Messenger app developer Kik has decided to exit the Ethereum network as it develops its own cryptocurrency called Kin.
Moreover, the Kin Ecosystem Foundation announced that it will soon release a tool for withdrawing funds from the Ethereum network. However, a final deadline for the transition has not yet been set. A company spokesperson told CoinDesk that existing users can continue to store their tokens on the Ethereum network.
During its initial coin offering (ICO) in September 2017, the company raised $100 million in cryptocurrency. In November 2017, problems with scaling the Ethereum network forced the company to look for an alternative network for cryptocurrency development. In March 2018, Kik developed a strategy to use two networks, Ethereum for security and Stellar for speed; users could freely switch from one network to another.
However, in May 2018, Kik decided that even Stellar's very low transaction fees were too high on a global scale, so the company decided to create its own fork of the Stellar network to completely eliminate transaction costs.
According to thepaypers.com
You May Also Like
Chinese blockchain project BSN expands to Turkey and Uzbekistan
Red Date Technology, the company responsible for the BSN project, will launch two more international portals in Turkey and Uzbekistan by the end of this year.
Benefits of blockchain in the film industry
Starting September 16, the Sebitseom artificial island complex in Seoul (South Korea) is hosting one of the world's largest blockchain conferences - Block Seoul. The film industry is also showing interest in the world of innovative technologies.
