Kin's Kik token uses 2 Blockchains: Ethereum and Stellar
The Kik IM application, has confirmed the use of two Blockchains for his new Kin token. The token was launched for the first time on the Ethereum, it is used for liquidity while the Stellar is used for transactions.
One digital token on two Blockchains
Kik was able to raise $ 98 million during its Initial Coin Offering last September following the announcement that his Kin token will be based on two different blockchains.
Just over 10,000 people in 117 countries participated, demonstrating growing public interest in this new application of two blockchains for the same token. Kik's popularity has also greatly contributed to this. SimilarWeb, a third-party application tracking tool, ranked Kik 15th on iOS, social media, and 14th on Android in the Communication category.
The relatively high transaction fees and slow confirmation deadlines of the Ethereum network pleaded for Stellar a few months ago, although the company was reluctant to criticize Ethereum
Now, Kik users can see that their token is divided into two distinct parts - one running on the Stellar, the other on the Ethereum. Ted Livingston, the company's CEO confirmed this claim, in a press release revealing :
Creating a two-way blockchain with Stellar will drive massive adoption with faster turnaround times, lower transaction costs, and scalability.Jed McCaleb, the founder of Stellar, supported Livingston's words :
Kik will be one of the first projects submitted to the general public that will exploit crypto-currencies significantly. It will connect millions of people to this technology and we are very pleased to be the platform on which this will be done.The Kin token will use atomic swaps to exchange crypto-currencies on both blockchains. The company will lock half a token (Stellar) when its ERC20 (the Ethereum standard for digital tokens) will exit the application, and vice versa.
Great ambitions
The token of Kik will primarily allow the purchase of digital good on the platform of the company. Later, physical goods can be paid in Kin, which is an early test for the launch of the token.By the second quarter of 2018, Kik will release 900 billion Kin tokens, based on the Stellar for in-app transactions. Once acquired, Stellar tokens can be converted to ERC20 tokens. These can in turn be traded on the secondary market.
Other media could emerge during the year allowing the use of new cryptocurrency in the purchase of digital content; including games and virtual art.
What do you think of the new token based on two blockchains? Is the choice of the company the most judicious with regard to Ethereum and Stellar? Comment in the comments section below.
Posted from my blog with SteemPress : https://infos.link/kins-kik-token-uses-2-blockchains-ethereum-and-stellar/
