The developers of Kin, the cryptocurrency created by social media app Kik, have announced that the crypto token will undergo yet another major developmental redesign as they seek to marry scalability with an intuitive user experience. The Kin Foundation revealed on Wednesday that, in a…
The developers of Kin, the cryptocurrency created by social media app Kik, have announced that the crypto token will undergo yet another major developmental redesign as they seek to marry scalability with an intuitive user experience.
The Kin Foundation revealed on Wednesday that, in a departure from the crypto project’s earlier roadmaps, developers plan to go “all in” on an independent Kin blockchain.
“One Kin on one blockchain. That’s our vision, and our strategy continues evolving as we work toward building an infrastructure that supports this,” said Ted Livingston, CEO of Kin and chat app Kik. “By removing the atomic swap, we’ve cut another backend complexity that would prevent developers and consumers from easily adopting Kin. This is the next step forward in achieving our goal of becoming the most used cryptocurrency in the world.”
Today’s announcement constitutes at least the fourth time that Kin’s developers have made a significant alteration to the blockchain infrastructure that will support the crypto token, as they seek to execute perhaps the largest mass-integration of a cryptocurrency into a mainstream consumer application.
Kin was originally distributed through an initial coin offering (ICO) on Ethereum, where it existed (and at present continues to exist) as an ERC-20 token. However, lambasting Ethereum as the “dial-up era of blockchain,” Livingston later announced that the Kin Foundation had decided to port the token to Stellar, whose federated consensus model allowed for faster, cheaper transactions.
A few months later, in March 2018, developers altered the roadmap again, stating that Kin would run in parallel on both Stellar and Ethereum, allowing it to capitalize on the former’s speed and the latter’s liquidity.
Frustrated with the Stellar’s alleged short-term inability to achieve “business scale,” the project shifted course once more in May, and developers announced that they would fork Stellar to launch an independent Kin blockchain, while retaining bidirectional support with Ethereum to capitalize on the latter’s ubiquity and liquidity.
Now, or at least for the near-term future, the plan is to drop support for Ethereum and port the entire token supply to the independent Kin blockchain, which developers say “negates the need for complicated user flows” and simplifies crypto adoption.
“Migrating fully to the Kin Blockchain eliminates the complexity of swaps, removes the confusion created by having two types of Kin tokens, and simplifies the integration process with both exchanges and consumer applications,” wrote Gadi Srebnik, Kin’s blockchain team lead, in a blog post.
Details on the migration from Ethereum to Kin’s unified blockchain network have not yet been announced.
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Last modified: January 24, 2020 10:55 PM UTC