Join our community of 10,000 traders on Hacked.com for only $ 39 a month.
"Kin needs to be scaled up now."
This is how Netanel Lev, vice president of research and development at the Kin Ecosystem Foundation, explained Kik Messenger's decision to fork off and develop a proprietary blockchain for his cryptocurrency.
The decision to fork stellar, announced Tuesday, is the culmination of a multi-month struggle on the part of family developers to find a platform capable of reliably adapting to several million active users of Kik.
"Most encryption projects to date have focused on technology first and product, and Kin has always been the opposite," said Ted Livingston, founder and CEO of Kin and Kik, in a statement. "After working with the best brains in the industry, we came to the conclusion that a hybrid solution from Ethereum and our own Stellar fork would benefit the Kin ecosystem in the short run. and long-term.
Originally, Kik had planned to structure kinship as an ERC-20 token, but developers were disappointed with Ethereum's scalability and transaction speed. A frustrated Livingston compared Ethereum to the internet "dial-up" during a live feed and announced that the token would switch to the Star Network.
Later, the developers announced a hybrid design in which the token would run in parallel on the stellar and ethereum networks, allowing users to benefit from the stellar speed and liquidity of the ethereum.
However, Lev told CCN that, for the time being, Stellar suffers from "commercial scale" problems, in part because the Kin Foundation has specific goals for its platform that do not fit entirely to the goals of the Stellar Foundation.
Under the new plan, the kin will still benefit from bidirectional block chain support, although consumer applications will use the proprietary kinship network instead of the stellar one. In the end, the developers hope to eliminate transaction fees on the kinship network, erasing a sore spot for users looking to use the platform for microtransactions.
As the blockchain kin will use the stellar base, both development teams intend to continue their partnership, which, according to the first, will benefit both projects in the long run.
"Our goal is that Kin is the most used cryptocurrency in the world," Livingston concluded, "and that will help us get there sooner."
Featured image from Shutterstock.
Follow us on Telegram.