A Report On How UK Will Lead In Crypto-Blockchain Space
The reason why the UK is spending heavily on the blockchain space. Let’s get a sneak peek into the scenario. All about Kik and Kin.
The Current Scenario In Blockchain Space
It was found that as the Bitcoinist.com reports, there is a new study conducted by the Big Innovation Centre, DAG Global, and Deep Knowledge Analytics concluding that Britain is, therefore, the most likely place in which the blockchain will surely see success. Hence the report which also claims that the UK has an industrial and governmental appetite for new blockchain projects suggests that the UK could be at the forefront globally by 2022, as with more than £500 million in blockchain-related investments made in the UK markets in the past two years as it’s not hard to imagine this being the case.
It was then that DAG Global CEO Sean Kiernan believes that the traditional financial world of the UK is primed to integrate with the digital currency space as he suggests that the UK comes as a major global financial hub and in recent years it has become a Fintech leader as well. Therefore at the same time, it is starting to demonstrate significant potential to become a leader in blockchain technologies and the crypto economy. It is, therefore, this gap which comes between the two worlds of the traditional finance and crypto economy that remains but in the coming year’s they can expect this to lessen and eventually disappear.
This is by far according to the Big Innovation Centre CEO Brigitte Andersen agreeing that they are still at the early stages of the blockchain industry’s development and the huge impact undoubtedly will have in Britain and globally.
Why Is The Bank Of England Remaining Reluctant
As an example, for the time being, the Bank of England has remained skeptical of the digital currencies as the BOE Governor Mark Carney criticized Bitcoin and other digital currencies thereby saying that Bitcoin has failed as one of the viable currency and as a store of value. Therefore it was described by Carney that cryptocurrencies as failing while adding that the digital tokens have extreme volatility reflecting that the cryptocurrencies have neither intrinsic value nor external backing.
Kik Is All Set To Fork Stellar For Fee-Free Kin Blockchain
Here comes Kik’s crypto token Kin, as it exists as an Ethereum based ERC-20 token as the Kin foundation manages the development of Kin that was announced as it will fork the Stellar eventually to create its unique blockchain as that will be free from any kind of transaction charges and will surely be operated through permissioned nodes. Herby Kin was created as a new digital currency by the team behind the Kik messenger, as it serves as a medium to earn and spend within the Kik app.
The Kik And The Kin
While Kik comes as a mobile messaging service that has over 300 million global users, it is also available on Android and iOS platforms. Therefore a user can earn Kik for contributing to the Kik community and can spend the Kin coins for goods and services inside Kik. Hereby one can take part in fun missions like watching particular online shows and rating them and earning Kin coins in return. The result is that the crypto tokens can be redeemed especially for content, experiences, services and the more as the developers and content creators can be compensated in Kin tokens for their offerings and the users who are watching ads are also paid in the Kin coins as their ad viewing activity helps keep the network agile and thereby functioning.
Why The Kin Is Forking Out?
It was observed that since Kin is based on Ethereum, and adheres to ERC-20 token standards the founders of Kin are concerned about scalability issues as the challenge of scalability was apparent so that when the virtual cat breeding game, known as CryptoKitties, went viral on Ethereum it was added that there are concerns about the rising cost of transactions on such networks.
Consequently thereafter, to avoid the problem, Kin had earlier planned to transition to the Stellar network which is the approach that was further refined and the team envisioned as the two-chain system in which the Kin crypto coin would operate in parallel on both Stellar and Ethereum networks.
The Final Thoughts on Kik and Kin
Here the CEO of Kik, Ted Livingston told CoinDesk that he thinks what makes Kin unique is it's one of the very few projects where the product is driving the technology and not vice versa. It was coming with the result that Kin plans to use a big pool of the crypto coins where it holds in reserve to pay automatically to the entrepreneurs for their contributions and development of economic activity through the Kin Rewards Engine. It is though a fork is planned for Kin, the two development teams expect to continue their partnerships. This discussion ends here. But the technology keeps expanding accommodating the crypto.