The Kin Ecosystem Foundation, an independent, nonprofit governance body for the cryptocurrency Kin, announced Wednesday that it will use the Stellar blockchain to improve Kin’s functionality and accessibility for digital services. One of the first bi-directional migrations, Kin transactions will now take place side-by-side on both the Stellar and Ethereum blockchains, a move which aims to improve speed while continuing to provide liquidity.
Kik, one of the largest chat applications in the world, was the first member of the Kin Ecosystem and the news was welcomed by its CEO, Ted Livingston: “The goal of Kin is to create digital sharing economy where everyone is fairly compensated for the unique value they contribute,” he stated. “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, said the company, in a statement. First, a set of Stellar-based tokens will be created as separate assets from the original ERC20 tokens that are currently in circulation. Users will be able to earn and spend these on 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,” stated 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.”
For more information, visit http://kinecosystem.org.
