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Kin Currency – Analysis & How to use?
The popular messaging service application Kik introduced their own cryptocurrency to reward users, and it is called Kin. This could be earned by several members who participate on the messaging platform of Kik as reward points. The incentive provided by the company is to use these points to make other purchases.
Key Points Briefly
The social media application Kik offered its users a cryptocurrency in 2017 through an initial coin offering.
The company has claimed to have raised over $100 Million from that offering.
The company enjoyed great success mainly because of the vast number of users that they enjoy when compared to other media applications.
Kin – How did it start & become successful?
Kin was originally introduced in September 2017 through an initial coin offering (ICO), which raised about $100 million in investor money over the course of approximately two weeks.
Most businesses that create their personal cryptocurrency do not necessarily have a fully prepared user base to draw from; however, Kik has a distinct edge in this regard since it had millions of active users via its messaging network. As a result, the platform played a role in increasing consumer acceptance of the Kin cryptocurrency and used features of wallet.
Kik operated an initiative called Kik Points for three years, during which time the company made millions of dollars. This was extremely similar to Kin in that it provided Kik users with the opportunity to earn and spend points inside the app itself, much like Kin. At its peak, Kik Points had transaction volumes that were three times more than Bitcoin's at the time.
How Kin Rewards Point makes money?
The Kin Rewards Engine, which was introduced with the debut of Kin, is perhaps the most noteworthy aspect of the project. As a result, Kik introduced Kin, which is a daily incentive given to stakeholders based on the community's contribution to the ecosystem and determined by an algorithm.
Ted Livingston, the CEO and creator of Kik, has stated that the Kin cryptocurrency is a chance to share wealth across the community of developers. In order to encourage developers to "create an open and autonomous ecosystem of applications" on the Kik platform, the company intends to give out value in the form of rewards.
The Kin Foundation – Future & Legacy?
The owners of Kin foundation have made it clear that their focus remains on development on an open ecosystem of digital services according to their website. It also is different from other messenger companies that they have gone against advertising and decided to focus purely on the users.
The currency also has the ability to make purchases in the real world just like other cryptocurrencies. While its main functionalities are limited to the applications and as rewards points for the users. The users could still make use of this amount and make purchase outside in the real world.
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