cash withdrawal and payment. It provides a solution to the problem that digital currency cannot be circulated and used for payment in the physical world.
Technical architecture: mainchain for finance, side chain for application.
Unlike many current available wallets, Kcash is committed to one-stop management of digital asset. Kcash aims to develop a secure, convenient and open wallet based on an improved underlying blockchain named Kchain.
Kcash has a self-designed Kchain on the technical structure, Zhu Xuejiao, founder of Kcash introduced, Kchain’s mainchain centers on financial-related services. It may not necessarily a full-fledged smart contract for Turing, but instead supports sidechain that supports Turing smart contract. Kchain provides proprietary cross-chain and cross-contract technology to connect the mainchain with sidechain together. Both contractual assets on Kchain and non-Kchain assets can be freely delivered and exchanged via Kcash’s cross-chain and cross- contract technology, greatly expanding the openness of this technology.
“For example, after the EOS goes online in the future, it can support the EOS configuration. Users who want to start an EOS chain can deal with their asset on the Kchain, and do commercial applications on the sidechains like EOS chain, so that the monetary attributes of digital currency and commercial application are separated.”
Apart from the architecture of mainchain and sidechain, Kchain has six core technologies including:
- Zero-Knowledge Proof,
- SHA512-ZERO Algorithm Encryption,
- Ring Topology Hub,
- NOBLOCK Technology Engine,
- NO-LOCALCOIN Exchange Network,
- ZeroPay Lightning Payment Network.
With complex technology structure, it is not easy to plan big and be comprehensive for the future. With the continuous expansion of digital assets, the number of system-borne blockchains has increased, and performance expansion has correspondingly risen. Zhu frankly said that the greatest difficulties encountered in the future may still be the technical bottleneck. “The design concepts of different chains are not exactly the same. We need to research and develop them and then bring them online. Every chain takes a lot of time and effort.” So building and developing the ground floor has been the focus of the team, and we are doing this with 70% of the current team members being developers.
From tool to ecology, Be the Alipay of blockchain industry
Starting from a tool, Kcash wishes to provide a better solution for the current problems, furtherly value-added services. Output technology and introduce third-party services, a way similar to Alipay.
Think big and act fast. Alipay provides services such as life payment, top up and credit card repayment; Kcash also starts from the practical application, and works with Visa and other payments to develop the realistic payment and circulation of digital currency.
“The ‘Alipay’ of blockchain industry is more open and inclusive, and it is easier to accept and create scenarios with the technical framework we design. The underlying technology of blockchain is comparatively more applicable, open and expansive. We wish to go beyond Alipay, which is a big challenge but also opportunity in this area.”
In terms of its commercial application, Kcash has achieved considerable success. Its partners in southeast Asia have already had tens of millions of users with a solid foundation in social communication and payment. In the past December, Kcash also received investment from INBlockchain, a full-service firm focusing on consulting, incubating and facilitating crowdsales for promising blockchain startups. Partners with overseas background surly could accelerate the application of payment and communication in the real scenario.
About future planning, Zhu summarized the following “three-step strategy”,
First, Kcash will develop a safe and convenient digital wallet;
Second, Kcash will be a one-stop management platform of digital asset and become a better ‘Alipay’;
Third, we will build an open and inclusive blockchain ecology based on Kchain.
According to Zhu, Kcash will continue to update C2C function and Red Packet function in January and February of 2018 to add value to digital asset in the wallet. In the middle of this year, the team will improve its Kchain and transfer it from Achain to Kchain. When the internal system is matured, Kcash will gradually launch credit-card-related functions.
Start from a wallet connecting the digital asset with the physical world, can Kcash make it to be a successful asset management platform and a must-have for bitcoiners? We’ll see it soon…