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- The leading social networking platform Kik has published a Kin Improvement Proposal to migrate Kin cryptocurrency from Kin Blockchain to the Solana Blockchain.
- Furthermore, the Kin Improvement Proposal stated that the fork of Stellar made Kin meets over millions of consumers, but it would not be a long-term solution.
- Based on the proposal by Kin, the Solana Foundation will commence tracking progress from January next year.
The leading social networking platform Kik has published a Kin Improvement Proposal to migrate Kin cryptocurrency from Kin Blockchain to the Solana Blockchain.
Kin forked Stellar and ran its own chain
Kik ran a $ 98 million ICO (Initial Coin Offering) for kin cryptocurrency that was built on Ethereum blockchain in 2017. The company notified that it would use Ethereum blockchain for security, whereas Stellar for transaction purposes. Later, it left Stellar lumens and ran its own chain.
Currently, it is proving to be inadequate, and hence, the cryptocurrency will move over Solana Blockchain in a few months. According to the document, Kin is used by millions of users on more than 50 independent Apps.
what else is new from @solana ?? "The Kin cryptocurrency is exploring a move from its own fork of Stellar to the Solana blockchain",, @solana is developing very rapidly, I really like ithttps://t.co/8unLCOeKVA pic.twitter.com/AmqqCXnC99
— mgtr (@johanes_eudes) May 23, 2020
Furthermore, the Kin Improvement Proposal stated that the fork of Stellar made Kin meets over millions of consumers, but it would not be a long-term solution.
Besides this, Solana is a high capacity blockchain that works on optimistic concurrency control, which assumes that transactions never encounter each other. A spokesperson from Solana Foundation addressed that Kin is the best platform to reveal the capability of Solana. With this proposal, the Solana Foundation is looking for other projects also migrate to the platform.
Solana Foundation is going to pay the Kin Cryptocurrency Foundation
However, Solana Foundation is going to pay Kin Foundation by awarding it with 1% of the supply of SOL. Along with 0.1% unlocking for every new 1 million active users that join within 24-month.
Based on the proposal by Kin, the Solana Foundation will commence tracking progress from January next year. Kin aims to create a way for users to use mobile or web-based products.
