The Ethereum-based KIN token announced positive results from the Stellar tests, plans migration to new network.
The KIN digital asset once again seems to be waking from the long slumber after the ICO. The months long tests of the Stellar finally came to a close, indicating that soon, the asset would move to a new network for better speed and scalability.
The KIN token was issued as a promising digital asset related to the Kik chat app. However, the token hovered sideways, even below ICO prices, and falling against Ethereum. At one point, the price moved up on a short-term pump to around 10 times the ICO price, but fell down again.
Now, KIN grew by 7% overnight on the news, to $0.000186. The KIN price suffers from sparce listings on rather low-volume exchanges.
Initially, the KIN digital asset was supposed to be integrated with the Kik chat app. But a new partnership would make KIN usable to game developers:
KIN Moves to Stellar?
A migration to Stellar has been a possibility for a long time. But this time, the move has been officially announced:
The end of the tests for Stellar mark a slightly increased activity from the KIN project. Now, the project enters the stage of partnerships and building its ecosystem. But the process may take a long while. Still, despite its low-priced start, KIN is starting to look hopeful for the long run.
Now, the challenge facing KIN owners and users would be to have an approval for new accounts, and be able to move their coins to the Stellar network.
“Stellar Development Foundation doesn’t view transaction fees as a source of revenue; rather, fees are in place to prevent spam on the network. We are happy to have KIN use Stellar as it will be one of the first mainstream companies to use cryptocurrency in production. The fact that Kin is using Stellar to power their ecosystem of digital services will be a positive sign to other large companies considering launching their own token-based economies,” explained one of the KIN developers in a recent AMA session.
Still, the KIN Foundation is less active about its promotion, especially given the latest skepticism of Canada related to investing in crypto coins. The KIN ICO was even closed to Canadian investors, out of fears for considering the coin an unregistered security.
The KIN ICO was one of the most prominent projects for 2017, and almost reached its funding target of $100 million.
Source: Read Full Article