Kik Might Transfer Its ICO Tokens into Some New Blockchain

Applications for your kin are most likely to monetize what people do on Kik. By way of instance, artists make stickers that users can send with messages to the Kik platform. With kin, artists might then have the ability to swap stickers for worth.
This year, the social messaging platform, which raised $ 98 million in its sale, first broached the subject late last month around the Kin Foundation’s Telegram technician station. There, Kik’s  head of blockchain technology and security, Leonid Beder, said the firm was interested in “kin” token buyers’ perspectives on potential alternative blockchains that could replace ethereum.

And while ethereum developers have discussed solutions that execute trades off-chain to climb trades fees and the routine, those have yet to go live.
If carried out the decision could do the perception of ethereum regarded as the blockchain about that to launch tokens. At time of publication, nearly 13,000 tokens are issued via contracts on the ethereum blockchain.

According to people involved, one of the causes of the exploration would be the prices as well as Kik goals for its own token.

A spokesperson said:

In statements to CoinDesk, Kik agents cautioned that “nothing [is] verified” in relation to the possible movement, but that the provider is indeed researching the notion of how such a transition might be implemented.

At press time, the median price of transaction fees on ethereum is $0.14, based on BitInfoCharts.

Cost worries

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The kin ICO brought.
“We’re investigating our options as part of due diligence.   When we did create this movement, we would ensure there’s a procedure in place to ensure all Kin holders have the newest token for the correct volume.”
In his Telegram message, Beder wrote that neither networks such as Raiden nor alternative blockchains like EOS are prepared for kin, ” he added, “Stellar is indeed one of those instructions we are investigating.”

“Because we first and foremost need the Kin ecosystem to climb to many participants and huge transaction volumes earlier instead of later, we realize that ethereum might not be the perfect alternative,” Beder said at the moment.

The movement, while notable given in popularizing the ICO notion Kik’s part, is not unique for blockchain startups. By way of instance, into other alternatives ethereum, startups architecting networks that were token have migrated in the past.
Packing box image via Shutterstock

Kik, the very first  mainstream business to complete a first coin supplying (ICO) on ethereum, is allegedly considering whether it might migrate its token network to some other blockchain.

Disclaimer: This report shouldn’t be accepted as, and is not meant to supply, investment advice. Before buying any cryptocurrency please conduct your own thorough research.