The Stellar value Jumped by over 70 % following Kik Messenger announced that it would transfer its Kin token to the stellar blockchain.
Kik Messenger raised almost $100 Million through one of the year’s most high-profile initial coin offerings (ICOs). The organization, whose popular messaging program has over 300 million registered customers, plans to utilize its Kin token to make a “digital sharing economy” that rewards users for adding value to the digital ecosystem.
Kik had initially launched Kin within an ERC20 token which ran on the ethereum blockchain. But, last Wednesday (13th December), Kik Messenger CEO Ted Livingston declared during a live Q&A that the business intends to move Kin into the leading blockchain during the second quarter of the next year.
Citing CryptoKitties-caused congestion as an example, Livingston clarified that ethereum — that he called the “dial-up age of blockchain” – proved to be unreliable and complex to work with. But while ethereum attempts to be “everything to everybody, which makes it ” general purpose and slow” Livingston said that stellar blockchain is custom for an application such as Kin and ought to have the ability to scale and meet up with the organization’s requirements.
Stellar Price shoot up by 70%
The Stellar value had already been at a sustained uptrend subsequent to the statements of a venture with IBM and the crypto-currency’s first significant foray into the Korean marketplace, and the information that Kik had been moving its own market into the XLM Blockchain resulted in the rally’s pace to accelerate.
Before the Statement, the Leading price was trading Close to $0.15. Since that time, it has taken up by over 70%. At one stage, the leading cost cracked the $0.30 level – indicating a new all-time large – but it has ebbed to about $0.27. Stellar currently has a market cap of $4.8 billion, which makes it the 12th-largest crypto-currency.