Ethereum (ETH) Loses DApp User Activity Game to Kin
Ethereum News

Ethereum (ETH) Loses DApp User Activity Game to Kin

The digital currency created by Kik Interactive, Kin (KIN), has now become the most active decentralized application (DApp) on Ethereum (ETH) blockchain.

According to Kin explorer’s statistics, the distributed ledger has, over a course of 24 hours, had over 8,600 active users. Since the statistics have been provided by the Kin explorer, a service known for keeping a tab on all activities on the Kin network.

To understand how big the achievement is, let’s compare the statistics with the other DApps on the Ethereum blockchain. As per the statistics, there are 7,700 active users for all of the other DApps on the blockchain.

Kin platform’s increase in activity can be attributed to the two services introduced onto the network—Kinit, and Kik messenger beta. These apps reward KIN users for completing a lot of tasks like quizzes, surveys, sharing, and giving feedback.

Recently, Kinit gained a major boost in its popularity after Red Bull, a leading energy drink manufacturer, tied to the service. As a result of the partnership, the company became one of the first few corporate giants which gave clients a chance to earn rewards as KIN tokens.

Apart from that, the Kin ecosystem would be undergoing further development after it established a 3 million USD development program for creating more applications to work on the distributed ledger network. AltDex 100 ranks KIN at the 64th position as of now.

Also Read: Ethereum Based Project, Priceless Aims To Add Value To Value of Humanity

Ethereum Foundation hasn’t been holding back, though. It has been working hard towards the upliftment of the whole platform. On August 17, it revealed the projects which would receive the third wave of grants. While the funded projects vary in topics from security to education, most of the grants were allocated for improving scalability.

Since the Ethereum Foundation announced its first wave of grants in early 2018, it has spent roughly 7 million USD for scalability endeavors. The amount spent is equal to 61.3 percent of the total funding pool of Ethereum Foundation.

Thus far, StarkWare Industries have received 4 million USD along with 6,000 Ether for funding performance-based bounties. This has been the largest grant ever received by anyone under the initiative. StarkWare would have to use the funds for developing “production-quality software for optimized STARK-friendly hash functions and tooling.”

StarkWare informally announced on Twitter last month that it had received the grant. The technology they work on, zk-STARKs, could scale in a transparent way theoretically. What a zk-STARK is, is a succinct, zero-knowledge proof for verifying the transactions on the Ethereum blockchain.

The zk-STARK method is in complete contrast with the zk-SNARK method, which is another mathematical process based on privacy. Zcash was the cryptocurrency which popularized the concept of zk-SNARK. STARK technology is expected to circumvent zk-SNARK based “trusted setup” model.

Smaller grants were awarded to two other scalability projects—Magmo, and Ethereum Harmony.

The research team Magmo won 300,000 USD for developing its force-move games framework, “a small state channel framework capable of running 3rd-party ‘applications’ that conform to a simple state-machine interface.”

Ethereum Harmony’s team received 90,000 USD to build the beacon chain further and pursue minimal sharding. The project, if you don’t know, is based on EthereumJ implementation.

The Ethereum Foundation noted that even though scalability is quite an important focus of the grant program, it is also important to allocate funds in many other key areas. For example, the third wave included grants for usability, education, and security. Some of the notable awardees were the Kestrel Institute (awarded 400,000 USD for pursuing the “formal verification of cryptographic primitives”), the DAppNode crew (awarded 250,000 USD for pursuing “mass full node adoption”), and Cryptoeconomics.study (35,000 USD for building textbook and coursework).

Follow us on Telegram, and Twitter. Subscribe to our newsletter!


Leave a Response

Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.