Kin Crypto Project Approves Switch To Solana Blockchain Due To Scalability Issues

Kin Crypto Project Approves Switch To Solana Blockchain Due To Scalability Issues

Blockchain
June 22, 2020 Komal Joshi
306
In a move to improve the scalability and speed of its platform, Kin Foundation, the lead development team of the Kin crypto, voted to move from its Stellar blockchain fork to Solana blockchain. The Kin Foundation lead team voted on the proposal to move to Solana blockchain to solve the scalability constraints on the Stellar
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In a move to improve the scalability and speed of its platform, Kin Foundation, the lead development team of the Kin crypto, voted to move from its Stellar blockchain fork to Solana blockchain. The Kin Foundation lead team voted on the proposal to move to Solana blockchain to solve the scalability constraints on the Stellar blockchain. According to the KIN community, the company has been investigating the possibility of the move for the past month, increasing the proposed move to Solana.

The proposal on GitHub, supported by Kik Interactive Inc., was overwhelmingly approved by the board and community of the project set off plans to commence the move in the coming weeks. The journey of Kin crypto commenced in mid-2018, with the founder of the Kik messaging app, Ted Livingstone, creating it on the Ethereum network. Scalability issues on ETH caused Kin to transfer its transactions to Stellar’s blockchain and successively build its fork on the blockchain.

The trouble with Stellar

Stellar’s latency times of five seconds and the scalability constraint of only 100 transactions per second is “not great customer experience,” the report on GitHub explains. With a thriving consumer base, recently, at 3 million and over 50+ partnering applications, Kin Foundation turned to Solana for solutions.

Solana’s co-founder, Anatoly Yakovenko, states the platform can settle over 6000 times more transactions per second and 400ms block times. This will encourage the overall transaction speeds while decreasing latency times on the Kin platform. Anatoly further said,”In addition to speed, Solana’s natural ability to scale turned out to be a major determining factor in their (Kin’s) decision.”

Despite the Kin crypto project’s progress, the U.S. Securities Exchange Commission (SEC) is on the company’s neck, questioning its ICO process. One analyst argued these current troubles with the SEC are inducing a slow growth to Kin’s project.

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