Stellar is set to welcome Kin foundation as part of a new relationship in place. Kin Foundation tweeted regarding the same:“We are excited to share more info on this huge step forward for Kin’s functionality and accessibility.”
Kin believes that using a high-speed, high-scale blockchain is key to making it the ideal asset for everyday use. Welcoming Stellar on board is a huge step ahead for Kin’s infrastructure, functionality, and accessibility for digital services.All the Kin transactions previously were taking place on Ethereum (ERC20), stepping forward, and the transactions will happen on Ethereum or Stellar. The two blockchains will support Kin in different ways with services operating on the blockchain that is best suited to their needs, as Ted discussed in a recent AMA.”
Ethereum gives liquidity to Kin holders but the loading times and fees are not supporting the needs for the day-to-day consumer use. The addition of Stellar as a second blockchain will enable faster, more efficient foundation, with low transaction fees.
This can be referred to as a migration more than software update because Kin will run side-by-side on both Ethereum and Stellar. This means users will not have to move their tokens away from Ethereum if they don’t want to.
The change will simply create a more frictionless experience for using Kin as per the two-phase plan. The Kin Ecosystem participants will use the same Kin token irrespective of Ethereum or Stellar Lumens. The only difference is the underlying infrastructure.
Stellar Lumens [XLM] is currently trading at $0.2411 while Ethereum [ETH] is at $543.25 as seen at press time.
Kin Foundation will be governed by an independent board, and over time, ensure the transition of the Kin Ecosystem into a fully decentralized network that provides choice and incentives for the user.
Steven Hawks, a market analyst says:“So the capitalists, as you call them/us, who hoped for some movement in price after the integration of kin in Kik, and the txs that accompany this will not profit in Phase 1? Do we have to remain patient? Well, hope I missed the clue, if not, unexpected move/disappointed fan.”
Rhode Island is exploring blockchain technology to improve state operations
- The idea can only be initiated after the state approves the request for proposal (RFP).
- A technical evaluation committee will review the RFP.
Rhode Island has issued a request for proposals (RFP) to explore the possibility of blockchain technology incorporation for government use. Liz Tanner, Director of the Department of Business Regulation, stated that she believes that blockchain can bring modernization in the government and would make bureaucracy in the state more efficient. Apparently, they are not looking for specific solutions, but are just intrigued by its possibilities. A memo following the RFP states:
“Suggested areas of application… include antifraud, contracts, medical marijuana, records, notarization, registration and licensing, investigative evidence control and more.”
Brenna McCabe, director of public affairs for the Department of Administration in Rhode Island, told Government Technology that it will allure more bidders who are required to submit two proofs of concept for blockchain application. The idea can only be initiated after the state approves the RFP. The memo also states:
“With proofs of concept, [Rhode Island] can gain a better understanding of the maturity of blockchain technologies and platforms, as well as potential sustainability in state government operations.”
A technical evaluation committee composed of staff from various state agencies will review the RFP. However, McCabe admitted that they face significant hurdles from laws, regulations and licensing structures that would require changes to allow for blockchain use.
Government and financial regulators in Brazil exploring use of Blockchain
- Brazilian authorities are keen to adapt to new emerging technologies, such as blockchain.
- The Central Bank of Brazil, the Securities and Exchange Commission (CVM), the Superintendence of Private Insurance (SUSEP), and the Ministry of Economy’s Special Secretariat for Finance are working together
The government and financial authorities in Brazil are working on a project for the development of a regulatory sandbox type model. They are keen to target new technologies such as blockchain.
In terms of the authorities; the Central Bank of Brazil, the Securities and Exchange Commission (CVM), the Superintendence of Private Insurance (SUSEP), and the Ministry of Economy’s Special Secretariat for Finance are working together to ensure they adapt to tech such as blockchain, exploring how it is affecting the financial industries within the country.
The CVM detailed that the project implies that emerging technologies in the likes of; blockchain, robotics and AI have facilitated the establishment of new business models. They of which have been able to come up with new products and services of higher quality and scope.
Rhode Island Looks to Adopt Blockchain For Government Use
Rhode Island issued a request for proposals aimed at exploring the viability of blockchain technology to improve state operations. This comes on the heels the state relaxing certain security laws for blockchain businesses.
Is the second-most dense state by population looking to become a hub for the crypto industry?
Director of the Department of Business Regulation Liz Tanner said in a statement she believes blockchain represents the modernization of government and would enable bureaucratic efficiency in the state. She also said Rhode Island’s initiatives were inspired by the adoption of blockchain by overseas governments.
The request for proposals is not looking for specific answers to specific problems, but is keeping an open mind to the possibilities of the emerging technology. A memo following the RFP states, “Suggested areas of application… include antifraud, contracts, medical marijuana, records, notarization, registration and licensing, investigative evidence control and more.”
Brenna McCabe, director of public affairs for the Department of Administration in Rhode Island, told Government Technology that this long list of possible applications is meant to entice more bidders, all of whom are required to submit two proofs of concept for blockchain application.
McCabe said state officials did not want to stifle the ingenuity of the industry by limiting the scope of the RFP.
It’s only after the state receives proposals that they can conceive of what the technology offers. “With proofs of concept, [Rhode Island] can gain a better understanding of the maturity of blockchain technologies and platforms, as well as potential sustainability in state government operations,” the memo stated.
The proposals will be reviewed by a technical evaluation committee composed of staff from various state agencies. “The initial contract period is estimated to begin Aug. 13 for a time period determined by the winning bid(s),” according to the RFP.
Anticipated problems will stem from laws, regulations and licensing structures that would require changes to allow for blockchain use, said McCabe. Though state leaders will have a better idea of what needs to be tweaked once proposals are reviewed.