Kik Bets on Stellar, Withdraws from Ethereum
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Main page Analytics, Ethereum, Stellar

The company Kin Foundatoin, which is engaged in the development of the Kik messenger, will abandon the ethereum blockchain in favor of stellar, according to the company blog.

The report says that the company will stop atomic swaps with ETH (ETH/USD). Earlier in the spring of last year, the company launched a system to operate two platforms in order to use the advantages of both — the security of ethereum and the high speed of Stellar. They interacted with atomic swaps. Now Kin offers its users to switch to a new blockchain and stop using ERC-20 standard tokens.

“For holders of Kin on the Ethereum Blockchain, there will be an easy way for you to migrate your Kin to the Kin Blockchain. For developers with live applications, and for the consumers that use those apps, there is no action needed at this time. Your apps will work just like they do today,” the developers said.

A spokesman for the Kin Foundation said that negotiations were underway with the exchanges. The companies want users to switch to a new blockchain, and ERC-20 tokens to be burned. He also added that the developers were not planning a mandatory transfer of tokens owners to the new system.

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Representatives of Kik for the first time spoke about the possible transfer of tokens from Ethereum in connection with the problems of scalability of this network a year ago. Then the project representatives explained that they want to create an ecosystem for Kin tokens that can scale to the needs of many participants and large transaction volumes. Therefore, the company decided that ethereum may not be the best solution.

Last November, Kin was introduced to emphasize that the final decision has not yet been made. Representatives of the company studied the options and conducted financial examinations. And now, a year later, the stellar blockchain was chosen as an alternative.

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