It is now possible to swap the old Kin ERC20 token to Kin Coin, the native cryptocurrency of the Kin ecosystem.
The Kin blockchain is a decentralized platform built on the Stellar network. Kin is renowned for its remarkable speed as well as ability to scale, allowing multiple users and apps to run seamlessly. Besides, the underlying blockchain technology ensures that the platform remains stable and secure throughout.
For holders of the old ERC20 standard Kin token, swapping to the newer Kin Coin means better integration with exchange platforms and decentralized apps. It also eliminates the confusion that might arise from holding both assets.
The following is a detailed guide on how to change the ERC20 Kin token to the Kin Coin using Changelly.
- Install a cryptocurrency wallet that is compatible with the Kin Coin. Such include Atomic, Ledger, Freewallet and so forth.
- Register on kin.changelly.com. The only requirement is a working email address.
- Enter your Kin Coin address. This should be the address of your compatible crypto wallet. After this, enter the address for your ERC20 Kin token which is used in case you request a refund.
- Confirm that all figures and addresses are correct. Once this is done, hit the confirm button to initiate the swap.
- The swap should take anywhere between 5 to 10 minutes. Once complete, the Changelly system will automatically add it to your transaction history.
- You will get a message confirming the success of the swap. There is also an option for viewing the transaction on the blockchain.
How it Works
The swap process does not involve the direct exchange of Kin ERC20 token into Kin Coin. This is the reason the platform charges a gas fee for Ethereum smart contract rather than the typical commission. Instead, the ERC20 Kin token is sent to Changelly who destroy it and send a similar amount of Kin Coin to the provided wallet address.
It is worth noting that swaps will be eligible from March 14 to June 14.
About Kin Coin
As mentioned earlier, Kin Coin is the native cryptocurrency o the Kin blockchain. It enables DApp developers to generate revenue, engage with and retain clients within the Kin ecosystem. To date, the crypto asset is accepted by popular services such as Madlipz, Kik, Perfect365, and Tapatalk and so on.
Changelly is a leading crypto exchange. The platform processes all transactions instantly because it doesn’t hold client funds. Its main goal is to streamlining the conversion of digital assets. To date, the exchange offers support for more than 140 virtual currencies.
The exchange was founded in 2015 and has since grown significantly. As of now, it has a client base of more than a million users. Besides, it also offers an API to crypto-based platforms that wish to integrate exchange services. Prominent institutions that have partnered Changelly include Trezor, MyEtherWallet, Binance, Huobi wallet and many more.