Kik Messager to Switch to Stellar

During the ICO in September 2017, the team was able to raise about $ 100 million
15 November 2018   1550

Kik Foundation messenger developers will abandon the Ethereum blockchain in favor of Stellar, a company blog reported.

According to the report, the company will stop atomic swaps with ETH. Not giving exact dates, the Kin Ecosystem Foundation announced the imminent creation of a tool for the withdrawal of KIN tokens from the Ethereum blockchain.

During the ICO in September 2017, the team was able to raise about $ 100 million. In November, Kik representatives first spoke about the possible transfer of tokens from Ethereum due to the scalability of this network. Alternatively, the Stellar blockchain was chosen.

In March 2018, the company developed a system to work on both platforms. Ethereum was used for greater safety, and Stellar - to increase speed. For interaction between blockchains, a system of atomic swaps was developed.

A spokesman for the Kin Foundation said that negotiations were underway with the exchanges. The companies want users to switch to a new blockchain, and ERC-20 tokens are burned. He also added that the developers are not planning a mandatory transfer of tokens owners to the new system.

Previously, there was a similar situation with the project Storj. Recall that in March 2017, Storj Labs announced the transfer of its decentralized storage system from the Bitcoin blockchain to the Ethereum blockchain.

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   959

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 

 

Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.