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A New Blockchain for Kik’s KIN Cryptocurrency

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KIN
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Popular messaging app Kik entered the cryptocurrency market late last year with an ICO for their KIN token. They raised a total of $100M USD and established themselves as a major player in the social media cryptocurrency market. Although they originally started as an ERC-20 token, the Kin Foundation keeps their eye on developing trends. In the first quarter of 2018, they started the process of porting over to the Stellar XLM blockchain. Now, it seems that they’ve decided to hard fork that blockchain create an entirely new product.

The Kin Foundation remains closely partnered with Stellar and hopes that their development process can offer some value back to the original blockchain. However, creating a new blockchain is a time intensive and expensive process. There’s a good chance that the new Kin infrastructure will not be completed any time soon. Investors will have to be content with the ERC-20 token, which Kik intends to support going forward.

The History of the KIN Token

As with many recent ICOs and Token Generation Events, Kik started with a project on the ERC-20 standard. Ethereum’s flexibility and smart contract functionality allow for a tremendous scope of projects, but they depend on the Ethereum blockchain for their code base. The explosion in market capitalization at the end of 2017 showed some weaknesses in Ethereum’s scalability. Due to unprecedented transaction volume, Ethereum suffered slowdowns and high fees. Larger projects that can afford to do so now look to other blockchains to avoid these problems.

The solution for KIN, at the time, lay in the Stellar blockchain. XLM’s early adoption of the Lightning Network suggested that they would better deal with scalability issues moving forward. The Kin Foundation stated that KIN would be more at home in Stellar’s focused mindset. Ethereum’s broader approach to decentralized applications fit too loosely. Now, it seems KIN believes there is more room to expand and a custom blockchain will help that plan.

The Advantages of a Custom Blockchain

Ethereum standards offer a high degree of customization, but it’s nothing compared to a blockchain built from the ground up. While KIN intends to keep much of the Stellar code base in their hard fork, new options will become available to them. Stellar depends on a Byzantine Agreement System to validate their transactions, and switching to a custom version would reopen the algorithm for KIN. A Proof of Work or Proof of Stake system would grant them differing advantages and abilities.

Control over the code base itself would also allow KIN to apply updates more regularly – and more specifically. Placing themselves on the Stellar blockchain without hard forking would leave them more dependent on Stellar for pushing updates and upgrades. While in control of their own blockchain, Kin can evaluate the needs of their developers and change the code base appropriately.

The Final Evolution

While there is some danger in constantly shifting something as important as blockchain basis, KIN shows great flexibility in doing so. Their development team does not seem to have suffered from the moves and indeed moves forward with projects like the KIN Reward Engine SDK for Unity. The Kin Foundation’s desire to create a social currency community remains at the forefront of their development. So long as they continue to focus on expanding that community while providing a strong development platform, KIN will continue to do well.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Amayzun via Flickr

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How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore
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Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also…

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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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