Stellar Lumens [XLM] and Kin Foundation reveal their future plans
Kin and Stellar, one of the most talked about pairs in the crypto world came along together last night to answer a few questions from the audience on a Subreddit platform which lasted for 60 minutes. The ask me anything [AMA] session was hosted by three experts Boris – Stellar Partnerships, Tomer – Stellar Engineer, and Gadi – Kin Technical Dev Leader.
Gadi began by stating, all results regarding the testing done by Kin on the Stellar network over the last few months will be published in an upcoming blog post by Ory. He also said that the research was still in progress, the lightning network is still not completely explored and hence can not answer anything regarding that.
When asked about Stellar’s future partnerships that might benefit the Kin product like the IBM, Stripe, Keybase, etc; Gadi says, identity is a real challenge, however, it’s still early to understand the actual needs and requirements for digital service. Regarding other technological cooperation’s, they don’t have any planned yet.
One interesting issue was raised during the AMA:
The minimum balance required to create a Stellar account is 1 XLM. To create 1 million Stellar accounts would cost $230,000 at current prices. If each app will have a separate Kin account, one user might be creating dozens of accounts, and they won’t be expected to fund the accounts with XLM of their own. So:
- Who is footing this bill? The operator of each digital service where the account is made?
- Why isn’t this cost a problem at large scale?
- How will you prevent account creation exploits to gain free XLM?
- Would this not equate to more than 1 XLM since trust lines are needed and require more held as a minimum
Gadi explained how Kin and Stellar will take care of the funding in the initial phase as they would like to learn from the real-world use cases. The KRE reward is designed to allow digital services to maintain themselves including any infrastructure costs that would incur.
The problem lies in creating a massive account in an effort to maliciously spam account creation. To handle this, in the first phase, approaching users and registrations will be monitored closely and accounts that will be identified as spam will not be funded. Fighting spam and fraud is a big part of creating a healthy economy and effective techniques will take time to develop once there are fraud attempts.
Atomic Swap – the lesser-known development
It is a process that needs to be tailored to the specific Blockchains being swapped. The team is not yet aware of current automated solutions that support Stellar but they do have several plans for other manual swap mechanisms, which will require a 3rd party escrow.
Existing Kin, the future for it and the confusion about multiple tokens:
The confusion about the tokens that Kin will use has been unanswered for a long time now. With multiple tokens and dual network usages, there has been blur image if Kin will have its own token or use Stellar Lumens [XLM] to start off with. Currently, there is another token called ‘KIN’ in the Stellar network. In Stellar, anyone can create their own asset and name it the way he/she wants. There are multiple USD, ETH, etc. on Stellar.
“We are happy to have KIN use Stellar as it will be one of the first mainstream companies to use cryptocurrency in production. The fact that Kin is using Stellar to power their ecosystem of digital services will be a positive sign to other large companies considering launching their own token-based economies.”
Kinit, which is a standalone created to use KIN is on Beta stage and it already runs on Stellar Test net. Once the token is issued on the Main net, it will be used by kinit, ecosystem SDK and other digital services and developers. And coming to the current Kin that users have, which are KIN/ETH, users will be able to use those in the ecosystem once the swap is enabled between KIN/ETH and KIN/XLM.
Is Stellar decentralized yet?
Stellar was shown to have 95% of all lumens in the top 100 wallets and the Stellar Development Foundation’s mandate is to distribute 95% of lumens over time through various programs. ‘It’s not supposed to happen overnight’, they say.
Stellar’s future with Kin
Right now, Stellar is one of the fastest, cheapest, and most scalable platforms in production. The beauty of Stellar lies in its simplicity.
In the Reddit post, they say:
“Other chains can try to be all things to all people, but we stay focused on what we do well – facilitating fast, cheap and scalable payments. Importantly, we’ve been doing this in production for several years now, whereas many of the up and coming chains, at least at this point, are still just words on a page.”
The main development goal is to push that scalability even further through their Lightning Network implementation.
Our great source: https://ambcrypto.com/stellar-lumens-xlm-and-kin-foundation-reveal-their-future-plans/
* You will receive the latest news and updates.