Kik plans to move its ICO tokens from Ethereum to Stellar

Monday 18 December 2017 09:41 CET | News

Kik, a mobile messaging startup, has announced plans to shift its Kin token network from Ethereum to Stellar.

This move follows a statement from the company’s founder that Ethereum’s blockchain, which the app is presently based on, is unable to scale to the level that Kin needs, among other issues. Kik first announced it was contemplating a move onto another blockchain in October 2017, stating that Ethereum’s scaling issues meant it “might not be the right solution” at the time, according to CoinDesk.

Over the next few weeks, Kik will test Stellars scalability and reliability. A Kik spokesperson told CoinDesk that a limited number of users would begin using the app by the end of December 2017, which represents somewhat of a delay due to the CryptoKitties congestion.

Assuming the tests are successful, the startup’s founder foresees a second-quarter rollout of the app, built on Stellar, to all users.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Kik, Kin, cryptocurrency, Ethereum, tokens, Stellar, ICOs, investors, funding, social media app, mobile messenger app
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies