In a world where the internet has become the middleman for almost anything, creating an online ecosystem that is not only good for making money but also brings people much closer is no easy task. In fact, this is the whole agenda behind the Kik messenger. Kik is basically a chat app that uses the Kin cryptocurrency to create an ecosystem that rewards developers and creators on its platform with valuable incentives leading to a quality user experience without using advertisements.
Although the Kin cryptocurrency has been built on Ethereum’s Blockchain and exists as an ERC-20 token, the company’s CEO, Ted Livingstone revealed in a Q&A session last year that the company would move its Kin cryptocurrency to Stellar Lumens Blockchain. True to his words, Kik Messenger has moved to fork stellar while also developing its own Blockchain that would combine the best of Ethereum’s Blockchain as well as Stellar’s Blockchain to come up with a scalable proprietary network for Kin.
The move to fork Stellar came to light on Tuesday 8th May and was reported on CCN as the company revealed its journey towards finding a reliable Blockchain network that would sufficiently accommodate over 300 million Kik Messenger users.
Solving Ethereum’s lack of scalability
According to a statement from Livingstone, the Kin cryptocurrency (unlike most cryptocurrency related projects) focuses more on building a product rather than focusing entirely on the technology. To further explain the move to fork Stellar, he mentions that “a hybrid solution of Ethereum and our own fork of stellar would benefit the Kin ecosystem both short and long-term”.
Basically, the development team at Kik has been grappling with Ethereum’s lack of scalability not to mention network issues including slow processing speeds and higher transactional fees. According to Livingstone, Ethereum’s Blockchain features inefficiencies that can only be compared to the early days of the internet when every technological tool was complex and unfriendly to users.
The new Blockchain will be developed to run parallel to both the Stellar’s fork and the Ethereum network thus giving users liquidity and speed which is a combination of the best qualities the two networks have to offer.
No more Two Chain system for Kin
Earlier on, the company had announced that it would make a two-chain system for its Kin coin, however, citing the need to stick to the agenda of the Kin coin, Livingstone noted that even though the move from Ethereum’s Blockchain is to improve scalability, Stellar’s Blockchain still required transactional fees( even in tiny amounts), an idea that is not in line with the goals of Kik.
Thanks to the use of permission nodes, Kik has established a zero fee Blockchain network that will eventually give control of the network to the users. This will be done by working with partners who will eventually own a large percentage of the trusted nodes. By this design, the development team at Kik hopes to develop a trustless ecosystem that truly decentralizes control of the platform. To prove his point Livingstone was quoted on CoinDesk saying that “consumers can rest assured that it isn’t possible for any one entity on the network to take their cryptocurrencies from them.”.
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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.
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Blockchain-Focused ETF Arrives on London Stock Exchange
The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.
While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.
The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.
Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…
Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?
Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.
However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.
Bitcoin as a divorce tool?
In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.
However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…
Three Biggest Things To Know Come Cryptocurrency Tax Season
In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.
These three tips should help anyone looking to legally report their crypto activity to figure out where to start.
Documentation is key!
There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting. Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.
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