Kin to go fee-less with its own Stellar fork
Kik app’s Kin blockchain switches gears to create a frictionless currency for micropayments.
Instead of reimbursing fees incurred by users on the Stellar blockchain so that micropayments can flow freely between users and creators on the chat app popular among teens and young adults, the Kin Foundation has decided instead to create its own fee-free blockchain by forking Stellar.
“Taking fate into our own hands by building our own solution will enable us to reach our goal of becoming the most-used cryptocurrency in the digital world,” Kin Vice President of Research and Development Netanel Lev wrote in the announcement.
The change of direction occurred after Kin contemplated two other options: running solely on Stellar and creating a multi-chain solution on both Ethereum and Stellar. The roadblocks that remained, however, centered around scaling and liquidity issues.
“What we need in the long run — and we are in it for the long run — is our own solution that eliminates business scale issues and can be customized to our own needs. In light of this, we decided to build our own blockchain — the Kin Blockchain,” Lev explained.
To create a blockchain without network fees, Kin will rely on volunteer partners – likely to be major services that have a financial interest in Kin’s success – to serve as nodes, Kik CEO Ted Livingston alluded to in a CoinDesk report.
Like other cryptocurrency projects, Kin already has a preliminary token that exists in the ERC20 format on the Ethereum blockchain. Known as KIN, the tokens are expected to eventually move over to the new Kin blockchain once it has been sufficiently developed and tested. You can learn all about KIN and the project behind it in our guide.
Also, check out more information about the Stellar Lumens blockchain and the process of creating a new blockchain by forking an existing one.
Disclosure: At the time of writing, the author holds DRGN and EOS.
Latest cryptocurrency news
- 14-day crypto predictions: As FTX collapse effects linger, sentiment shifts to bearish on Bitcoin
- Crypto market crisis: FTX on the verge of bankruptcy
- 14-day crypto predictions: As cryptocurrencies drop, sentiment shifts to neutral on Bitcoin
- Binance to purchase FTX in bailout offer
- 14-day crypto predictions: As cryptocurrencies hold their ground, sentiment shifts to bullish on Bitcoin
Picture: Sharaf Maksumov/Shutterstock