KIN Token By Kik Messenger To Use Ethereum & Stellar Blockchains
Just a few months ago Kik CEO Ted Livingstone described ethereum as the dial-up version of the blockchain. These sentiments were inspired by the fact that ethereum was grappling with slow confirmation times and high transaction fees. Taking a hint from this, CoinDesk and other crypto news platforms announced that Kik would probably migrate entirely from ethereum to stellar.
Today, the KIN token is still on ethereum. It is also on stellar. Yes, it runs on two blockchains, and everything seems to be working flawlessly.
KIN Token Utilizing Ethereum & Stellar Blockchain Swaps
The idea of running a crypto token on two blockchains has always sounded unlikely. However, KIN has made it work using automatic swaps.
‘Automatic swaps’ is the name that has been given to the in-progress technology that allows cryptocurrencies to be exchanged across two different platforms. The technology works like a mirror. Suppose that you have certain tokens on one blockchain and wish to trade them on another blockchain. Duplicates of the tokens you wish to transact will be created on the other blockchain, and once the transaction has been completed the original tokens will be locked on the original blockchain.
Kik also has a solution for if some of the KIN tokens on ERC-20 are not transferred to the Kik app. In that case, as many as KINs that are not transferred will be locked up on the stellar blockchain and never accessed again. This, consequently, will prevent a mix-up that would affect KIN’s price.
Kik CEO Ted Livingstone has suggested that KIN may still remain on ethereum if it scales up. That said, the app has no plans of migrating from stellar anytime soon. The company’s officials described stellar as efficient and super fast. Additionally, stellar is further taking measures to improve its platform by improving a technology dubbed Lightning Network. This technology will enable the movement of transactions into payment channels located off-chain. The technology is so promising that it has been considered as the best way to scale blockchain platforms without increasing transaction fees or time.
A Bright Future For KIN Token By Kik Messenger
Kik is considerably popular on social networking sites. It currently ranks at 14th place on Android and at 15th place on iOS. What’s more, its initial token sale attracted investment of over $95 million from over 10,000 participants hailing from 117 countries.
Kik hopes to make KIN an even more popular token for trading. KIN is currently used for buying sticker packs and digital art that can be used on the Kik app. However, it is hoping to expand the range of these possibilities to include other digital products such as private digital art, games, and other applications. It will not stop there – hopefully, KIN will be viable for purchasing physical goods. This may happen sooner than expected as Shivas, the renowned sunglasses manufacturer, earlier in February announced that it would be accepting KIN as a means of payment.
KIN is under great scrutiny since, if successful, it will set the pace for other tokens and cryptocurrencies like it especially now that it has already successfully leveraged automatic swaps.