The developers of the Kik messenger will use two of the blockchain to run tokens Kin: Ethereum — “liquidity” Stellar — for transaction processing. As expected, a compromise solution will be one more step towards the establishment of a system of direct exchange of different cryptocurrency blockchains.
We will remind, representatives of the company Kik, which has managed to raise $98 million during the ICO tokens Kin in September, some time had doubts concerning the best blockchain for your platform. In December, the CEO of Kik, Ted Livingston (Ted Livingston) has announced the full transfer of the token to the platform Stellar, stating that the Ethereum blockchain, where tokens Kin was released, not has a bandwidth needed for the project.
Despite the arguments of Livingston high transactional fees and long transaction confirmation times, developers Kik collapsed wave of criticism from investors Kin, not wanting to work with a “centralized” platform Stellar.
Reportedly, now the company retreated somewhat from criticism of Ethereum, and as a result, users will receive a token that is divided into two equal parts, the first based on the platform of Stellar, and the second on Ethereum.
Using the technology of atomic swaps, which should ensure the direct exchange of cryptocurrencies different blockchains, the Kik team is planning to block part of the token Kin, based on the Stellar platform, when it is activated part of the token on the standard Ethereum ERC-20, and Vice versa.
Thus, each token Kin on the standard ERC-20 will have a corresponding token is Stellar. If some of these tokens on the standard ERC-20 will never make it in the app Kin, the equivalent number of tokens Stellar Kin will never be unlocked. In this case, new tokens on the platform, Stellar will not affect the rate of the token Kin.
“The creation of bilateral blockchain with Stellar mass will determine the introduction of tokens Kin, providing fast confirmation times, lower transaction fees and scalability,” said Livingston.
The founder of Stellar McCaleb jed (Jed McCaleb) also supported the idea of the project, stating that “the EIC will be one of the first large-scale projects that use cryptocurrencies in a constructive way.”
It is reported that tokencache Kik has attended not less than 10 000 users from 117 countries, while the total amount of tokens is 10 trillion. According to statistics, the popularity of the messenger occupies the fifteenth position in the social networking category on iOS and fourteenth on the Android platform. According to the developers, cryptotoken should allow users to buy digital goods, such as games or collectibles “digital art” like CryptoKitties. In addition, in the future, by a token can be purchased and material goods. So, the company already has an agreement with a manufacturer of sunglasses Shivas that will accept tokens Kin as payment.
In General, the start token Kin will be a early test of the capabilities of the system when using two blockchains.
“Users with a means of exchange, have the best quality of service a priori”, — noted the Director of corporate development, the EIC of Green Tanner (Tanner Philp).
It should be noted that in the case of solving the scalability issues of network tokens Kin can be transferred back to the Ethereum blockchain — according to FILA, developers can “use the best available protocols.”
We will remind, the co-founder of Ethereum Vitalik Buterin in January said that the first stage of sharding, which will help you to scale your network has already been completed. Currently, however, it is more likely to Stellar platform that uses a Protocol that, according to McCaleb that was especially designed to work with the assets of other networks, while “very quickly and efficiently.”
In addition, Stellar plans to the end of 2018 to implement the technology Lightning Network, which is positioned as a way to scale blackany without increasing loads or commissions. Given that during the pre-test token-Kin were treated 18 000 cryptocurrency transaction problems for Stellar should arise.
It is reported that the EIC plans to complete the integration of the second-third quarter 2018, breaking the whole process into two phases. First for users will be available 900 billion tokens Kin on the blockchain Stellar that you can earn and spend. The second phase envisages the possibility of withdrawal of Kin of application, creating tokens on the standard Ethereum ERC-20.
We will remind, according to some experts, it is the largest cash token-ICO on the Ethereum blockchain in real time may cause the collapse of the market.