The cryptocurrency kin is considering a move from Stellar to the Solana blockchain. At launch in 2017, the company said it would use Ethereum for security and Stellar for transactions.
“The Stellar fork allowed Kin to reach millions of consumers, but we knew it wasn’t going to be a long-term solution,” reads a Kin improvement proposal. “Stellar has five-second block times, so regardless of network load, a consumer might see five-second latency in their transactions, and that’s not what we consider a great consumer experience.”
The reasons for the change
Solana is a high-yield blockchain that is based on a concept known as ‘optimistic competition control’, which assumes that transactions generally do not conflict with each other.
The Solana Foundation would pay the Kin Foundation to carry out the deal, allocating up to 1% of the supply of SOL (about $ 6 million at today’s prices), with 0.1% unlocking for every new million active investors that joins for a period of 24 months.
The next step for Solana will be to introduce the kin developers to the process for switching from one chain to another. If enough developers accept the plan, Solana’s staff will make it as smooth as possible, and the process should be completed within a few months.
“Ultimately it is up to the developers of the Kin ecosystem to decide whether they want to migrate to Solana; however, we know that speed and productivity are two key issues within this community, and they are also two areas where Solana particularly shines, ”Yakovenko wrote.
“What has happened in the last year, but has mostly accelerated in the past six months, is that the kin ecosystem has grown like crazy,” said Tanner Philp, head of business development at Kik. The kik company began investigating new blockchains to pursue eight months ago in anticipation of the need to find something faster, Philp said.
A key point for kin is the speed of payments, and that’s also what Solana was designed for. “What we are getting closer to is the launch of the new kin wallet that Kik Inc. is working on,” said Philp.
The new wallet makes it easy to move your earned kin from one app to another. If users start moving tokens between apps, it will be important to add transaction metadata that shows which app pushed the spend.
This data allows apps to be properly accredited by the Kin Rewards Engine. Stellar does not support enough data to realize its metadata functionality. “Kin started by making sure that many users could use it on many different apps,” Philp said. “Now it’s about getting people to spend more. It started as a fraction of cents, now people are spending cents and we expect it to continue to grow. “