Kin (KIN) is a decentralized ecosystem of digital services for daily life, it is also a new digital currency created by the team behind Kik. Kin coin was developed by the Canadian social media company Kik for the purpose of providing a blockchain platform.
ICO start date: 2017-09-12
Kik Interactive Inc. created a cryptocurrency called Kin as a first step to launching a decentralized ecosystem of digital services. The Kin cryptocurrency will first power a digital economy inside of Kin, and then will serve as the basis of interoperability with other digital services in the Kin Ecosystem.
Kin and Kik ecosystem
Kik is one of the most popular social media platforms (ranked 7th) and belongs to the list containing big guns like WhatsApp and Facebook messenger. Besides chatting, this platform also allows sharing photos, videos, and other forms of various contents. As per recent statistics, this application has more than 15 million monthly users which majorly consist of people belonging to the age group of 13-24 years. One of the main reasons behind Kik’s popularity is its anonymity feature.
The privacy protection protocol on Kik platform is fairly rigid and indecipherably encrypted. Through this integration, Kin’s development team are trying to make the usage of cryptocurrency more familiar to the mass. Kik’s platform holds the reputation of introducing new innovative products successfully to people residing all across the globe. Therefore, it can be expected that with Kin’s integration to this application would certainly increase its circulation throughout the world eventually increasing its popularity.
Also, Kik application has recently implemented a new feature of rewarding the content creators directly. Through this integration, KIN will be extensively used for this purpose and for making other transactions and payments as well.
The Kin Rewards Engine (KRE) is a built-in incentive mechanism of the Kin ecosystem, paying out daily rewards to creators based on usage of digital services that utilise Kin. 60% of the total Kin supply has been dedicated to the KRE, with a planned emission of 0.061% of the remaining reserves each day after launching in Q3 2018. Of the newly issued Kin, 75% will be used as rewards and the remaining 25% as a marketing and operations budget for the Kin Foundation. The amount of Kin that a service is rewarded will depend on its contribution to the overall economy.
Kin is an open-source project with a collection of public repositories available on the Kin Foundation Github page.
Kin community and 3rd-party project development can be found on the Kin Community Github page, including demo apps for Kin integration in Stack Overflow and Instagram.
Kik needed further funding in 2017. Instead of raising money from venture capitalists, they decided to launch an ICO to create the token behind their new rewards points system.
The token sale for Kin Coin was a success, raising $98 million in September 2017. The sale included over 10,000 people from 117 countries. Unfortunately, Canadian citizens were not allowed to participate, and Kik is a Canadian company. Some argue this dampened demand and contributed to the ICO not reaching its hard cap of $110 million.
A total of 10 trillion KIN will exist, of which 750 billion are currently in circulation. The token launched on Ethereum.
If you buy Kin coins, you should use any Ethereum wallet with ERC20 support.
Kin is actively traded as a cryptocurrency pair on international exchanges, including:
|Mercatox||United Kingdom||KIN/BTC; KIN/ETH|
|Coinfalcon||United Kingdom||KIN/BTC; KIN/ETH|
Kin Coin will launch on Kik later this year. The idea is for monetization to integrate seamlessly into the app. Users should be able to reward creators simply from their wallets with a few taps. Kin Coin is designed to be mobile-first, and a wallet app will arrive in the coming months as well.
A few test users can use Kin Coin right now on Kik. The only thing you can do so far is buy some custom digital stickers for use in chats. Expect more features upon launch later this year.
See Also on BitcoinWiki
- Telegram - Kin Foundation, Kin Announcements, Kin Currency, Kin Technology
- Kin Reddit
- https://www.sec.gov/Archives/edgar/data/1574601/000157460117000001/xslFormDX01/primary_doc.xml Kin SEC registration form
- https://www.kinecosystem.org/static/files/Kin_Rewards_Engine_RFC.pdf Kin Rewards Engine
- https://coincentral.com/kiks-kin-coin-rethinking-the-attention-economy/ CoinCentral – What is Kin Coin?