RATE Group | Fed Up With Its Fork of Stellar, Kin Is Looking to Move Onto Solana
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Fed Up With Its Fork of Stellar, Kin Is Looking to Move Onto Solana

23 May Fed Up With Its Fork of Stellar, Kin Is Looking to Move Onto Solana

Posted at 12:03h in Cryptocurrency News by

The kin cryptocurrency is exploring a move from its own fork of Stellar to the Solana blockchain. 

To recap, the mobile app company Kik ran a $98 million initial coin offering (ICO) for kin in 2017, which was made on the Ethereum blockchain. Then the company said that it would use Ethereum for security and Stellar for transactions. Then it forked Stellar and ran its own chain. Now that’s proving to be inadequate so the cryptocurrency will port over to Solana in a matter of months, pending adequate support from app developers in the Kin ecosystem.

“The fork of Stellar enabled Kin to reach millions of consumers, but we knew it would not be a long-term solution,” a Kin Improvement Proposal shared with CoinDesk reads. “Stellar has five-second block times, so irrespective of network load, a consumer could be seeing five-second latency on their transactions – not what we would deem a great consumer experience.”

Read more: Goodbye Ethereum: Kik Plans to Move Its ICO Tokens to…

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