The Kin Foundation has just announced their new relationship with Stellar Lumens. Kin, a cryptocurrency token, solely issued on the Ethereum network, will now also be supported on Stellar.
“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,” a statement made by the Kin Foundation.
The Kin Foundation had been striving to become an asset ideal for the real-world that can be used in real-time. For this, they needed a high-speed and high-scale blockchain infrastructure – something which Stellar can easily provide.
Ethereum is a powerful platform that provides enough liquidity for the average cryptocurrency users to get by. However, for day to day use, the loading times and transaction fees are not very supportive. For Kin holders, gaining access to Stellar will mean they can indulge in day to day crypto-based transactions which are more efficient, faster, and a lot cheaper.
Now as per the statement, it should be noted that Kin will not be updating to Stellar, but will run on both blockchains parallelly. Hence this is more of an addition, rather than an upgrade. No Kin holders will be put through any sort of hassle and will be able to use their same tokens irrespective of Ethereum or Stellar Lumen.
The Kin Foundation is currently under the supervision of an independent board. Over time, the plan is to ensure the transition of the Kin Ecosystem into a fully decentralized network equipped and capable of providing its users with choice and incentive.
Following all these advancements, Steven Hawks, a market analyst commented, “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.”