KIN Shifts Away from Ethereum Network, Migrates Fully to Stellar
The KIN token will no longer exist on dual blockchains, as the project’s developers chose Stellar over Ethereum.
The KIN project, launched by the developers of Canadian mobile messaging app Kik, has announced that it is shifting away from the Ethereum (ETH) blockchain and it will continue building its native token on the Stellar (XLM) network.
KIN’s blockchain team lead Gadi Srebnik said in a blog post last week: “Apps are coming online with thousands of consumers earning and spending Kin every day. To continue to accelerate this growth we are moving Kin off the Ethereum Blockchain and going all in on the Kin Blockchain.”
KIN was originally launched on the Ethereum blockchain as an ERC20 token following a successful $100 million initial coin offering (ICO) in September 2017. A few months later, Kik CEO Ted Livingston called ETH “the dial-up era of blockchain,” arguing that the network is unable to scale to the level that the KIN token needs, falling short on speed, reliability and costs. Thus, Kin announced a planned migration to the Stellar blockchain sometime in 2018.
By March 2018, KIN was active on both XLM and ETH blockchains, allowing users to switch as needed. However, the limitations of a dual blockchain design started to become apparent to Kin’s developers and in May they decided to build the Kin Blockchain, which is a forked Stellar network especially built for the Kik app.
Delivering on their plan, the KIN project said last week: “Migrating fully to the Kin Blockchain eliminates the complexity of swaps, removes the confusion created by having two types of Kin tokens, and simplifies the integration process with both exchanges and consumer applications.”
The developers have not yet revealed any technical details of the migration process. They pledged, however, to provide users that currently hold KIN tokens on the Ethereum blockchain with “an easy way” to migrate to the Stellar-powered Kin Blockchain.