Kin Newsletter: October 2020 Edition

Kin Celebrates Three Year Anniversary, Set for December Migration October 2020 This past month marked the three year anniversary of the Kin Ecosystem going live. On September 26, 2017, Kin was distributed to more than 10,000 people from 117 countries, which represents 60% of the geographic coverage of the world. Since then, more than 41 million people have acquired Kin in the ecosystem and almost 3 million people are spending Kin every single month.   No doubt there have been challenges along the way, but the Kin Ecosystem has shown both resilience and inventiveness that have made Kin the most used cryptocurrency by mainstream consumers. Dozens of developers from all over the world are contributing to the open source project and pushing Kin forward.  This past month the Kin Foundation published a three-year review to commemorate the milestone with an overview of the progress to-date and a look ahead. A summary of that post and a link to the original is embedded below.   One key upcoming milestone for Kin is the migration to the Solana Blockchain. Kin is being used by millions of people every month, and while the user experience has consistently improved, it is not yet the user experience we expect to reach hundreds of millions of people. The move to Solana will bring a 10x improvement in transaction times and a 500x improvement in scale, unlocking the requisite tools to power a seamless economy of hundreds of millions of people. Last week the migration plan was published with a target migration date of December 8. A summary of that process and what to expect for developers and token holders can be found below.    Other updates found in this month's newsletter: The Kin Economy Report: An overview of the key economic indicators for the Kin Economy over the last month  The Kin Foundation Minute: A summary of the latest Kin Foundation board meeting Additional Content from the Kin Ecosystem Kin Celebrates Three Year Anniversary  On September 26, the Kin Ecosystem celebrated its three year anniversary. As part of that, the Kin Foundation published a post outlining the progress made across five areas: Developer Monetization, Consumer Adoption, Technological Progress, Community Development, Governance.  Each section features a look at the current state, a look ahead, and a quote from a key contributor in that area. Below is one choice quote from William Mougayar, Kin Foundation board member:  "It has been gratifying to witness the birth and growth of the Kin ecosystem and its community across a spectrum of developers, applications, and services. Despite the challenges encountered along the way, the groundwork is solid for continued progress and a great future ahead." You can find the full post here: Kin: Three Years, Dozens of Developers, Millions of Consumers. And It's Just Getting Started. Kin Set for December Migration to Solana On October 8, the migration plan for the move to Solana was published. This post featured an overview of the migration process and the timing. Because the Kin Blockchain and the Solana Blockchain run on the same cryptographic elliptic curve, the migration will be relatively seamless. Developers need to update their SDKs and token holders will need to ensure their Kin is stored in a wallet or on an exchange that supports the migration, but beyond that no action will be required.  You can find the full migration plan here: Kin Pushing Ahead: Next Steps on the Migration to Solana Each month, the Kin Foundation provides an update on key metrics that are used to evaluate the health of the Kin Economy. This past month the Kin Economy continued to show a push towards increased sustainability. One notable insight is that the Kin Bought / Kin Issued Ratio (B/I Ratio), which measures the amount of Kin Bought for goods and services in the ecosystem vs. the Kin Issued through the Kin Rewards Engine increased another 108% month over month. This is a strong indication that the Kin Rewards Engine is driving higher engagement in the areas that matter for sustainability of the economy.  You can find the full report here: Kin Economy Report - October 2020 A Kin Foundation board meeting was held September 21, 2020 and was attended by the Kin Representatives, William Gikandi and Matt Hannam, and representatives of Kik Interactive Inc. The top three items discussed were:  The hiring of an Executive Director and expanding capacity at the Foundation  Organizing a series of summits regarding the Kin Rewards Engine and its role in driving real demand The Kin.org website refresh There were no formal approvals in this meeting. Will Gikandi is taking the lead on coordinating a KRE Summit to gather feedback from all of the active developers in the ecosystem. The next Foundation Board meeting is scheduled for October 19, 2020. Crypto Kin News Link: Developer Interview Cuppa Kin #6: October 2020 Link: cuppakin.com Unsubscribe

Bitcoin backdoor 🚪 / DoJ report 📜 / Bank of England 🇬🇧 / XRP lines of credit / new IRS demands

Bank of England Governor Andrew Bailey says bitcoin does not have "intrinsic value."

Inside.com Part of   Network October 13, 2020

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Market Watch Bitcoin $11,390 7 day: +8.1% Ethereum $379 7 day: +11.6% All crypto $361b 7 day: +8.7% Bitcoin dominance 58.5% 7 day: -0.2% Prices as of 5 p.m. EDT

Deprecated versions of Electrum are vulnerable A backdoor in Electrum, a popular bitcoin software wallet, has allowed hackers to steal over $25m. Since 2018, security workers have reported about ten bitcoin accounts as "fake Electrum update" scammers. Theft reports from August and September have surfaced recently, mostly from users with older versions of Electrum's software. Hackers stole more than $25m of bitcoin by hacking into old versions of Electrum wallets. Hackers inputted a malicious update into Electrum and gained access to the wallets. According to ZDNet, whistleblowers identified the exploit as early as December 2018. Developers have subsequently implemented ElectrumX server blacklistings, which block malicious additions into the network. They have also disallowed HTML pop-ups on software clients in the latest update. Decrypt

