Grant Will Advance Transition of 55+ Million Wallets to Solana
The Kin and Solana Foundations are pleased to announce the signing of a substantial grant agreement to support the migration of the Kin Ecosystem to the Solana Blockchain. The Kin Foundation is the recipient of this grant which will help support Kin reach 10 million monthly active users to the Solana ecosystem.
This agreement comes on the heels of strong advocacy from the Kin community to formalize the relationship between Solana and the Kin Foundation. It follows the Kin Ecosystem public proposal for Kin to migrate to the Solana blockchain that was originally outlined in May 2020. That proposal written by Kik, a participant in the Kin Ecosystem, recommended that the Solana blockchain was the best option to support the increased scale of the Kin Ecosystem. This proposal was voted upon and approved by the wider Kin developer community and subsequently presented to the Kin Foundation for action.
Since then, the Kin Foundation and Solana Foundation have been working together to carry out the largest migration in blockchain history. This migration kicked-off December 15, 2020, with a target of over 55 million accounts to be added to the Solana network, as well as the on-going creation of new accounts across the range of apps in the Kin Ecosystem.
Over the past few months, teams from both organizations along with their ecosystem and node partners have been collaborating to ensure a safe and stable transition for users, apps, and exchanges. To date, over 99% of the circulating supply from the Kin blockchain has already successfully migrated, following optimizations that were made to improve network performance. With over 10 million wallets already on the Solana network, and reaching 1 million transactions per day, Kin now represents a significant share of activity on the Solana blockchain, becoming a major player in the Solana ecosystem.
“We are pleased to welcome the Kin Ecosystem and its constellation of apps to the Solana network,” said Anatoly Yakovenko, President of the Solana Foundation. “Their choice of blockchain infrastructure is a strong validation of Solana’s capacity in terms of supporting Kin’s scale and transaction speed requirements.”
The Solana Foundation grant was designed to create a mutually beneficial incentive to bring new active users to the Solana blockchain, further demonstrating its strong capability in allowing Kin to scale globally.
“The Solana blockchain offers Kin the best infrastructure for mass adoption today”, said William Mougayar, Executive Chairman of the Kin Foundation. “We expect to reach the 10 million cumulative monthly active users over the course of the agreement terms, and are pleased to see Kin SPL being adopted by a variety of new wallets and exchanges.”
About Kin Ecosystem
Kin is money for the digital world. It is a new way for developers to monetize by using a shared, decentralized cryptocurrency in a digital ecosystem of apps and their users. The Kin blockchain (Solana) is developed to scale for mass usage and supports a wide-scale digital economy where app developers and millions of mainstream consumers initiate millions of microtransactions every day. Developers anywhere can seamlessly integrate the Kin SDK into their platform and become active partners in the Ecosystem’s growth. www.kin.org
About the Solana Foundation
The Solana Foundation is a Swiss non-profit working to advance the Solana protocol and ecosystem. The Solana protocol was founded by former Qualcomm, Intel, and Dropbox engineers in late-2017. It’s a single-chain, Proof-of-Stake protocol whose focus is on delivering scalability without sacrificing decentralization or security. Solana can currently handle 50,000 TPS with single transaction costs as low as $0.00001. Core to Solana’s scaling solution is a decentralized clock titled Proof-of-History (PoH), built to solve the problem of time in distributed networks where there is not a single, trusted, source of time. By using Verifiable Delay Functions, PoH allows each node to locally generate timestamps with SHA256 computations. This eliminates the need for the broadcasts of timestamps across the network, improving overall network efficiency.