The developers of Kin announced that the transition to the Solana blockchain will begin today, December 15. Before that, the main Solana network will be updated to implement the necessary Kin tools.
The developers of the Kin crypto asset are completing the final preparations before switching to the Solana blockchain. According to a statement from Kik Engineering, this will be “the largest migration in the history of the cryptocurrency industry.”
“The Kin ecosystem has more than 55 million accounts, making this the largest migration in the history of the cryptocurrency industry. With this in mind, we are taking a measured approach to make sure everything goes smoothly,” the statement said.
Solana is positioned as a high-performance blockchain based on the Proof-of-Stake (PoS) algorithm, which supports smart contracts and decentralized applications. Kin was originally launched as an ERC-20 token on the Ethereum blockchain.
The developers of Kin said that over the past week they have conducted several simulations of the upcoming migration in a multi-node test network. This allowed the Solana team to work on additional optimizations that should simplify the transition. According to a statement from Kik Engineering, to implement these features, the main Solana network was updated on December 14.
“The latest round of testing, combined with the planned upgrade of the main network, has given both our teams confidence that the transition will begin on December 15, 2020 at 14:00 UTC (ed. – 17:00 Moscow Time),” the developers said.
Active accounts with a balance of $1 or more will have priority during the migration. The developers expect this phase of the migration to be completed by the end of the day. The remaining accounts that contain less than $ 1 dollar in Kin will be moved over the next two weeks, unless their owners deposit more Kin – in which case they will be “immediately placed at the front of the queue”.
Mobile messenger Kik announced an ICO in the summer of 2017 and raised $98 million during the initial token offering. Later, the US Securities and Exchange Commission (SEC) said that the placement of tokens may violate US securities laws and recommended that law enforcement actions be taken against the company. This year, Kik and the SEC agreed to settle the claims.