Kik has been a leading innovator in the chat space since the first million people signed up for the chat application in 2010.
Kik was the first chat app to become a platform in 2011, and the first Western chat platform to integrate bots in 2014. Throughout 2015 and 2016, Kik also experimented with a form of digital currency on its platform, called Kik Points.
As a company, Kik has been searching for a sustainable monetization model that does not compromise user experience or privacy. Rather than opt for mass display advertising or the selling of consumer data, Kik has decided to adopt a decentralized organizational model. Its goal is to encourage the development of a digital services ecosystem that is fair and open. Kik prefers to be a participant rather than a landlord in this user-first economy.
To foster an ecosystem that is not only open and decentralized but also more compelling than its traditional counterpart, Kik must create a series of new products, services, and systems. Building a decentralized system is a complex process, and the transition to it must be done in a measured and responsible way over time.
The first step was to create a new cryptocurrency: Kin. Coming from the word “kinship,” and conveying a feeling of being connected to community, the Kin identity and currency is designed specifically to bring people together in a new shared economy.
The Kin cryptocurrency purpose and characterization
Kik is introducing an open source cryptographic token, named Kin, which is envisioned as a general purpose cryptocurrency for use in everyday digital services such as chat, social media, and payments. 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. In character, Kin is a pure cryptocurrency of fixed supply. It is fractionally divisible and long-term noninflationary. 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.
At the moment you can trade Kin on the following exchanges:
Bancor Network, Mercatox, COSS, IDEX, CoinFalcon, EtherDelta and Stellar Decentralized Exchange.
Goals for Kin during 2018
1. A standalone Kin experience
Easily earn and spend KIN and quickly learn how cryptocurrency can become useful for daily life. The app is open to all, anyone who wants to learn about Kin is welcome!
2. The simplest and most secure place to hold KIN
Using crypto today is unbelievably complex. With Kin, this can be changed. However, simplifying the crypto experience is only one part of the equation. Since everyone can potentially become KIN holders, we should provide them with the best place to manage it. Things like sharing KIN balances from the digital services, tracking transactions, and easy to use backup tools are a must and will be very intuitive and clear.
3. A discovery point
Educate KIN holders and newbies about Kin ecosystem by exposing them to new earning opportunities and spending offers both within the app and on other apps / digital services. This allows any brand or individual developer to add opportunities and offers and to gain exposure.
Kin standalone app & Kin ecosystem
While the Kin ecosystem product is focused on digital services and relies on their Kin SDK adoption, this app is totally independent (aka Standalone). However, the support in the Kin ecosystem is in two ways:
1. Secured wallet services
The app is going to be a place where everyone can hold their KIN balances, enjoy things like tracking transactions and easy to use security features.
This is useful for Kin users on top of digital services who reach certain amounts of KIN, or use KIN in more than one digital service.
2. Entry point to the ecosystem
Any user can start the Kin journey using the app, learn about the Kin experience, discover more opportunities on the different digital services and enjoy new experiences.
KIN is at the very beginning of a long enjoyable journey, and building a new ecosystem is a big challenge. These are exciting times!
The goal for Q1 is to release a MVP (minimum viable product) and start learning as fast as possible what is working and what requires rethinking.
KIN is going to focus on earn and spend experiences, starting very lean and mainly trying to confirm (or refute) the set of hypotheses we defined.
With all the information above KIN has a great future and if you didn’t buy your KIN yet now is the moment to do so. The time of the writing of this article is a rather good entry point.
If you are planning on buying Kin think of it as a long-term investment. Buy your KIN, store it on your wallet (I recommend MyEtherWallet) and forget about it for a few months. My opinion is that KIN has a big potential and it’s a good long-term investment. Most importantly, the company behind it has something that many of the existing cryptocurrencies don’t already have: a working product and an active user base.