Kik, the first mainstream company to complete an initial coin offering (ICO) on ethereum, is reportedly considering whether it might migrate its token network to a new blockchain.
The social messaging platform, which raised $98 million in its token sale earlier this year, first broached the subject late last month on the Kin Foundation’s Telegram tech channel. There, Kik’s head of blockchain engineering and security, Leonid Beder, said the firm was interested in “kin” token buyers’ views on possible alternative blockchains that could replace ethereum.
“Since we first and foremost want the Kin ecosystem to scale to many participants and huge transaction volumes sooner rather than later, we realize that ethereum might not be the right solution,” Beder said at the time.
In statements to CoinDesk, Kik representatives cautioned that “nothing [is] confirmed” in regards to the potential move, but that the company is indeed exploring the idea of how such a transition might be executed.
A spokesperson said:
“We’re exploring our options as part of due diligence. If we did make this move, we’d ensure there’s a process in place to ensure all Kin holders have the new token for the correct amount.”
The move, while notable given Kik’s role in popularizing the ICO concept, is not unique for blockchain startups. For example, in the past, startups architecting token networks on top of the bitcoin network have migrated to other alternatives, most often ethereum…
Source: Kik Might Just Move Its ICO Tokens to a New Blockchain