Kik quits Ethereum and sticks to Stellar for token launch

Thursday 15 November 2018 00:30 CET | News

Kik, a messenger app maker, has decided to quit Ethereum as it continues to develop its cryptocurrency, dubbed Kin. 

Moreover, without specifying a date, the Kin Ecosystem Foundation said that it would soon release a tool for Kin holdings off of Ethereum. There’s no deadline for users to make the move, however. The spokesperson said for Coin Desk that existing users can sit on their tokens on Ethereum as long as they like.

During its initial coin offering (ICO) in September 2017, the company raised USD 100 million in crypto. In November 2017, Ethereum scaling issues determined the messaging maker to look for an alternative blockchain for its cryptocurrency development. In March 2018, Kik had developed a two-chain strategy slated for Stellar, with Ethereum for security and Stellar for speed; the plan was that users could switch back and forth.

However, in May 2018, Kik determined that even Stellar’s extremely low transaction fees were too much at scale, so it decided to fork stellar so it could eliminate transaction costs entirely.

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Keywords: Kik, Kin, cryptocurrency, Ethereum, tokens, ICOs, Stellar, social media app, mobile messenger app
Countries: World