A cryptocurrency project Kin that was developed and launched by famous Asian cross-platform messaging app Kik announced that it will be completely switching to a stellar blockchain from ethereum, according to a blog post.
It was stated by the project’s Blockchain Team Lead Gadi Srebnik that the number of kin users grows exponentially and in order to continue to accelerate this growth the company is moving kin off the ethereum blockchain and going all in on the kin blockchain based on stellar platform.
Platform developers claimed that because the stellar’s platform is firmly built around a payments model, its primary advantages include scalability, transaction speed, low cost, and energy efficiency. Thus, while ethereum processes about 15 transactions per second, the stellar network claims to be capable of confirming over 1,000 per second.
Kin was first launched on the Ethereum blockchain as an ERC20 token after a rather successful initial coin offering in which the project has raised around $50 million during two weeks. Kik is a mobile messaging service with over 300M users worldwide that began in 2009. The main demographics are young adults and have an emphasis on user privacy.
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