This is the coin of the Kik social media (chat app) 'ecosystem'. This coin is likely to have staying power, and advancing power as it is both designed (in terms of its intended use) and socially driven. The largest element suggesting success is the very dedicated instant user base of the Kik social media platform.
This base is guesstimated to be 350 million by the Kik analytics. Equivalent to the population of USA (more or less), Kik platform offers linguistically cohesive user discussions that also are positive indicators of a successful coin.'
Kik has been experimenting with forms of in-app currency since 2014, when it launched Kik Points. The company wanted to see if users of its chat app would be eager to earn and spend a centralized digital currency. The project was sunsetted at the end of 2016 to prepare for a more advanced solution that would extend beyond a purely advertising-based use case. However, Kik was able to measure demand and gain valuable insights into user behavior with transactions in a messenger context. During a 2.5 year period from 2014 through 2016, Kik users completed 253 million offers and spent the points earned on 74 million purchases.
Kik will build fundamental value for the new currency by integrating Kin into its chat app. Kin will be Kik’s primary transaction currency, and Kik will be the first service to join the Kin Ecosystem. In the future, users will be able to earn Kin by providing value to other members of the Kik digital community through curation, content creation, and commerce. Kik users will be able to spend Kin on products, services, and other valuable assets offered by merchants, developers, influencers, and other participants. A few features of the ecosystem are explained below.
The Kin Rewards Engine will use economic incentives to bring other digital services and applications into the decentralized Kin Ecosystem. The ecosystem will not impose any unnecessary restrictions on monetization strategies, beyond ensuring common ethics and legality of content and transactions.
User identity becomes an important issue in a decentralized ecosystem of digital services. For instance, users should be able to transact without friction across multiple digital services. Such participation requires users to establish and communicate consistent identity across services, to maintain a single, robust wallet, and to own an ongoing reputation in the digital environment. A consistent and easy-to use identity service will be maintained by the Kin Foundation and will provide participants with the code and API necessary to integrate it.
The primary feature required to enable a digital community to use cryptocurrency is a wallet. As a first step, Kik will integrate wallets for each Kik user account. The associated user interface will allow for the most common wallet interactions.
Kik will introduce a number of marketplace use cases that will prompt consumers and brands to transact with Kin. Through experimentation, Kik plans to iterate on the product with applications that create unique two-sided marketplaces for users. On the supply side, both bots or content creators will create unique experiences. On the demand side, users will consume these products or services. In the near future, Kik’s bots will have the ability to structure their own business models. A few examples of services are: Paid groups, Tipping, Bots and Brand missions; Taking advantage of cryptocurrency, brands will be able to reward users with small amounts of Kin for completing simple tasks. This can include answering questions in a survey, creating themed content, or curating content. Bots can perform services, order food for delivery, or operate games that offer in-game purchases such as creative assets, gameplays, or other media.
In 2016, the Kik Points program saw nearly 109 million total transactions. On average, 1.7 million users engaged the product to earn Kik Points on a monthly basis. Based on Kik’s experience with Kik Points, the expected daily transaction rate could potentially surpass Ethereum’s throughput capability and presents a risk of congesting the network. There are two other issues that suggest that a purely on-chain architecture may not be optimal at the outset. The first issue is that Ethereum transaction confirmation times result in significantly delayed responsiveness than users typically expect from consumer applications. The second issue is that the Ethereum blockchain requires fees to be paid for every transaction. Fees are paid in Ether cryptocurrency, creating an adoption barrier for the average user. Given these barriers, Kik will initially implement a semi-centralized hybrid on-chain and off-chain transaction service for scalable interactions with the Kin cryptocurrency. At the core, the transactions in Kin will be settled on the Ethereum blockchain. However, the Kin Foundation will develop and host a centralized off-chain ledger with an API available to all digital service partners. This will improve user experience due to latency, avoid network fees when transacting between users, and avoid stress on the public network due to large transaction volumes.
Kin will be the unit of account for all economic transactions within the Kin Ecosystem, and it will serve as the basis of interoperability with other digital services. However, as described below, only a small portion of the Kin supply will become liquid in the near future, as most of the Kin supply is reserved for the Kin Rewards Engine.
60%: Kin rewards engine; 30%: Preallocated to Kik as the founding member of the Kin Foundation and subject to a long-term vesting schedule. In exchange, Kik will provide startup resources, technology, and a covenant to integrate with the Kin cryptocurrency and brand; 10%: Token sale. Kik’s 30 percent pre-allocation will be unlocked and distributed to Kik at 10 percent per quarter, for 10 quarters. The Kin Rewards Engine is scheduled to release 60 percent of the supply over time at a rate of 20 percent of the remainder per annum and eternally.
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