Stellar is set to welcome Kin foundation as part of a new relationship in place. Kin Foundation tweeted regarding the same:
“We are excited to share more info on this huge step forward for Kin’s functionality and accessibility.”
Kin believes that using a high-speed, high-scale blockchain is key to making it the ideal asset for everyday use. Welcoming Stellar on board is a huge step ahead for Kin’s infrastructure, functionality, and accessibility for digital services.
Kin Foundation also replied:
“All the Kin transactions previously were taking place on Ethereum (ERC20), stepping forward, and the transactions will happen on Ethereum or Stellar. The two blockchains will support Kin in different ways with services operating on the blockchain that is best suited to their needs, as Ted discussed in a recent AMA.”
Ethereum gives liquidity to Kin holders but the loading times and fees are not supporting the needs for the day-to-day consumer use. The addition of Stellar as a second blockchain will enable faster, more efficient foundation, with low transaction fees.
This can be referred to as a migration more than software update because Kin will run side-by-side on both Ethereum and Stellar. This means users will not have to move their tokens away from Ethereum if they don’t want to.
The change will simply create a more frictionless experience for using Kin as per the two-phase plan. The Kin Ecosystem participants will use the same Kin token irrespective of Ethereum or Stellar Lumens. The only difference is the underlying infrastructure.
Stellar Lumens [XLM] is currently trading at $0.2411 while Ethereum [ETH] is at $543.25 as seen at press time.
Kin Foundation will be governed by an independent board, and over time, ensure the transition of the Kin Ecosystem into a fully decentralized network that provides choice and incentives for the user.
Steven Hawks, a market analyst says:
“So the capitalists, as you call them/us, who hoped for some movement in price after the integration of kin in Kik, and the txs that accompany this will not profit in Phase 1? Do we have to remain patient? Well, hope I missed the clue, if not, unexpected move/disappointed fan.”
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