KIN abandons its own blockchain and moves to another blockchain
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Answer KIN abandons its own blockchain and moves to another blockchain
Kik, one of the leading social networking platforms, has published a proposal to improve business performance by proposing the migration of its digital currency, Kin, from the Kin blockchain to the Solana blockchain.
Kin breaks with Stellar and heads to its main network:
Kik previously raised $98 million in initial coin offering (ICO) and the project was set up on the Ethereum blockchain in 2017.
She told Kik that she had chosen Ethereum for security, then switched to Stellar, which she told was good for transaction purposes, and also decided to fork and hard fork into her own mainnet.
At the moment, this has also proven that the network is insufficient, and therefore the cryptocurrency will migrate to the Solana blockchain within the next few months.
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What’s new Tweet embed ?? Cryptocurrency Kin is exploring the transition from its Stellar fork to the Solana blockchain, Tweet embed It develops so fast, I really like it pic.twitter.com/AmqqCXnC99
– Cecilia ✳️ (@johanes_eudes) May 23, 2020
According for publicationKin is used by millions of users on over 50 independent apps.
The Kin improvement proposal stated that the Stellar fork had Kin gain millions of consumers, but it wouldn’t be a long-term solution.
According to the same proposal, Solana is a high-capacity blockchain that works to control concurrency, which assumes that transactions do not face each other.
A Solana Foundation spokesperson addressed Kin as the best platform for revealing the Solana network’s capability.
The Solana Foundation is also looking for other projects to migrate to its platform.
The Solana Foundation will pay the Kin Foundation:
Solana will pay the Kin Foundation 1% of SOL supplies.
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Plus unlocking 0.1% for every 1 million new active users who join within the next 24 months.
At Kin’s suggestion, the Solana Foundation will begin tracking progress beginning in January of next year.
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