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Kik, the instant messaging application has finally decided to permanently abandon Ethereum while working to develop its cryptocurrency called Kin.
Although the token was initially launched at the beginning of the rising trend of the ICO boom, Kik announced that it will move away from its atomic exchange with Ethereum. While this intention has been announced, has not yet specified a date, the Kin Ecosystem Foundation said Wednesday that it will soon release a tool to get holdings of Kin from Ethereum.
Kik had managed to raise a large amount of funds from the initial supply of coins in September 2017. In total, the company managed to raise $ 100 million. In November, however, the chronic problems faced by Ethereum in relation to scalability problems led to discussions about finding an alternative to Ethereum, something that Ted Livingston, founder and CEO of Kik, subsequently confirmed in December.
In March, Kik had developed a two-chain strategy for Stellar, with Ethereum for safety and Stellar for speed; the initial plan is that users would be able to pass efficiently between both.
Then, in May, Kik announced that even Stellar's low transaction fees were too high when subjected to a scale effort. As a result, the team decided to shell out Stellar, in order to eliminate wholesale transaction costs. Kik & # 39; s Ory Brand recently held a conference on Kin's benefits in pursuing a more federated consensus system.
Since then, Kik has decided to detach himself completely from Ethereum, instead of working towards a double chain system.
Reaffirming its initial goal of making Kin the most widely used cryptocurrency in the world, Livingston announced 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."
Make your own way
Kik is certainly not the only one, or even the first, to start a blockchain project on Ethereum, just to switch to an alternative platform. In fact, there have been numerous initiatives that have used Ethereum as a sort of incubation center of some kind for a number of tokens that later broke off.
A couple of examples for this include EOS and Tron, who both migrated their tokens far from the original blockchain, which made their fundraising possible.
For the Kin Foundation, the chronic limits of the network have become particularly important when some of its early network tests in December became impossible due to the 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.
One of the Kin Foundation spokespersons explained that he has entered into further agreements with the exchanges, ensuring that users, taking their tokens from their digital wallets on coin exchanges, make a one-way movement on the Kin blockchain, burning the original ERC20 token as a result of this.
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.
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