Kin’s New Blockchain Aims to Eliminate Transaction Fees
The Kin Ecosystem Foundation, the nonprofit governance body for the cryptocurrency Kin, today announced that it will build its own blockchain based on Stellar. The decision to develop a blockchain evolves the foundation’s earlier plan for a hybrid blockchain infrastructure to support the Kin Ecosystem. Under the new approach, the foundation will continue to leverage the Ethereum blockchain for security and liquidity to holders of the Kin token. The Kin blockchain will provide highly scalable functionality and accessibility to unlock consumer-facing experiences with no fees.
“Most crypto projects to date have been technology-driven first and product-driven second. Kin has always been the opposite,” said Ted Livingston, Founder and CEO of Kin and Kik. “After working heads down alongside the best minds in the industry we came to the conclusion that a hybrid solution of Ethereum and our own fork of Stellar would benefit the Kin Ecosystem both short and long-term. Our goal is for Kin to be the most used cryptocurrency in the world, and this will help get us there sooner.”
The foundation has been working closely with Stellar, and during preliminary tests, the platform has driven faster and more scalable transactions for digital services than Kin’s initial blockchain Ethereum. Due to its open source roots and the collaborative nature of the industry, Kin will be able to fork Stellar and create its own blockchain. The foundation’s goal is to eliminate transaction fees to accelerate consumer and developer adoption of Kin, with plans to create a unified currency over two networks while maintaining the integrity of the allocation schedule outlined in the Kin whitepaper.