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Kin goes for the title of ‘most used cryptocurrency’ with a move to fork XLM’s Blockchain

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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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Blogs

Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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