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Kin Crypto Project Migrates From Stellar Fork To Solana Blockchain


About a month ago, the Kin crypto project announced its proposal to migrate to the Solana blockchain from the Stellar fork. Now, we can see that Kin announced that this move had been approved by its board and community – and that a transition plan would be released in the coming weeks.

A new press release shows that the Kin Foundation is ready to move to Solana’s blockchain due to the increase in its user base, which was hitting limitations on the Stellar blockchain fork. Now, the Stellar news show that the cryptocurrency has over 3 million active monthly spenders and has been integrated into 57 different and mostly mobile applications.

Meanwhile, the app developers, node operators and the Kin Foundation’s board members (including Ted Livingston who is known as the founder of the Kik messaging app and William Mougayar) voted on this proposal which was released on GitHub sometime last month.

“They had already been pushing against the limits of the Stellar fork,” Mougayar said.

kin crypto project kik livingston
The app developers behind Kin include Ted Livingston who is known as the founder of the Kik messaging platform.

He also noted that a rise in users meant that the Kin crypto project needs to be able to process more than 100 transactions per second, which is the upper limit on the Stellar fork. According to the co-founder of Solana, Anatoly Yakovenko, the blockchain is able to handle up to 60,000 transactions per second on its current mainnet.

“In addition to speed, Solana’s natural ability to scale turned out to be a major determining factor in their (Kin’s) decision,” Yakovento told the crypto news media.

What’s interesting is that this is not the first time that the Kin crypto project has changed blockchains. Launched by the Kik messaging platform in 2017, Kin was originally built on the ETH blockchain but a few months later it migrated to Stellar’s blockchain because of the improved transactions (while still keeping up with ETH for security). Then, in May 2018, Kin announced that it would fork Stellar’s blockchain and create its own fork.

According to the emailed statement, as part of the transition to Solana, the blockchain firm also promised to give 1% of all of Solana’s token supply (which amounts to $3.5 million) as grants to the Kin Foundation.

Source: https://www.dcforecasts.com/blockchain-news/kin-crypto-project-migrates-from-stellar-fork-to-solana-blockchain/

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