Despite the role of Kik's role in in popularizing the ICO concept, this move is not unique for blockchain startups. For example, in the past, startups token networks on top of the bitcoin network have migrated to other alternatives, most often ethereum.
The social messaging platform, which raised $98 million in its token sale earlier this year, first announced subject late last month on the Kin Foundation's Telegram tech channel. There, Kik's head of blockchain engineering and security, Leonid Beder, said that the firm was interested in "kin" token buyers' views on possible alternative blockchains that could replace ethereum.
One of the most important reasons for the exploration are the costs inherent in using the ethereum platform, as well as Kik's specific goals for its token.
Early applications for the kin token are likely to monetize what people already do on Kik for free. For example, artists currently create stickers that users can send with messages on the Kik platform. With kin, artists might then be able to exchange stickers for value.
When ethereum developers have discussed technical solutions that execute transactions off-chain to scale the protocol and lower transactions fees, those have yet to go live.
The kin ICO attracted 10,026 people who invested 168,732 ether in the sale.