The popular messenger Kik, supported by its own cryptocurrency Kin, has developed a way to deploy Kin in parallel on the Stellar blockchain and the Ethereum blockchain. According to Netanel Lev, vice president of research and development at the Kin Ecosystem Foundation, the company itself developed a distributed registry for its cryptocurrency.
The decision to fork Stellar is the culmination of kin's efforts to find a platform that can reliably scale to accommodate several million active users of the Kik messaging app.
“We have been searching for a solution with experts for a long time and have concluded that the dual network of Ethereum and our own fork of the Stellar cryptocurrency will benefit the Kin Ecosystem in both the short and long term,” said Ted Livingston, founder and CEO of Kin and Kik.
Initially, the Kin cryptocurrency was supposed to act as an ERC20 token on the Ethereum Blockchain, but the developers were disappointed with the scalability and speed of Ethereum transactions and the company decided to port the token to Stellar. The developers later announced that the token would run on a bidirectional network, allowing users to benefit from the speed of Stellar and the liquidity of ethereum. However, Lev told CCN that Stellar has its challenges because the Kin Foundation has specific goals for its platform that do not fully align with the goals of the Stellar Foundation. Under the new plan, kin will still support a bidirectional network, but consumer-facing applications will use its own. kin network instead of the classic stellar network. Ultimately, the developers hope to eliminate transaction fees on the Kin network, solving the problem of users who want to use the platform for microtransactions.
Since the kin blockchain will use stellar as its foundation, the two development teams intend to continue their collaboration, which will benefit both projects in the long term.
“Our goal is for Kin to be the most used cryptocurrency in the world,” Livingston concluded, “and this solution will help us achieve that.” achieve.”
According to https://www.ccn.com
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