The Kin Ecosystem Foundation, the nonprofit governance body for Kin, has announced that it will fork Stellar and create its own blockchain.
The foundation said that the decision evolves its earlier plan to build a “hybrid blockchain infrastructure” to support the Kin Ecosystem. The hybrid blockchain aims to eliminate transaction fees to accelerate consumer and developer adoption.
“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,” the official release said.
Kin token sale is one of the most successful initial coin offerings (ICOs). Kik Interactive, the Canada-based company behind the chat platform Kik, successfully raised nearly US$100 million in the Kin token distribution event (TDE) last September.
The foundation said that it has been working closely with Stellar. Preliminary tests showed that the platform led to faster and more scalable transactions for digital services than Kin's initial blockchain Ethereum.
"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,” said Ted Livingston, Founder and CEO of Kin and Kik.
