Kin payment platform announces the migration of token from Ethereum to Custom Stellar Fork


The Kin project, launched by the developers of the cross platform messaging application Kik, has announced that it is completely moving away from Ethereum blockchain in favor of Stellar.

In a blog post Released on November 14, 2018, Blockadin team leader Gadi Srebnik wrote: "Apps come online with thousands of consumers who earn and spend Kin every day.To continue to accelerate this growth, we are moving Kin from the Ethereum Blockchain and let's go all-in on the Kin Blockchain. "

Move the goal posts

Kin was launched for the first time on Ethereum blockchain as a ERC20 token after a rather successful initial money supply (ICO). In December 2017, however, the CEO of Kik Messenger, Ted Livingston criticized Ethereum to be unreliable and called "era dial-up of blockchain".

In particular, at the time of this declaration, the Däpp the platform was experiencing unexpected events network congestion similar to Bitcoin due to the increase in transactional load. Transaction fees on the Ethereum network have increased from a few cents to several dollars, especially after the CryptoKitties the collectible game begins to gain universal popularity.

While Ethereum transaction fees Since then they have retired and since then its developers have made significant progress towards the next major upgrade of platform scalability, Kin announced a planned migration to the Stellar blockchain sometime in 2018.

As the Stellar platform is built around a payment model, its main advantages include scalability, transaction speed, low cost and energy efficiency. Unlike Ethereum, which processes only seven to 15 transactions per second, the Stellar network claims to be able to confirm over 1,000 per second.

However, Kin has changed course again in March 2018 and decided to coexist on both platforms, Ethereum and Stellar. The official announcement said:

"While Ethereum provides liquidity to Kin's owners, loading times and tariffs can not support our everyday consumer needs, adding Stellar as a second blockchain will enable us to manage the Kin Ecosystem on a more faster and more efficient, with low transaction costs, needed to achieve the speed and scalability required by digital services in the ecosystem. "

In May 2018, the limits of a double blockchain design began to become apparent to Kin's developers. In a post published May 8, them announced their belief that creating a personalized blockchain would be the best line of action. Kin VP Netanel Lev explained that since the current generation blockchains were not able to scale sufficiently, you had to create a new one and adapt it specifically. The result turned out to be a fork without fever of the stellar blockchain, called Kin Blockchain.

The "Kin Blockchain"

According to Kin & # 39; s Gadi Srebnik, "The Kin Blockchain is a federated and decentralized blockchain based on the Stellar protocol, in which the Kin will be bought, sold, earned and spent." Going forward, it will also be the only source of Kin token.

In other words, the Kin tokens on the Ethereum blockchain will be phased out. Srebnik believes that this approach eliminates the unnecessary complexity of atomic exchanges and does not force a user to choose a particular blockchain when starting with Kin.

While the technical details of the migration process have not yet been revealed, users who currently hold Kin tokens on the Ethereum blockchain will be presented with "a simple way" to migrate to the Kin Blockchain. The apps developed on the Kin infrastructure will continue to function as they do today without any additional development work required.

However, with the blockchain from Kin, platform developers may have finally met their elusive requirement for a scalable chain.

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