KIN Plans Fork and Create its Own Blockchain

KIN, an ERC-20 by the company Kik, plans to fork and create its own blockchain. Assuming everything goes as planned, KIN holders will have KIN on the new blockchain in ratio to KIN held on the Ethereum blockchain.

Claiming KIN on the new chain will be easy and directions will be offered on the KIN blog: https://medium.com/kinblog. However, for now KIN owners don’t need to do anything (and neither do developers).

This is a switch up from the previous plan of running KIN as an Ethereum token that used the Stellar network for micro transactions (as had been the plan recently up until this point).

Now KIN will get its own blockchain based on Stellar tech and Ethereum tech won’t be used.

Learn more from the Developer’s post on Medium titled, “Announcing: One Kin, One Blockchain.” Or, simply see the important bits in the excerpt below:

What is the Kin Blockchain?

The Kin Blockchain is a federated, decentralized blockchain based on the Stellar protocol, on which Kin will be bought, sold, earned, and spent. It provides the speed and scalability required for large scale consumer applications with millions of users, and the promise of security and stability that is the hallmark of decentralized blockchain technology.

Migrating fully to the Kin Blockchain eliminates the complexity of swaps, removes the confusion created by having two types of Kin tokens, and simplifies the integration process with both exchanges and consumer applications.

What does this mean for you?

For the moment, there is nothing you need to do. For holders of Kin on the Ethereum Blockchain, there will be an easy way for you to migrate your Kin to the Kin Blockchain. For developers with live applications, and for the consumers that use those apps, there is no action needed at this time. Your apps will work just like they do today.