Messenger app maker Kik is quitting ethereum for good as it continues to develop its cryptocurrency, dubbed kin.
Launched on ethereum early in the ICO boom, Kik has now announced that it will close kin's atomic swap with ethereum. Without specifying a date, the Kin Ecosystem Foundation said Wednesday that it would soon release a tool for kin holdings off of ethereum.
Kik's token has had several homes in its short life.
By March, Kik had developed a two-chain strategy slated for stellar, with ethereum for security and stellar for speed; the plan was that users could switch back and forth.
Now, Kik is breaking away from ethereum entirely.
Reiterating his goal to make kin the most used cryptocurrency in the world, Livingston said in a release:
Flown the coop
Kik isn't the first company to start building on ethereum only shift away to alternative platforms. Indeed, ethereum has served as an incubation hub of sorts for a number of tokens that later broke away.
For example, EOS and Tron both migrated their tokens off the original blockchain that made their fundraising possible.
For the Kin Foundation, the network's limitations hit home especially hard when some of its early network testing in December became impossible due to the growing activity around the CryptoKitties app.
The matter has since become more urgent as the team rolls out new mobile products designed to give users ways to both earn and spend kin.
A spokesperson for the Kin Foundation explained that it has been making arrangements with exchanges, ensuring that as users move their tokens onto exchanges, they will make a one-way move onto the kin blockchain – burning the original ERC-20 token in the process.
There's no deadline for users to make the move, however. The spokesperson said that existing users can sit on their tokens on ethereum as long as they like.
Social networks image via Shutterstock
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