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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

Blockchain-Focused ETF Arrives on London Stock Exchange

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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…

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Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?

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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…

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Three Biggest Things To Know Come Cryptocurrency Tax Season

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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.

Calculate your total gains

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