Netanel Lev, the Vice President of Research and Development in the Kin Ecosystem Foundation, clarified Kik Messenger's choice to fork Stellar and create a proprietary blockchain because of its cryptocurrency.
“Kin needs to be scaled now.”
Initially, Kik had intended to construction Kin as an ERC-20 token, but programmers were dissatisfied with Ethereum's scalability and transaction rate. A frustrated Livingston in comparison Ethereum into 'dial-up' net during a live flow and declared the token could transition into the Stellar network.
Ted Livingston, Founder, and CEO of Kin and Kik, in a statement, said:
“Most crypto projects to date have been technology-driven first and product-driven second. Kin has always been the opposite. 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.”
Afterwards, developers declared a hybrid layout where the token would operate in parallel to the Stellar and Ethereum networks, enabling users to benefit from the rate of the liquidity of Ethereum.
However, Lev told CCN:
“At present, stellar suffers from business scale issues, in part because the Kin Foundation has specific goals for its platform that do not entirely mesh with the goals of the Stellar Foundation.”
Under the new program, Kin will still contain bidirectional blockchain support, even though consumer-facing software will use the proprietary Kin system rather than Stellar. In the end, the developers expect to get rid of transaction prices on the Kin system, erasing a pain point for customers trying to utilize the system for microtransactions.
“Our goal is for Kin to be the most used cryptocurrency in the world and this will help get us there sooner.”
Considering that the Kin blockchain will utilize Stellar as a base, both development teams wish to keep their venture, which the prior beliefs will reap equally jobs over the long term.