It has its own native token (KLCN).The name Kolicoin was derived from the word Kolo(Yoruba name for a small clay jar or wooding box for keeping change for future use), Interest and Coin. It was developed with the intention of making traders to imbibe the culture of saving a percentage of the transaction fee during transactions and part of their referral bonus. For instance, when a trader converts a chunk of BTC to a chunk of ETH, Kolicoin platform charges the trader about 0.25% of the taker fee as the transaction fee. Kolicoin then takes 50% of the transaction fee and saves the remaining 50% for the trader. Also, for referral bonuses, saves 50% of your bonus for you and then credits you the other 50% for immediate use. The accumulated savings is kept in a special KLCN wallet called ‘kolo’ and it is automatically sent to the traders spot account 12.00PM WAT on the 15th of every December or any date the user sets.
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