Kik’s Kin Token to Use Both Ethereum and Stellar Network Blockchains

The kik kin platform has been through a lot of events so far, but it is still continuing to make moves.

Popular instant messaging app Kik had created quite a buzz for itself last year when it had announced that it was launching its own cryptocurrency by the name of Kin

It then followed that move with raising $50 million in the pre-sale of its token, and raised about $48 million (in Ether value at the time) in its subsequent initial coin offering (ICO) in September 2017.

The project also made some ruckus last year as it announced that it will move away from the ethereum blockchain due to congestion and other factors.

As if all those moves were not enough, Kik has now announced that it will not just have its Kin token remain on the Ethereum platform, where it was originally created, but will also have available on the Stellar network. The kik and stellar move has been present for some time now as they had made tests in the past but this dual approach was not necessarily mentioned earlier.

The kik kin platform, despite disappointing investors so far,  seems to be making the right moves in general, at least in regards to planning for the future and making sure that they are able to handle transactions and other matters, creating a better user experience for their devoted application user.

Ethereum and stellar will be home to the kin token at the same time

Kik is taking the decision to ensure that it is not putting all its eggs in one basket,  by being an ERC 20 token, Kin is currently restricted to be used on the Ethereum network, which has been facing some scalability issues as of late that result in higher transaction times and costs for the tokens created on its platform.

The Ethereum team is reportedly working to resolve those issues, but Kik is not waiting around for that to happen. In order to prevent its users from having to face these issues on the Ethereum network, it now plans to have its supply available on the Stellar network as well by using atomic swaps.

Atomic Swaps is a technology which is still in the works, but one that allows exchange of tokens between blockchains by “locking” created tokens on one blockchain and having them “unlocked” on the other, all while showing them as seamless swaps between users.

For instance, when implemented in general, atomic swaps would allow a user holding ETH on its network to exchange them with XML on the Stellar network without any hassle – while the backend processes locks and unlocks tokens as explained above.

And that technology is what Kik now aims to leverage in order to make multiple blockchains happen for its Kin token.

When the plan goes into effect, 900 billion Kin tokens will be available on the Stellar network. After a while, users will have the option to start moving those tokens to the Ethereum platform.

The company is still working to make this happen and it might take a while before it all comes together, most probably by the end of this year.

 

Are you planning on using the kik kin platform? What are your thoughts about kik and stellar ?

By | 2018-06-28T17:49:39+00:00 March 23rd, 2018|Ethereum News|0 Comments

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