The KRC-20 token standard is a token protocol on the Kucoin Community Chain (KCC). The KRC-20 token protocol is a direct copy of the ERC-20 token protocol on Ethereum but on the Kucoin Community Chain.
Just like many other smart contract blockchains, KCC makes use of an EVM (Ethereum Virtual Machine). This means that on KCC you can use the same token protocols and recipient addresses as on Ethereum, BSC, Avalanche, and Polygon. This specific token standard is used to create tokens that are not unique. So each token is basically the same as the other of its kind.
One example of a token like this is the USDT token, where every token represents a token pegged 1 to 1 to the Dollar. Therefore each token represents 1 dollar and has the exact same use case and token contract id as the others.
When it comes to the KRC-20 tokens they can only be created and transacted specifically on the KCC. To do so users of the blockchain will need some KCS tokens which function as the gas token of this blockchain.
Checking KRC-20 transactions
Because KRC-20 transactions can only happen on the Kucoin Community Chain, the transactions can only be verified by a KCC explorer. Here you can see your KRC-20 transactions, and search for specific token addresses/IDs. So you can make sure that you transact and trade in the right kind of token.
Especially when you are using an on-chain exchange, you want to verify that you are trading with the right token and not just a copy with the same name. You can do this by checking the token address on the KCC explorer.
Besides checking addresses, you can also see if a transaction went through or not. If you ever have a problem transacting you could check there what went wrong or to which address the transaction went. Or if you are doing research about a token you can also see how often transactions are being made with these types of tokens.
Moving KRC-20 tokens between blockchains
Although you can not simply just send a KRC-20 to another blockchain address on Ethereum for example. However, you can bridge it to another blockchain and use it there. You can use a special blockchain bridge for this. This way you can convert your KRC-20 tokens to another -20 standard like ERC-20. This makes it possible to use these tokens on almost every blockchain that has an EVM. But you could also move almost any token from any EVM token to KCC.
This way you can use any of these tokens on any of these EVM blockchains and benefit from the specific things each of these networks excels on. This can be speed, liquidity, security, and in some cases transaction cost.
When you want to bridge tokens like these between different networks, do always make sure that you are using a bridge. Because not using a bridge will just result in your transaction being sent on that same blockchain to the address you put as the recipient in the transaction.
How to get a KRC-20 wallet
If you think about starting with KCC and using any of the tokens that can exist on it you will need a KRC-20 wallet. Many wallets that let you add manual EVMs can integrate KCC and thus KRC-20 tokens into the wallet. Many EVM wallets allow for this, making the assortment for KRC-20 wallets noticeable.
You can find all these wallets on our wallet filter website which helps you find the right one for you. Once you get started with a KCC wallet it will work in the same way as other EVM wallets will. So you can use the same address for sending and receiving if you would like. Especially because some wallets let you add more than one EVM blockchain, you could use all these chains with simply one address.
If that is what you do. Do keep in mind that it could make your blockchain usage a bit less private as you can easily find all the transactions linked to one address. Because of that reason, it might be good to switch addresses once in a while.
Can you use Metamask for KRC-20 tokens?
Yes, among all the EVM wallets that support KCC, Metamask is one of them. To use KRC-20 tokens on Metamask you will first have to add Kucoin Community Chain to Metamask.
Once you have done this you can start to use Metamask to send and receive KRC-20 tokens with Metamask. But you can also start using Dapps on the network. So you can fully utilize the power of KCC. With a large ecosystem backed by the Kucoin crypto exchange that constantly expands.
For more information on their ecosystem and updates on the growth of their network. You can check out the KCC website.
Now that you understand what KRC-20 tokens are and how you can start using them it is time to use KCC to the fullest. We urge you that when you do you always be careful and do fully understand how blockchains work and how to interact with them. If you do not and are still stuck with questions? Feel free to check out our blog where we answer many other crypto questions or ask us on our socials. So we know what to write about next.