Messaging Giant Kakao to Launch 'Immensely Easy' to Use Cryptocurrency Wallet

South Korean messaging giant Kakao is set to later this year launch an “immensely easy” to use cryptocurrency wallet called “Klip.”

According to local news outlet News1 Korea, the cryptocurrency wallet will be released in the second half of this year, and Kakao has already set up a page teasing its upcoming launch. Behind the wallet’s develo0pment is Kakao’s blockchain subsidiary Ground X.

The wallet itself will support the company’s native cryptocurrency , “Klay,” as well as other tokens based on its “Klaytn” blockchain, as well as decentralized applications related to financial services and games.

In a Medium post KJlaytn added the Klip wallet will support tokens “such as CPT, HINT; CRE, COSM, and more.” The post touts the wallet “safeguards our digital assets,” and is “immensely easy” to use. It reads:

Once you access Klip with your social network profile, especially your KakaoTalk ID, you send and receive digital asset with your Kakao friends. Further, you do not have to jot down your cryptic private key.

Per the post, the wallet will be using a unique account system that’ll allow users to “access the wallet with a simple passcode” while still giving them access to their own private keys, so they can control their own funds.

The wallet, it adds, will also support other types of digital assets, including non-fungible tokens (NFTs). These are tokens issued on a cryptocurrency’s blockchain, with one good example of them being CryptoKitties.

Kakao’s move notably comes months after it was revealed South Korea’s government was looking to review its restrictive cryptocurrency regulations, in a move that could see it support the industry’s growth. Crypto trading volumes in the country have been rising this year, with peer-to-peer exchange LocalBitcoins seeing an all-time high back in May.

Featured image taken from Kakao's wallet page.

Coinbase, EOS Community Clash Over Supposed ‘Degraded Performance’

Francisco Memoria

The San Francisco-based cryptocurrency exchange Coinbase has been clashing with the EOS community on social media over supposed “degraded performance” the EOS network has been suffering.

According to a tweet published by one of Coinbase’s official accounts, the EOS network is experiencing “degraded performance levels” and as a result EOS sends have been disabled, while receives may be delayed. Coinbase’s status page shows it has been seeing degraded performance on the network for four days.

In February 17, Coinbase also noted there were delays in EOS sends/receives as it was working “rough a backlog of outgoing EOS transactions.” Responding to Coinbase EOS New York, a major EOS block producer, claimed the network was fully functional and that the problem came from the cryptocurrency exchange itself.

On Reddit, EOS New York wrote that the “network is operating fine and Coinbase is shifting blame away from their internal infrastructure problems.” It added no other entity reported issues and that instead the exchange could reach out to block producers for free help.

EOS Nation, another major EOS block producer, responded to the exhcnage saying the network did face some hiccups but is nevertheless “extremely reliable.”

Some speculate the EOS network may still be facing congestion from time to time over the controversial EIDOS airdrop, that put the network into a “congestion mode” late last year and forced Coinbase to raise the amount of staked CPU on its wallets to process transactions.

Some believe the EIDOS airdrop is being run to make EOS’s shortcomings stand out and incentivize users to use other blockchains using the EOSIO software, created by the company Block.one. Voice, the social network the company is set to launch ,is for example launching on a “purpose-made EOSIO blockchain.”

Featured Image Credit: Photo via Pixabay.com