Examining the Kin Token’s Potential Move to Tezos Blockchain
A new report suggests the Kin token, the native crypto of Kik Messenger’s Kin Ecosystem, may be moving onto the as-yet unreleased Tezos blockchain platform. It would be a notable coup for the hyped but drama embroiled Tezos. On the other side, some detractors think the Kin Foundation is drifting without clear vision after previous blockchain migrations of its token.
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OCaml Hires Suggest a TEZOS Move
The Kin Foundation, steward of the fledgling tokenized Kin Ecosystem, is reportedly in the midst of “hiring a battalion of OCaml developers.” It’s a brow-raising revelation backed up by Upwork job postings — brow-raising because, as the report notes, there’s only one major project in the cryptoverse that relies on the OCaml language: Tezos.
Tezos, which raised more than $230 million USD in a blockbuster Initial Coin Offering (ICO) in 2017, indeed facilitates OCaml development, the language itself “supporting functional, imperative and object-oriented styles.”
The OCaml hires are far from definitive, of course, but they do reasonably point to a possible blockchain migration to Tezos. The aforementioned report also said that Kik and Kin Foundation staffers may have consulted with Tezos thought leaders in Paris on multiple occasions this year. If such a move is forthcoming, it would correspond not only language-wise, but also with what we generally know about the Foundation’s long-announced intention to set up shop on a a Proof-of-Stake (PoS) blockchain.
Kik’s Kin token, originally starting out as an Ethereum-based ERC20 token, was then shifted to an Ethereum-Stellar hybrid. Some users have responded to the Tezos rumors with allegations of fickleness, as Redditor L0ckeandDemosthenes seemingly typified in earlier remarks:
“How can anyone trust a company that has changed their minds this many times in half a year? It just seems like a lack of direction and vision in the leadership and a severe lack of foresight or planning. Imagine what their roadmap looks like.”
Beyond such concerns and regarding said roadmap, the Kin Foundation is moving next toward its Q3 2018 agenda, which is to finalize the Kin Rewards Engine — a mechanism designed to boost the Kin economy.
State of the Tezos
Possible Kin migration news isn’t the first time Tezos has been trending as of late. First, chatter has been mounting as the project’s “betanet” launch arrives in a few days.
— Tezos Foundation (@TezosFoundation) June 15, 2018
It comes to much ado, as the project’s community has been eagerly waiting for months to dive into a beta network. Indeed, beyond the much-covered governance woes of the Tezos Foundation in recent months, the technical side of the Tezos community has been biding and growing behind the scenes, as detailed in my February 2018 interview with Tezos app engineer Martin Pospěch. The project itself is conventionally billed, both by supporters and skeptics, as an EOS competitor.
What're the technical differences between Tezos and EOS?
Both DPoS, both plutocracies with tightly coupled, on chain governance
Yes, Tezos prioritizes formal verification of contracts. Anything else?
— Kyle Samani (@KyleSamani) June 19, 2018
But the woes have kept on coming, too.
The latest chronicle of such is the new Wired front-pager titled “Inside the Crypto World’s Biggest Scandal,” wherein its authors lay out a “crypto-tragedy in three acts” — their attempt to capture the white whale of drama that’s swamped Tezos’ leadership since last year.
Finally, some good, balanced reporting on Tezos! So far we’ve had skeptical scrutiny of one side and complete gullibility toward the other. Now we get similar scrutiny of the other side. Bravo to Gideon Lewis Kraus! https://t.co/j0mby8QZK5
— Laura Shin (@laurashin) June 19, 2018
After making headway with a major ICO in 2017, the project has seemingly ran into obstacles ever since, namely two class-action lawsuits. The Foundation’s president later resigned amid the turmoil, while Tezos co-founder Arthur Breitman was recently sanctioned by FINRA for failing to disclose his blockchain efforts while he worked at Morgan Stanley several years ago.
Let’s just say if the Kin token migration is true, it’ll be a welcome breath of fresh air for the beleaguered blockchain.
What’s your take? Do you agree or disagree or have no opinion on such a migration? Let us know where you stand in the comments below.
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