DoJ Cryptocurrency Enforcement Blueprint More on the repercussions of the U.S. Dept. of Justice (DoJ) 83-page cryptocurrency enforcement blueprint. In today's Inside Cryptocurrency Premium, we dive into one of the most influential publications of the year, from one of the most powerful government agencies in the world. Try Inside Premium free for 14 days. UNLOCK

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Bank of England Governor Andrew Bailey says bitcoin does not have "intrinsic value." During a Q&A session on Oct. 12, Bailey said it is "hard to see" any intrinsic value in bitcoin. He cautioned against the use of bitcoin as payment. He said that people investing in bitcoin makes him nervous because bitcoin's price is extremely volatile. Reuters

Ripple's (XRP) launches Lines of Credit for institutions using its On-Demand Liquidity service, including support for cross-border lending. Ripple is opening Lines of Credit for its existing customers who use its On-Demand Liquidity ("ODL") services. Ripple says that the credit line will allow financial institutions to complete fast, low-cost cross-border transfers using its XRP token. RippleNet users can lock in a rate for XRP while making the loan payment, and are charged a fee based on the amount borrowed. The service is available only to institutional RippleNet customers, not consumers. The company hopes to trial the service with RippleNet customers in advance of considering a retail launch. Coindesk

The U.S. Internal Revenue Service (IRS) could enforce stringent rules and data collection from cryptocurrency exchanges to better identify taxpayers with cryptocurrency holdings, according to an audit published by the U.S. Treasury Inspector General for Tax Administration (TIGTA). In today's Inside Cryptocurrency Premium, we look at new data collection efforts underway at the world's largest tax collection agency, the IRS. Join us for free for a free, 14-day trial for all new subscriptions. FREE TRIAL

Grayscale Ethereum Trust (OTCQX: ETHE) becomes an SEC-reporting company. Barry Silbert's Grayscale announced that its OTC Markets-listed Ethereum Trust is now an SEC-reporting company. Grayscale published the press release on Oct. 12 with a link to the trust's Registration Statement filing on Form 10, now effective with the SEC. Grayscale's Bitcoin Trust (OTCQX:GBTC) became an SEC reporting company in January. Grayscale Ethereum Trust will decrease the holding period from twelve to six months for investors who own/purchase shares from its periodic private placements (after it maintains its reporting company status for at least three months, and satisfies all requirements under the Securities Act Rule 144). Grayscale made similar changes to its Bitcoin Trust earlier this year. Grayscale

Litecoin Founder Charlie Lee Inshallah Ltd. has filed a U.K. chancery court appeal against the Litecoin Foundation Ltd. Plaintiffs Nasjet Ltd. and John Pepin filed case number CH-2020-000244 in the High Court of Justice of England and Wales. U.K.-based plaintiffs have filed a chancery appeal against the Litecoin Foundation, the Charlie Lee-funded nonprofit, according to an Oct. 5 court filing. Lee famously sold all of his Litecoin (LTC) within days of its peak price during the December 2017 bubble. Lee personally funds many support services of the Litecoin Foundation. JMW Solicitors LLP will be counsel to Nasjet Ltd. and John Pepin. Lawdit Solicitors Ltd will be counsel to Litecoin Ltd. In 2017, Inshallah Ltd applied for the trademark "Litecoin" in the U.K., but failed. Many other companies have attempted to trademark "bitcoin" and its logo. Law360

Leading government officials in the U.S., U.K., Japan, Australia, Canada, India, and New Zealand co-sign a letter pleading for cryptocurrency encryption backdoors for law enforcement purposes. The letter is co-signed by senior government officials in the U.S., U.K., Japan, Australia, Canada, India, and New Zealand. Unlock the link in today's Inside Cryptocurrency Premium. FREE TRIAL

Quick Hits: PricewaterhouseCoopers (PwC) releases a new study regarding blockchain technology's global impact. Its Oct. 12 report concludes that blockchain could boost the global economy by $1.7 trillion within the next decade. Alexander Lebedev, the owner of newspapers Novaya Gazeta, Evening Standard, and The Independent, spoke positively about cryptocurrencies and decentralized finance (DeFi), stating that the technologies could revolutionize international finance. IBM's (NYSE:IBM) AI healthcare arm, Watson Health, is launching a blockchain-based app called "IBM Digital Health Pass." The Spanish government is preparing a bill that would require investors to fully disclose cryptocurrency holdings, as well as their cryptocurrency gains, according to a Reuters report on comments made by Congresswoman Maria Jesus Montero on Oct. 13. As Apple device adoption grows in the enterprise, organizations are looking for ways to seamlessly manage and secure devices while extending the world-class Apple experience users expect.* *This is a sponsored post.

Written and curated by wide-eyed bitcoin watcher since $1, Aaron Wise. Streaming headline junkie, Associated Press fanboy, eye-strained news terminal watcher, 2017 founder of Cryptocurrency Newsfeed. Temporarily based in Florida while awaiting the construction of cryptopia.  Editor Edited by Eduardo Garcia in New York. Eduardo is writing an illustrated book about climate change that will be published by Ten Speed Press, an imprint of Penguin Random House. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade.

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