Today, the Kin Ecosystem Foundation, an independent, nonprofit governance body for the cryptocurrency Kin, has announced that it will use the Stellar blockchain to improve Kin’s functionality and accessibility for digital services.
This is one of the first bi-directional migrations, meaning Kin transactions will now take place side-by-side on both the Stellar and Ethereum blockchains. This will enhance the transaction speed while continuing to provide liquidity for Kin holders.
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Kin Will Continue to Use Ethereum, While Running on Stellar in Parallel for Digital Service Transactions
WATERLOO, Ontario – March 21, 2018 – The Kin Ecosystem Foundation, an independent, nonprofit governance body for the cryptocurrency Kin, today announced that it will use Stellar to improve Kin’s functionality and accessibility for digital services. Kin transactions will now take place side-by-side on Stellar and Ethereum, unlocking faster transactions for digital services, while continuing to provide liquidity to Kin holders.
“The goal of Kin is to create digital sharing economy where everyone is fairly compensated for the unique value they contribute,” said Ted Livingston, CEO of Kik, the popular chat app and the first member of the Kin Ecosystem. “While Ethereum provides immediate liquidity for Kin holders, it’s not ready for mainstream consumer usage. Creating a bi-directional blockchain with Stellar will drive mass adoption of Kin by providing faster confirmation times, low transaction fees, and scalability that digital services in the ecosystem require.”
Stellar will be implemented into Kin’s infrastructure in two phases. First, a set of Stellar-based tokens will be created as separate, different assets from the original ERC20 tokens that are currently in circulation. Users will be able to earn and spend these in digital services that are part of the Kin Ecosystem. Then, these tokens will merge with their Ethereum-based counterparts to create a unified currency over two networks, while maintaining the integrity of the allocation schedule outlined in the Kin whitepaper.
“There are several barriers to entry that prevent the average consumer from using cryptocurrency in their digital lives,” said Jed McCaleb, cofounder of the Stellar Development Foundation. “Kin simplifies blockchain for mainstream consumers and digital service providers, and we’re excited to work together to drive mainstream adoption of cryptocurrency through scalable, fast and low cost transactions on Stellar.”
Stellar is a Silicon Valley based nonprofit organization that supports the Stellar network, a free, open-source network that connects diverse financial systems and lets anyone build low-cost financial services—payments, savings, loans, insurance—for their community. The Stellar network enables money to move directly between people, companies and financial institutions as easily as email. This interconnectivity means more access for individuals, lower costs for banks, and more revenue for businesses. For more on Stellar, visit http://www.stellar.org.
About Kin Ecosystem Foundation
The Kin Ecosystem Foundation is an independent Ontario nonprofit corporation established for the governance of the cryptocurrency Kin and is tasked with growing an open ecosystem of digital services. The Foundation will oversee the Kin Ecosystem on matters, including development of the Kin Rewards Engine, membership, and security, and the ecosystem’s transition to a fully decentralized model that operates completely independently. For more information, please visit http://kinecosystem.org.
Kik Interactive, Inc.