Kin plans to fork Stellar Lumens instead of using ERC20 Ethereum Coins
The first thing I remember about Kin is that they are Canadian and they raised a lot of money in their ICO. The last thing I remember is that I tried to buy it and couldn’t find any proper safe exchange to buy it on (they were on what I consider essentially scam exchanges). I also wasn’t able to gain access to their website (it was broken) so on that basis I will give my thoughts about the project and ideas behind it.
First of all I agree with their assessment of Ethereum as being like dial-up internet. But this raises the question of planning and management. Slow transactions, lack of security and fraud have been synonymous with Ethereum since it debuted. What I am getting is this choice is rather rush and sudden. With such a big team why did no one think of the implications before doing ERC20 tokens or was it just a crash grab first and project as an afterthought? What happens to the value of those ERC20 tokens that so many people bought? They will become worthless and they are now a megacorporation who is going to make their own private blockchain for payments. I resent the fact that they could contribute to the downfall of good ICOs and the few real tokens out there.
With that said I think KIN/KIK could kill it in a good way. Yes they are centralized but if they do it right and are trustworthy in the end (maybe like a PayPal). The good news is that I do believe Stellar/Ripple are a good base for things, it is a fast and relatively secure network, albeit without privacy and first party wallets. I think Kin has the right idea but possibly wrong execution based on their initial entry. I have a high standard of trust or ICOs a good part of that is the team, their decisions and how they treat their investors. Time will tell how well they execute this one but I hope it works out and that investors do not lose their money. I, for one am glad that I wasn’t able to buy KIN as they are now about to dump it and make it worthless.
Here’s my experience with the KIK/KIN team (nothing working and no response after they collected millions of dollars):
$98 in fees to buy KIN: