The Kin token, launched by the popular social messaging app – Kik – has been embroiled in controversy since its Initial Coin Offering (ICO) in 2017.
While the crypto token has been dealing with a protracted legal battle with the US Security and Exchange Commission (SEC), there have been several technical issues at its core.
Kin conducted its ICO on the Ethereum blockchain but clarified that it would make use of Ethereum for security purposes while the transactions would be validated on Stellar blockchain.
Later, they forked the Stellar blockchain to create a modified chain of their own. However, the hard-forked stellar chain is now proving inadequate for the Kin cryptocurrency. As a result, the digital currency would migrate to Solana blockchain in the coming month.
Kin also shared an improvement proposal regarding its move to the Solana blockchain, suggesting that while its operations saw great scalability on the forked stellar chain. There are certain limitations that have caused the disruption in running the network operations smoothly and thus they have decided to make a move to Solana.
Pointing to the issues they are facing on the forked stellar chain, the proposal read:
“While Stellar offers most of the features needed to do basic functions like sending Kin between accounts, there is a limited amount of space for metadata on transactions.
Stellar allows up to 30 bytes of metadata (called a ‘memo’) per transaction, which is far short of what Kin needs to perform its basic functions”
Talking about the benefits of the Solana blockchain, the proposal read:
“Solana solves both the latency and the feature set problems. Solana uses a Proof of History consensus model, along with a number of other novel innovations that unlock significant improvement in throughput and latency.
Additionally, Solana would allow significantly more metadata in transactions since it has a Virtual Machine implementation, offering more flexibility.”
The Proposed Transition
In order for the transition to be possible, the majority of the Kin developers have to agree with the move. If enough developers agree, Solana could facilitate the transition in a matter of months. This transition could be completed by Jan. 7, 2021.
Tanner Philp, head of corporate development at Kik said that Kin ecosystem has registered a massive uptick in the number of users in the past 6 months, and a significant rise in the core metrics during the ongoing coronavirus pandemic which has lead to severe lockdowns across the globe.
During the beginning of March when the world started to realize the severity of the COVID-19, the total users who have spent Kin token were evaluated to be around 1.5 million, however, the number jumped almost three times to 4.4 million by April 20th.