May 25, 2020 ⋅ 2 min read
The Kin engineering team has submitted a proposal to migrate Kin from its current Stellar-based chain over to Solana. Kik Iterative Inc., the creators of the Kin cryptoasset, said that Stellar’s five-second block times and limited metadata space within transactions were unsuitable for Kin’s user experience standards. It, therefore, began looking at alternative protocols in Q2 of last year before recently landing on Solana.
According to the Kin team, Solana offers a substantial improvement in performance (reported 400 ms block times on a local test node). It also provides enough room within on-chain transactions for Kin to add data related to the Kin Rewards Engine (KRE). Otherwise, the project would have to resort to off-chain storage measures.
Kin developers would need to approve the proposal before any migration could occur. But CoinDesk reports the Solana staff would facilitate the transition, a process that “should be complete in a matter of months.” The switch also comes with a financial incentive for the Kin Foundation. If approved, the Solana Foundation would grant Kin 1% of the total supply of SOL, with 0.1% unlocking for every new one million “monthly active spenders” of KIN over 24 months (starting Jan. 2021).
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