The Kin crypto, is looking to move away from its own fork of Stellar to the Solana blockchain as we are reading more about it in the blockchain latest news today.
To recap, the Kik mobile app company ran a $98 million initial coin offering for the Kin crypto back in 2017 which was made on the Ethereum blockchain. The company then said it would use the Ethereum blockchain for security purposes and Stellar for transactions. Then it forked Stellar and ran its own chain. Now that it proved to be inadequate, the cryptocurrency looks to move to Solana in a matter of months as the support is pending form app developers in the Kin ecosystem. The Kin Improvement Proposal said:
“The fork of Stellar enabled Kin to reach millions of consumers, but we knew it would not be a long-term solution. Stellar has five-second block times, so irrespective of network load, a consumer could be seeing five-second latency on their transactions – not what we would deem a great consumer experience.”
Solana is a high-throughput blockchain that relies on a concept named optimistic concurrency control which assumes that the transactions generally don’t conflict with each other. The project describes a few other key features of its technology as well.
“Kin is one the best ways to show what Solana is capable of. We expect to see other projects looking for speed and raw horsepower to migrate to Solana as well.”
The Kin Improvement proposal says that the move will enable the 84% reduction in latency so Solana is measured to have about 60,000 transactions per second with 400 ms block times. The Foundation will pay the Kin Foundation for making this move but awarding it with up to 1% of the supply SOL with 0.1% unlocking for each 1 million active users that will join over the year. The next step will be for Solana to make a new presentation to kin developers about the process for switching chains and if enough developers agree to make the move, Solana staff will largely facilitate it so the process gets completed in a few months:
“It is ultimately up to the developers in the Kin ecosystem to decide if they want to migrate to Solana; however, we know that speed and throughput are two key issues within this community, and those happen to be two areas where Solana shines brightest.’’
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