Kik Messenger’s KIN Cryptocurrency To Fork Stellar Lumen’s Blockchain
Kik Messenger has decided to fork stellar and develop a proprietary blockchain for its cryptocurrency. This is what Netanel Lev, vice president of research and development at the Kin Ecosystem Foundation explained.
The main intention behind this decision is to find a way to reliable scale and accommodate Kik’s million active users.
Ted Livingston, founder and CEO of Kin and Kik, said in a statement:
“Most crypto projects to date have been technology-driven first and product-driven second. Kin has always been the opposite. After working heads down alongside the best minds in the industry we came to the conclusion that a hybrid solution of Ethereum and our own cryptocurrency fork of Stellar would benefit the Kin Ecosystem both short and long-term.”
Kik wanted to use Ethereum’s network and structure kin as an ERC-20 token. But the reality was that Ethereum shown scalability problems and some issues which couldn’t yet be solved – even after several proposals from Vitalik Buterin himself.
Some time later, Kin developers explained that they were thinking about issuing the token on both networks at the same time – Stellar and Ethereum. The main intention behind that proposal was to have the speed and reduced transaction fees from Stellar, and the reliability and liquidity of Ethereum.
With this new plan explained and shown by developers, kin will still feature bidirectional blockchain support. At the same time, the team behind kin is working in order to eliminate transaction fees on the kin network – something very important if they want to allow users to process microtransactions.
“Our goal is for Kin to be the most used cryptocurrency in the world,” explained Livingston, “and this will help get us there sooner.”
The messaging app Telegram has also announced a token known as the Telegram Open Network (TON). Due to different reasons, Pavel Durov, Telegram’s founder, decided to stop with the ICO. One of the several purposes of the TON network was to create one of the most useful and used cryptocurrencies in the world. The much awaited Telegram token sale was canceled due to a strict measured imposed by the SEC, Securities and Exchange Commission, CFTC and other relevant authorities. The amount of money raised during the private sale could have also been the reason why as to why the Main ICO event got canceled. The two private sales raised a total of $850 million each, amounting to the aforementioned total of $1.7 billion. Thus almost reaching the ICO Token cap of 2 Billion.