Stellar (XLM) and Kin Foundation Partnership talking about the Future
Stellar Lumens and Kin Foundation have developed a very talked-about partnership in the crypto-sphere and accordingly as asked by many, both of them came together for a night-talk on a Subreddit platform to answer various questions from the viewers. The AMA session was run by Tomer – Stellar Engineer, Boris – Stellar Partnerships and Gadi – Kin Technical Dev Leader.
The ask/me/anything session started with Kin’s technical Dev leader talking about all the results and tests that were run by Kin on Stellar’s network, which details will be published on a post by Ory. When it comes to the lightning network, Gadi added that as it is still not completed, nothing can be added on the matter.
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.
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 issue here is born in the case of creating a large account with the target to maliciously spam the process of account creation. The solution is found in the first phase, users that are approaching and registering will be set under-radar and accordingly, accounts that are on status – spam identified – will not be funded.
There is still much to be cleared out of the blurred image when it comes to what tokens will Kin use. Many question if Kin will have its own token or use the Stellar Lumens to get things going. Currently, there is another token called ‘KIN’ in the Stellar network.
“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.”
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.
On the discussion post, the hosts added that the beauty of Stellar lies in its simplicity:
“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.”