Investors unhappy with the migration project Kin with Ethereum on Stellar

Project Kin – monetization popular in Canada and United States mobile messenger Kik — gave the September tocancel in which the company has raised about $100 million.

The first trouble started immediately after ICO not only that, the targets for financing have not been achieved, and the rate of tokens Kin fell continuously for three months. And on 14 December, to the surprise of investors, the CEO Kin said about the upcoming migration project Ethereum Stellar on – «cousin» Ripple, a platform that many consider to be centralized, but in fact, the Stellar developers do not hide, as for the registry-it requires a trusted financial institutions, called «anchors» :

Anchor […] after making a Deposit your account in the registry gets corresponding Stellar credit. After repayment of the loan you can get your credit back. Of course, there must be a trust anchor, which manages the deposits and return of loans.

In General, anchors are banks, or as Stellar explains himself: «most of the anchors are entities such as banks, savings organizations, farmers ‘cooperatives and companies that specialize in money transfers».

Of course, investors in tokens Kin could not imagine such a turn of events, when taking the decision about investment in ICO. Here is a typical comment in Reddit:

If they want a centralized token, they could easily perform calculations in your own SQL database, and that would be just as reliable and fast as on Stellar.

Kik Corporation has not yet made a formal statement explaining this step, and even published details of arrangements for the exchange of tokens. However, the session of questions and answers, CEO and founder of KC Ted Livingston (Ted Livingston) said:

The Ethereum is a complex system.. Its scaling is poor. Even with 10,000 users, we will quickly hit the ceiling of bandwidth.

More fully expressed, the Manager of public relations:

«Despite ambitious plans of developers for scaling (PoS, sharding), their implementation remains a question of the future, and we are now in the position where I want to start using tokens Kin in large numbers and very soon (i.e. next few weeks). The goals and objectives of Ethereum different from ours, and we don’t want to wait and have to move quickly.»

The reasoning seems logical, if you do not remember that the organizers of the ICO from the beginning, was well aware of the problems with scaling Ethereum expected to spend most of their calculations on centralized servers, and the blockchain to make only the final operation.

The commentators at Reddit to Express a reasonable assumption that if the EIC from the beginning, the ICO spent on the platform is Stellar, it is unlikely he would be able to attract investors from the small community of this system:

The canadian company just duped investors of their advertising campaign, actively promote the tokens of the standard ERC 20.

It should be noted that the rate of tokens Kin after the statements of the team began to grow and by the time of writing, almost reached the price of initial offering in dollars, but the selling of tokens were carried out at ETH, a course which since then rushed into the sky, adding irritation to investors.

This episode certainly gives a new understanding of the relationship between investors cryptomeria in particular and the ICO in General. Interestingly, even after the incredible boom of the ICO spring and summer of this year, all major projects, already released on the Ethereum blockchain, never spent ICO and led the development of his own money: it Etherdelta, Cryptokitties
and MakerDAO.

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