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Messenger app maker Kik is about to leave ethereum permanently while continuing to develop his cryptocurrency, nicknamed kinship.
Launched on ethereum at the beginning of the ICO boom, Kik announced that it will close the atomic exchange of kin with ethereum. Without specifying a date, the Kin Ecosystem Foundation announced Wednesday that it would soon release a tool for extinct relatives of ethereum.
The Kik token has had several homes in its short life.
The company raised just under $ 100 million in cryptography during an initial September coin offer. In November, the ethereum scalability problems led to the conclusion that relatives could find their way to an alternative blockchain – something that the founder and CEO of Kik Ted Livingston later confirmed in December.
In March, Kik had developed a two-chain stellar strategy, with ethereum for safety and stellar speed; the plan was that users could switch back and forth.
Then, in May, Kik ruled that even the extremely low stellar transaction fees were too large, so he decided to aim stellar in order to completely eliminate the transaction costs. The Kik & # 39; s Ory Band recently delivered a speech on the benefits for family members with the pursuit of a model of federated consent.
Now, Kik is completely moving away from ethereum.
Reiterating its goal of making kin the most widely used cryptocurrency in the world, Livingston said in a version:
"A Kin on a Blockchain: This is our vision and our strategy continues to evolve as we work on building an infrastructure that supports this."
Flew the cage
Kik is not the first company to start building on ethereum, but moves only on alternative platforms. In fact, ethereum has functioned as an incubator of sorts for a number of tokens that later broke off.
For example, EOS and Tron have both migrated their tokens from the original blockchain that made fundraising possible.
For the Kin Foundation, the network's limitations have hit hard when some of its early network tests in December have become impossible due to growing activity around the CryptoKitties app.
Since then, the issue has become more urgent as the team launches new mobile products designed to provide users with ways to earn and spend relatives.
A spokesperson for the Kin Foundation explained that it has entered into trade agreements, ensuring that users move their tokens into trades by making a one-way movement on the kin blockchain – by burning the original ERC-20 token in the process.
There is no expiry for users to make the move, however. The spokesman said that existing users can sit on their token on ethereum as long as they want.
Image of social networks through Shutterstock
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