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
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