Kin developers announce migration to Solana blockchain

The developers of the Kin cryptocurrency token have announced a transition to the Solana blockchain. The process will begin on December 15 at 17:00 MSK, according to the сообщении.

The Kin project team said that over the past week they had conducted several simulations of the upcoming migration in a multi-node testnet. To implement the necessary features, the Solana team will update the mainnet ahead of the transition.

“The Kin ecosystem comprises more than 55 million accounts, making the migration the largest in the history of the cryptocurrency industry,” the developers said.

Active accounts with a balance of $1 or more will be given priority and are planned to be migrated by the end of the day. For other accounts, the process could stretch to one to two weeks.

In 2017, the developer of the Canadian messaging app Kik raised $98 million in an ICO to build an ecosystem based on the Kin token. In 2019, the U.S. Securities and Exchange Commission (SEC) charged the company with an unregistered sale of securities.

Head of the Kik messaging app, Ted Livingston, vowed to fight the SEC “to the last dollar”, even if it would lead to bankruptcy. However, the court in the Southern District of New York ruled that the Kik token sale violated the Securities Act.

In October 2020, the developer settled the dispute with the American regulator.

On December 4, the Solana mainnet briefly halted due to a bug at slot 53 180 900.

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