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Kin (KIN) To Fork from Stellar and Create Hybrid Solution With Ethereum

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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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Blogs

3 Things to Avoid if You Want Your ICO to Succeed

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Initial Coin Offerings, or ICO, have become quite popular in 2017, which is something that also continued throughout 2018. In fact, there were hundreds, if not thousands of them so far. However, no matter how many of them were organized, most never managed to make it into the market and achieve their goals.

Analysts claim that there are a lot more failed ICOs than there are successful ones, which has caused a lot of people to simply give up on the idea. However, many are still curious to know what went wrong, and while failed ICOs can be studied for years without discovering absolutely every flaw, some of the bigger ones can be spotted right away.

This is why we will now list top three reasons why so many ICOs failed, and everyone who is thinking about launching one should pay close attention.

1. The lack of demand for the product

According to estimates, around 60% of ICOs often fail at the first stage simply for the lack of interest in what they offer. When someone comes up with an idea and launches an ICO in order to raise money, they are presuming that people will be interested in investing in this idea. In addition, prior to making an announcement that an ICO is coming, it is wise to ensure that the announcement will be heard in the first place.

Additionally, ICOs need to be approved by appropriate…

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Bitcoin

Reasons Behind The New Bitcoin Crash

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Cryptocurrency investors and supporters experienced quite a shock last week with the latest Bitcoin crash. Almost every single one of top 100 cryptocurrencies trading in the red. Not only that, but most of them experienced massive losses, often larger than 12%, or even 15%.

The event was unexpected and all cryptos, with the exception of a handful of stablecoins, lost a large part of their value. However, as always, Bitcoin is the one receiving the most attention, especially since this is the first time that BTC has dropped below $6,000 in a long while. Right now, Bitcoin is still losing value, with its current price being at $5,503.11 per coin, and a drop of 12.76% in the last 24 hours.

After the initial shock, a lot of investors started wondering and researching the new crash. The main question still remains: Why did this happen?

While this is more than understandable, especially considering how much money, time, and patience people have invested in crypto, the reasons behind the new crash remain obscure to many. Because of that, we are now going to explain two events that are most likely to be causing this situation.

1. The selloff

This is believed to be the main reason for the new crash of Bitcoin. The selloff came as a consequence of the last year’s bull run, which has launched BTC and other coins to entirely new heights. Because of that, numerous…

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Altcoins

Here’s Why This Coin Still Has Wings (WINGS)

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WINGS
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WINGS, a decentralized crowdfunding platform based on the Ethereum blockchain, has had a great run over the past two months. Culminating in a peak of US $.23 just a few days ago, the currency behind the product has more than doubled since it’s lows of early September.

Despite the slight downturn WINGS is currently experiencing, this crypto-favorite may not be done running up the green candles on your favorite exchange just yet. A small drop like we had today was actually expected and could be considered healthy by long-term investors. These dips are also appreciated by those of us waiting to get in on a project we feel has real potential. WINGS has shown us that potential and is now presenting a great buying opportunity for speculators and traders looking for the next wave of support to lift this coin into the stratosphere.

What is WINGS?
WINGS was created to nurture project proposals via the Decentralized Autonomous Organization (DAO) model. Using blockchain networks and smart contracts, the platform allows the WINGS community to promote proposals with the greatest chance of positive returns. WINGS, in essence, is a decentralized forecasting ecosystem, where token holders are given an incentive to make choices concerning projects on the platform.

The DAO is a popular concept for crypto-projects that want to remain entirely on the web. Using the peer-to-peer technology of blockchain and smart contracts to enforce the rules of participation is…

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