The owner of Kik messenger refused to issue tokens Kin on two blockchains. Instead, the asset will be posted exclusively on fork chain Stellar — own blockchain Kik. The announcement appeared today in the blog Kin Ecosystem Foundation on Medium.
As stated in the post, published mainly developed by Kin with Srebnica Gadi (Gadi Srebnik), the decision was made in order to “simplify the underlying technology and its integration with the exchanges.” Initially, the company created a fork of the token on the basis of Stellar due to beskonechnyh transactions within this network, as well as greater scalability compared to Ethereum. The last was an additional factor in choosing a decentralized environment as Kin Foundation calculates that the token will be used by “millions of users”.
Srebnik and his colleagues believe that the migration token on a separate blockchain on the basis of Stellar will help the company to realize the main goal is to make KIN “the most popular cryptocurrency in the world.” A similar statement was made by the CEO of Kik, Ted Livingston (Ted Livingston), adding:
“United Kin on the same blockchain. This is our vision of the product, and our strategy is changing in accordance with progress of work on the infrastructure that is in place to provide it.”
In comments to CoinDesk, the press Secretary Kin Foundation said(a) that the company has stipulated the details of the migration with the stock exchanges on which the asset will be traded at launch. Entire stock of KIN standard ERC-20 will be destroyed; however, Kin Foundation did not name any specific deadline for the transfers of users.
After a successful ICO in September last year and the subsequent overload of Ethereum, the EIC announced the transition to a hybrid architecture, in which Ethereum was to provide liquidity and Stellar — high throughput. Despite the lower compared to Ethereum transaction fees, the primary circuit was not satisfied with Stellar developers, in connection with which was held hardwork.