This article comes from Decrypt, Author: Liam Frost
Translator: Yu Shunsui
Summary:
Kik, the developer of the blockchain social platform Kin, announced that it will start migrating the cryptocurrency Kin to the Solana blockchain on December 15.
Before the migration, Solana will perform a mainnet upgrade to achieve some new optimizations for Kin.
During the migration process, Kin accounts with a balance of 1 USD or more will be given priority.
The developers of the cryptocurrency Kin are making final preparations for the migration to the Solana blockchain tomorrow.
According to the announcement issued by Kik Engineering today, this will be the “largest migration in the history of encryption.”
The announcement stated, “The Kin ecosystem has more than 55 million accounts, which is the largest migration in crypto history. In view of this, we are taking a prudent approach to ensure that everything goes smoothly.”
Solana is advertised as a high-performance, PoS blockchain that supports smart contracts and decentralized applications. Before the migration, Kin was originally issued as an ERC-20 token based on Ethereum.
The Kin developers pointed out that in the past week, they conducted multiple simulations of the upcoming migration on a dedicated multi-node testnet. This allowed the Solana team to perform additional optimizations, making the migration easier. Kik Engineering added that in order to achieve these functions, the Solana blockchain will undergo a mainnet upgrade today.
The developer announced, “The latest round of testing, plus the scheduled mainnet upgrade, gives our two teams the confidence to start the migration from December 15, 2020 (Tuesday). We have set the official start time to UTC Time 14:00 (22:00 Beijing time).”
According to the announcement, during the migration period, accounts with a Kin token balance of no less than $1 and active accounts will be given priority. The developer expects that this stage of migration can be completed on the same day.
At the same time, low-balance inactive accounts holding less than USD 1 Kin will be migrated at a slower speed, which is expected to last for 1-2 weeks (unless users deposit more Kin and become active accounts, thereby increasing their priority) .
As previously reported by Decrypt, Kin was launched in 2017 by the Canadian messaging platform Kik through an Initial Coin Offering (ICO). Since then, Kin has made a lot of headlines, mainly because of its fight with the US Securities and Exchange Commission (SEC).
During the long legal proceedings, the regulator claimed that Kik violated Article 5 of the Securities Act. More specifically, Kik offered and sold securities in the United States without registration. In early October, the US Securities and Exchange Commission finally won Kik’s $100 million ICO lawsuit.
According to a report by Decrypt in October, Kik stated that after reaching a settlement with the US SEC, although Kik will have to pay the SEC a civil fine of $5 million, the Kin token and the Kin Foundation itself have been out of legal trouble.
