Two Chains No More: Kik Selects Stellar Over Ethereum for Crypto Token Launch

Two Chains No More: Kik Selects Stellar Over Ethereum for Crypto Token Launch 1

Messenger app maker Kik is quitting ethereum for good as it continues to develop its cryptocurrency, dubbed kin.

Launched on ethereum early in the ICO boom, Kik has now announced that it will close kin’s atomic swap with ethereum. Without specifying a date, the Kin Ecosystem Foundation said Wednesday that it would soon release a tool for kin holdings off of ethereum.

Kik’s token has had several homes in its short life.

The company raised just shy of $100 million in crypto during a September 2017 initial coin offering. By November, ethereum scaling issues resulted in talk that kin could find its way onto an alternative blockchain – something that Kik founder and CEO Ted Livingston later confirmed that December.

By March, Kik had developed a two-chain strategy slated for stellar, with ethereum for security and stellar for speed; the plan was that users could switch back and forth.

Then, in May, Kik determined that even stellar’s extremely low transaction fees were too much at scale, so it decided to fork stellar so it could eliminate transaction costs entirely. Kik’s Ory Band recently gave a talk on the advantages to kin with pursuing a federated consensus model.

Now, Kik is breaking away from ethereum entirely.

Reiterating his goal to make kin the most used cryptocurrency in the world, Livingston said in a release:

“One Kin on one blockchain. That’s our vision, and our strategy continues evolving as we work toward building an infrastructure that supports this.”

Flown the coop

Kik isn’t the first company to start building on ethereum only shift away to alternative platforms. Indeed, ethereum has served as an incubation hub of sorts for a number of tokens that later broke away.

For example, EOS and Tron both migrated their tokens off the original blockchain that made their fundraising possible.

For the Kin Foundation, the network’s limitations hit home especially hard when some of its early network testing in December became impossible due to the growing activity around the CryptoKitties app.

The matter has since become more urgent as the team rolls out new mobile products designed to give users ways to both earn and spend kin.

A spokesperson for the Kin Foundation explained that it has been making arrangements with exchanges, ensuring that as users move their tokens onto exchanges, they will make a one-way move onto the kin blockchain – burning the original ERC-20 token in the process.

There’s no deadline for users to make the move, however. The spokesperson said that existing users can sit on their tokens on ethereum as long as they like.

Social networks image via Shutterstock

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 63,158.00
ethereum
Ethereum (ETH) $ 4,203.69
binance-coin
Binance Coin (BNB) $ 485.98
tether
Tether (USDT) $ 1.00
cardano
Cardano (ADA) $ 2.16
solana
Solana (SOL) $ 211.40
xrp
XRP (XRP) $ 1.10
polkadot
Polkadot (DOT) $ 44.31
dogecoin
Dogecoin (DOGE) $ 0.263387
usd-coin
USD Coin (USDC) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 63,158.00
ethereumEthereum (ETH)
$ 4,203.69
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 622.45
litecoinLitecoin (LTC)
$ 195.10
bitcoinBitcoin (BTC)
54.227,71
ethereumEthereum (ETH)
3.609,31
tetherTether (USDT)
0,858604
bitcoin-cashBitcoin Cash (BCH)
534,44
litecoinLitecoin (LTC)
167,51
bitcoinBitcoin (BTC)
45,898.06
ethereumEthereum (ETH)
3,054.90
tetherTether (USDT)
0.726718
bitcoin-cashBitcoin Cash (BCH)
452.35
litecoinLitecoin (LTC)
141.78

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021

Blockchain/Cryptocurrency Questions and Answers

ICo Presale
The Science Behind ICO Presales…
October 14, 2021
Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin63,033 0.43 % 3.72 % 2.35 %
Ethereum4,206.8 0.34 % 3.88 % 9.15 %
Binance Coin486.06 0.23 % 2.49 % 3.28 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Cardano2.160 0.40 % 1.87 % 0.01 %
Solana210.78 1.02 % 10.11 % 31.85 %
XRP1.100 0.07 % 2.59 % 0.46 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2650 0.58 % 0.84 % 11.36 %
USD Coin1.000 0.14 % 0.20 % 0.17 %

bitcoin
Bitcoin (BTC) $ 63,158.00
ethereum
Ethereum (ETH) $ 4,203.69
binance-coin
Binance Coin (BNB) $ 485.98
tether
Tether (USDT) $ 1.00
cardano
Cardano (ADA) $ 2.16
solana
Solana (SOL) $ 211.40
xrp
XRP (XRP) $ 1.10
polkadot
Polkadot (DOT) $ 44.31
dogecoin
Dogecoin (DOGE) $ 0.263387
usd-coin
USD Coin (USDC) $ 1.00