In an attempt to scale the Kin (KIN) cryptocurrency to increase transaction speed and processes on the blockchain, the team at the Kin foundation have decided to fork from the Stellar blockchain that the currency is currently on. The announcement came on Tuesday, May 8th, and was as a result of months of deliberation form both the Kin and Kik developers.
With the Kik Messanger as the starting point through a complete product, the Kin developers hope to tailor fit Kin into the product by having a one of a kind solution. The solution would involve a hybrid system of Ethereum and Kin’s own fork of Stellar to benefit the project in the long term.
Initially and due to the scalability issues in the ERC20 Platform of Ethereum, the Kin developers had opted to have their token on the Stellar Network. With a similar hybrid design, the token would run in parallel on the Ethereum and Stellar Networks. This meant that the system had the speed of Stellar and the liquidity of Ethereum.
However, due to different roadmaps and goals between Kin and Stellar, the Kin Developers have decided to fork from the blockchain and still retain the working relationship with the Stellar organization. The new blockchain will still run in parallel with that of Ethereum.
Having Kin on two blockchains comes as a revolutionary idea that has been adopted by very few projects out in the Crypto-verse. The only other project that is known to have two blockchains, is Bankera that ran both the ERC20 and NEM Mosaics for its ICO that recently ended. In the case of Kin, the two blockchains do not necessitate the duplication of tokens at all. Internal transactions with a single service will most likely utilize the Stellar platform whereas external payments and exchange volume will occur on the Ethereum platform.
Kik developer, Gadi Srebnik had this to say about the parallel networks back in March:
“While Ethereum provides liquidity for Kin holders, its load times and fees can’t support our needs for day-to-day consumer use. The addition of Stellar as a second blockchain will allow us to operate the Kin Ecosystem on a faster, more efficient foundation, with low transaction fees — which is necessary for us to achieve the speed and scalability that digital services in the ecosystem will require.”
The ultimate goal of the Kin Foundation is to eliminate transaction fees on the Kin network thus enabling micro-transactions which will accelerate the usability of the coin and eventually make it more popular than any other crypto in the market.
The current market analysis puts Kin (KIN) at a value of $0.000186 at the moment of writing this. The token has dropped 25% in the last 7 days with most of the decline occurring before the UpBit news that has shattered the crypto markets. The crypto exchange has been accused of cooking its books by South Korean Officials and is undergoing investigations.
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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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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
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.
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,…
CoinFlip Scores Big with BRD Wallet Partnership
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…
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
The same concept applies to cryptocurrency CDPs. Consumers are able to put up crypto tokens, such as…
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