Kik’s Kin Foundation To Fork Stellar To Create Proprietary Blockchainbr>
The Kin Foundation, the non-profit organization managing the development of Kik’s native token, Kin, has announced that it will be building its own blockchain based on Stellar.
The foundation said that the decision to fork Stellar evolves its earlier plan for a hybrid blockchain infrastructure to support the Kin ecosystem. The foundation’s goal is to eliminate transaction fees to accelerate consumer and developer adoption of Kin, with plans to create a unified currency over two networks.
Originally, Kik wanted to run its messaging app entirely on ethereum, but found it was often congested, with slow transaction confirmation times and high costs. In December 2017, Ted Livingston, founder and CEO of Kin and Kik, compared the ethereum blockchain to “dial-up” Internet during a live stream, and announced that the token would transition to the Stellar network.
In March, the foundation announced a two-chain system in which Kin would run in parallel on the Stellar and ethereum networks.
“While ethereum provides liquidity for Kin holders, its load times and fees can’t support our needs for day-to-day consumer use,” the foundation said at the time. “The addition of Stellar as a second blockchain will allow us to operate the Kin ecosystem on a faster, more efficient foundation, with low transaction fees — which is necessary for us to achieve the speed and scalability that digital services in the ecosystem will require.”
However, the foundation has decided that even Stellar’s low transaction fees were too much for what the company hopes to accomplish.
Under the new approach, the foundation will continue to leverage the ethereum blockchain for security and liquidity to holders of the Kin token. Its own custom version of Stellar will provide highly scalable functionality and accessibility to unlock consumer-facing experiences with no fees.
“Most crypto projects to date have been technology-driven first and product-driven second. Kin has always been the opposite,” said Livingston. “After working heads down alongside the best minds in the industry we came to the conclusion that a hybrid solution of ethereum and our own fork of Stellar would benefit the Kin Ecosystem both short and long-term. Our goal is for Kin to be the most-used cryptocurrency in the world, and this will help get us there sooner.”