Blockchain Strategy Update: Next Steps in Migrating to the Kin Blockchain
In November, we shared that we are moving Kin off of the Ethereum Blockchain and migrating to the Kin Blockchain. We’d now like to offer an update on our strategy and progress, as well as what you can expect in the coming weeks.
Three key elements will be put in place to bring the migration to life: federating the blockchain, listing the new Kin coin on exchanges, and integrating with swap and wallet services.
The Kin Federation
An important part of the blockchain strategy is decentralization. This is a necessary precursor that needed to be resolved in order for some of the key elements of the migration to work as planned.
Now that we have a secure, fast, and durable infrastructure that can handle high volume transactions, we have launched the Kin Federation, a group that will support the decentralization of the Kin Blockchain. This group shares responsibility for the security of the blockchain, while bringing it closer to a state of decentralization. In the coming months, more participants will be added to the federation, creating an even more secure, decentralized blockchain for the ecosystem.
We’ll be sharing more on the specifics of the federation and this part of our strategy in the next few weeks, so stay tuned for more information.
Exchanges
Exchanges are more important now than ever. We’ve invested significant resources to work with select exchanges that will facilitate the migration to the Kin Blockchain, while also creating liquidity for Kin. Once Kin is available on exchanges, they will perform a one-way, one-to-one swap between the ERC-20 token and the Kin coin. The ERC-20 tokens will then be burned to ensure that the supply of Kin never exceeds 10 trillion.
We want all Kin holders moving to the new blockchain to feel confident that their Kin is safe during the migration. This is why we’ve chosen reputable exchanges to facilitate this process, as swapping cryptocurrencies is their area of expertise.
In addition to using traditional exchanges, Kin holders will also have the option to move their Kin using an approved swap partner. These services act as mediators between trading cryptocurrency platforms and users — think of them as web-based, instant exchanges. By using this method for the swap, Kin holders will have an almost instant method for moving ERC-20 tokens to the new Kin coin connected to the Kin Blockchain.
Wallets and Swap Services
Since swap services only facilitate moves of cryptocurrencies, not their storing, they work with wallet services that can hold coins during and after a trade. Kin holders opting to use a swap service will need to provide a wallet address. Only wallets from an approved Kin wallet partner will be able to hold Kin during the swap, so we can maintain the security of a user’s Kin. Once the swap is complete, these services can be used as safe places to store your Kin.
Kin will be supported by leading hardware, desktop, and mobile wallets, giving holders and users the choice of where they store their Kin during the swap. When the migration is complete, these services will expand the ecosystem beyond consumer apps and improve the overall experience for all Kin holders.
What’s Next?
The migration is currently underway for a test group of ecosystem apps. We’ll provide detailed instructions for Kin holders on how to move to the new blockchain once it’s ready. Initially, Kin will be listed on a handful of exchanges, and it will go live with a few swap and wallet services to begin the move to the Kin Blockchain. More exchanges, swap, and wallet services will be available shortly after to provide Kin holders with the option to use the method they find most convenient and secure.
