Topics Blockchain
Bybit Learn
Bybit Learn
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Aug 26, 2022

KunciCoin (KUNCI): Pushing the Blockchain Frontier

Throughout 2020 and the global pandemic, Indonesia has emerged as one of the world's most receptive countries to cryptocurrency and blockchain. Specially developed to meet the needs of the Indonesian market, the word kunci (Bahasa Indonesian) means key in English, a nod to the project’s vision of proving a gateway that bridges the gap between locals and the crypto world.

Founded by a team of experienced entrepreneurs and crypto enthusiasts, KunciCoin’s network is built to achieve 50,000 TPS (transactions per second), and it’s currently on track to become one of the world's fastest programmable blockchains.

What Is KunciCoin (KUNCI)?

KunciCoin is a cryptocurrency project and blockchain development platform designed for decentralized applications (DApps) such as NFTs, applications, games and more. Headed by leader and visionary Julius Agus Salim, the team behind KunciCoin boasts a strong understanding of the local market. Although KunciCoin was launched on Binance Smart Chain (BSC), it’s currently a fork of Solana.

Screenshot from KunciCoin's official website

Source: KunciCoin’s official website

KunciCoin features a next-generation blockchain ecosystem that supports the metaverse and decentralized finance (DeFi). It has established an NFT marketplace called KunciNFT and is collaborating with various artists in Indonesia to mint NFTs.

The native token of the network is called KUNCI. It’s used for a variety of purposes, including crypto mining, and as collateral for the IoT program.

How KUNCI Works

Following are some of KunciCoin’s key features.

Speed & Reliability

Operational reliability sets KunciCoin apart from its competitors. Its network is built on a blend of two advanced blockchain algorithms called proof of stake (PoS) and proof of history (PoH), which work in tandem to achieve a very high transaction speed of 50,000 TPS. Developers at KunciCoin have suggested that the network could even reach 700,000 TPS as it scales. The team behind KunciCoin envisions the project becoming the go-to platform for developers who want to create DApps that require high transaction speeds.

Not only is KunciCoin reliable and fast, it’s also more energy-efficient than many other blockchain networks, such as Bitcoin.

Staking Platform

KunciCoin features a unique staking mechanism aimed at rewarding users who stake KUNCI. Apart from staking rewards, KunciCoin also offers stakers the ability to unlock additional rewards and utility across its entire ecosystem. For example, a user who has staked KUNCI can unlock special VIP services in hotels that partner with KunciCoin.

Cloud Mining

KunciCoin also offers a cloud mining service which allows users to rent hashing power from the KunciCoin team. The team has invested in some of the most efficient miners on the market, and offers competitive prices for their cloud mining services.

Typically, there are two ways to mine crypto: physically, with a rig (where you need to purchase the hardware), or through a cloud mining service. With the latter, you neither need to invest in expensive hardware, nor worry about maintenance and electricity costs that come with owning your own mining rig.

NFT Marketplace

With the popularity of NFTs (non-fungible tokens) on the rise, KunciCoin has also launched its own NFT marketplace. From digital art to in-game experiences, this marketplace aims to provide a one-stop shop for all things NFT. The KunciCoin team has partnered with some of the biggest names in the world of art, including well-known Indonesian artists, to create a marketplace that operates similarly to Amazon but is dedicated to NFTs.

IoT Program

KunciCoin has also launched an IoT (Internet of Things) program aimed at connecting everyday objects and devices (e.g., fridges, TVs, air conditioners) to the KunciCoin network. Through its partnership with Weiots, an Indonesia-based IoT provider company, the team is working on a number of prototype devices. The aim of the IoT program is to create a more seamless and efficient way of managing assets and data in the metaverse.

Cryptokun

kuncicoin-cryptokun

Source: KunciCoin White Paper

KunciCoin features a crypto exchange platform with an intuitive user interface, fast and secure transactions, and a wide range of coins and tokens. Called Cryptokun, it’s one of the few exchanges available on the market that allow users to trade directly with the Indonesian rupiah (IDR). Cryptokun achieves this service through its speedy KYC verification process and the integration of various bank accounts for deposits and withdrawals.

Fee-Sharing System

KunciCoin features a unique fee-sharing system that allows users to earn rewards for staking the KUNCI token. The more KUNCI you stake, the higher your chances of being selected as a validator and receiving rewards.

Other Use Cases

Even though all KUNCI tokens are pre-mined, KunciCoin is set to support crypto via cloud mining, whereby holders of KUNCI can lease their hashing power to networks whose tokens operate on the PoW (proof of work) consensus.

The KunciCoin project is also working in partnership with J Hotel Tanjung Benoa in the South Kuta District of Indonesia. The plan here is to enable blockchain technology to be used in the hospitality industry. Using KunciCoin, users can pay for various services across various hotels.

KunciCoin is also boldly venturing into the gaming industry with Kunci Games. Token holders will be able to enjoy a wide range of games and activities.

kuncicoin-roadmap

Kunci Games’ road map. Source: kuncigames.com

Perhaps most interesting of all, KunciCoin offers a solar panel project that allows token holders to access solar panels to reduce the carbon footprint of crypto mining. Ultimately, the project aims to provide energy to the people of Indonesia in a safe, reliable and efficient manner.

KunciCoin Price Prediction

Although the project went live just this year, it realized a steady increase shortly after its launch. Since then, however, like many other coins and tokens, it has experienced a price drop due to the ongoing volatility in the crypto space.

The current price of the KUNCI token stands at approximately $0.075, a significant increase from its all-time low of $0.001 but a drop from its all-time high of $0.936. As of this writing (August 22, 2022), its market cap is about $2,625737, and its circulating supply is near 35 billion, which is about 82% of its total supply of 42.5 billion. Its maximum supply is 45 billion tokens.

According to PricePrediction, KUNCI price is expected to reach a minimum of $0.16 in 2023, $0.34 in 2025 and $0.75 by 2027.

[Editor's note: This article is solely for educational purposes. Before buying KUNCI or other cryptocurrencies, please ensure you’re well-informed on the risks involved. To reiterate — this article is not intended as financial advice, and Bybit will not be responsible for any losses experienced by individual readers.]

Is KunciCoin a Good Investment?

Although still in its early stages, KunciCoin has a lot of potential. The team behind the project is experienced, and has established partnerships with some big names in the industry. Additionally, the project has drawn up a clear road map with achievable milestones.

KunciCoin is an exciting project that’s definitely worth keeping an eye on, especially since its main focus is on advancing the use of blockchain technology in the metaverse. With a strong team, solid partnerships and a clear road map, KunciCoin could see significant price appreciation in the future past the $1 mark.

Where to Buy KUNCI

KUNCI can be bought on certain cryptocurrency exchanges. On Bybit, you can purchase Kunci by following the steps below:

1. Sign up for a Bybit account. The process is simple and only requires an email address and password.

2. Verify your account by providing some basic KYC information, such as your name, country of residence and phone number.

3. Deposit funds into your account. You can do this via bank transfer or credit/debit card.

4. Go to the Bybit spot market and exchange your USDT for KUNCI. Alternatively, you can also transfer any existing USDT over from other platforms.

5. Enter your desired order size and price, and click on Buy KUNCI.

6. Review your order and click on Confirm to place your trade.

In a Nutshell

With a wide range of use cases, KunciCoin’s KUNCI appears well-positioned to become the go-to utility token for the Indonesian market. The team is focused on building partnerships with key service providers in Indonesia, which should help drive the adoption of the KunciCoin ecosystem significantly. Overall, we can’t wait to see what it has in store.