- Builders of the Kin cryptocurrency have introduced that its migration to the Solana blockchain will begin on December 15.
- Forward of the switch, Solana will bear a mainnet improve to implement some new Kin-specific optimizations.
- Kin accounts with balances of $1 or extra shall be prioritized in the course of the migration.
The builders of the Kin cryptocurrency are making the ultimate preparations earlier than tomorrow’s transfer to the Solana blockchain.
This shall be “the only largest migration within the historical past of crypto,” in line with an announcement revealed by Kik Engineering at this time.
“The Kin Ecosystem has greater than 55 million complete accounts making this the only largest migration within the historical past of crypto. Provided that, we’re taking a measured strategy to be sure that every little thing runs easily,” mentioned the publish.
Solana is touted as a high-performance, proof-of-stake blockchain that helps sensible contracts and decentralized functions. Previous to its migration, Kin was initially launched as an Ethereum-based ERC-20 token.
Kin builders famous that over the previous week, they ran a number of simulations of the upcoming migration on a devoted multi-node testnet. This allowed the workforce at Solana to work on extra optimizations that ought to make the switch extra easy. To implement these options, the Solana blockchain will bear a mainnet improve at this time, Kik Engineering added.
“The latest spherical of checks, coupled with the scheduled mainnet improve gave each of our groups the boldness to interact the migration starting Tuesday, December fifteenth 2020. We’ve got scheduled the official begin time as 14:00 UTC [8:30 am UTC],” the builders introduced.
Per the announcement, lively accounts with balances of over $1 or extra in Kin tokens shall be prioritized in the course of the migration. The builders count on that this stage of the switch shall be accomplished by the top of the day.
On the identical time, the remaining low-balance accounts—which maintain lower than $1 in Kin—shall be migrated in the course of the subsequent 1–2 weeks (except their customers deposit extra Kin and thus “will instantly be pushed to the highest of the queue”).
As Decrypt reported, Kin was launched through an preliminary coin providing (ICO) by in style Canadian messaging platform Kik in 2017. Since then, Kin made fairly plenty of headlines—though largely “thanks” to its troubles with the US Securities and Alternate Fee (SEC).
Through the course of a prolonged authorized battle, the regulator claimed that Kik violated Part 5 of the Securities Act, extra particularly—supplied and offered securities within the US with out being registered to take action. In early October, the SEC in the end won its lawsuit over Kik’s $100 million ICO.
As Decrypt reported, whereas Kik should pay the SEC a civil penalty of $5 million, the remaining Kin tokens, in addition to the Kin Basis itself, at the moment are out of the legal woods, a minimum of in line with the corporate itself.