Kik Messenger plans to distribute Kin tokens on two blockchains

Kik Messenger plans to distribute Kin tokens on two blockchains. Popular chat app Kik has announced plans to distribute Kin tokens on both Ethereum and Stellar Blockchain.. In this way, Kin tokens will become one of the first cryptocurrencies with bidirectional network support.

Kik Messenger raised $98 million through ICOs

Kik developer Gadi Srebnik made a blog post. In the statement, the company announced that it raised $98 million from its initial coin offering (ICO) last year and how it will distribute the cryptocurrency across multiple blocks to increase liquidity and efficiency in the ecosystem.

So far, Kin has been released as an ERC20 token on the Ethereum blockchain. is working. Noting that the network was disappointed with its proneness to network congestion, Kik said that last year the federation consensus model will be transferred to Stellar, which allows for faster and cheaper payments.

Kik Messenger plans to reduce transaction fees by distributing Kin tokens on two Blockchains.

However, Stellar is much less fluid than Ethereum, so switching blockchains comes with its downsides. Realizing this, Kik developed a way to distribute Kin in parallel without increasing the total supply across both blocks. Internal transactions in a single digital service will likely benefit from Stellar-based tokens, while external payments and exchange volume on the Ethereum network will likely take precedence.. Gadi Srebnik said:

Ethereum provides liquidity for Kin holders, while loading times and fees cannot support our needs for everyday consumer use. The addition of Stellar as a second Blockchain will provide the speed and scalability required by digital services in the ecosystem.. The lower transaction fees required will allow us to run the Kin ecosystem on a faster, more efficient foundation.

This mechanism will take several months to develop

After the Stellar-based Kin token is released. and once fully launched – it will come out later this year – users will be able to move gateways with a smart contract, locking tokens between networks at once and unlocking others.. The developers say this will ensure that the tokens provide a stable value across the two networks.

However, Gadi Srebnik says this mechanism will likely take several months to develop. It has not been clarified whether the release of the standalone Kin app that will run on the Stellar blockchain will cause a delay.

Ccn