Goodbye Stellar, Kin Crypto Project Approves Switch To Solana Blockchain Due To Scalability Issues

2020-6-21 17:56

In a move to increase the scalability and speed of its platform, Kin Foundation, the lead development team of the Kin crypto, voted to move from its Stellar blockchain fork to Solana blockchain.

The Kin Foundation lead team voted on the proposal to move to Solana blockchain to solve the scalability constraints on the Stellar blockchain. According to a the KIN community, the company has been exploring the possibility of the move for the past month, raising the proposed move to Solana.

The proposal on GitHub, raised by Kik Interactive Inc., was overwhelmingly supported by the board and community of the project set off plans to start the move in the coming weeks.

The journey of Kin crypto started in mid-2018, with the founder of the Kik messaging app, Ted Livingstone, building it on the Ethereum network. Scalability issues on ETH caused Kin to move its transactions to Stellar’s blockchain and successively create its fork on the blockchain.

The trouble with Stellar

Stellar’s latency times of five seconds and the scalability constraint of only 100 transactions per second is “not great consumer experience,” the report on GitHub reads. With a growing customer base, currently, at 3 million and over 50+ partnering applications, Kin Foundation turned to Solana for solutions.

Solana’s co-founder, Anatoly Yakovenko, says the platform can settle over 6000 times more transactions per second and 400ms block times. This will boost the overall transaction speeds while reducing latency times on the Kin platform. Anatoly further said,

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

Despite the progress of the Kin crypto project, the U.S. Securities Exchange Commission (SEC) is on the company’s neck challenging its ICO process. These recent troubles with the SEC are causing a slow growth to Kin’s project, one analyst argued.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

High Performance Blockchain (HPB) íà Currencies.ru

$ 0.0100291 (+7.61%)
Îáúåì 24H $25.057k
Èçìåíåèÿ 24h: 5.20 %, 7d: 30.40 %
Cåãîäíÿ L: $0.0090557 - H: $0.0100291
Êàïèòàëèçàöèÿ $732.823k Rank 1812
Öåíà â ÷àñ íîâîñòè $ 0.1134 (-91.16%)

blockchain kin solana scalability move stellar voted

blockchain kin → Ðåçóëüòàòîâ: 46


Ôîòî:

Payments Platform Kin Announces Token Migration from Ethereum to Custom Stellar Fork

The Kin project, launched by the developers of cross platform messaging app Kik, has announced that it will be completely moving away from the Ethereum blockchain in favor of Stellar. In a blog post released November 14, 2018, the project’s Blockchain Team Lead Gadi Srebnik wrote, “Apps are coming online with thousands of consumers earning and spending Kin every day.

2018-11-19 05:00


Why you should pay attention to KIN

The cryptocurrency market and the blockchain industry is a space that is getting a lot of new found following and participation. While this was initially discouraged and frowned upon by the government and big players in the finance world, the industry and the market has stood its ground and proved to the world that it The post Why you should pay attention to KIN appeared first on ItsBlockchain.

2018-10-10 09:41


Former Twitch Executive Hired as CMO for Kik Messaging App’s Kin Cryptocurrency

As you may know, the popular chat platform Kik expanded into cryptocurrencies earlier this year with the funding of 40 different blockchain projects under it’s “Kin” asset. The project received some positive news on Tuesday, as it has now brought on Matthew DiPietro as a Chief Marketing Officer (CMO), according to a press release.

2018-9-21 18:44


Beauty app teams up with Kik to bring cryptocurrency to 92 million women

AR-powered vanity platform Perfect365, which touts more than 100 million (mostly female) users, is the latest startup to embrace blockchain technology and tokenize its platform. Through a collaboration with Kin (a cryptocurrency developed by messaging giant Kik), the beauty app will soon reward users with cryptocurrency for their activity on Perfect365.

2018-9-20 18:31


Kin Cryptocurrency to Distribute $3 Million Across 40 Blockchain Projects

Kin, the new cryptocurrency backed by the social media app, Kik, announced $3 million in funding to 40 blockchain-based applications launching on its development platform. First announced back in July, the Kin Developer Program challenged 25 developers to create apps that “successfully create meaningful earn, spend, and peer-to-peer use cases for the Kin cryptocurrency in their… The post Kin Cryptocurrency to Distribute $3 Million Across 40 Blockchain Projects appeared first on UNHASHED.

2018-8-16 01:32