What is Kin?
Describing themselves as “a fair and open digital services ecosystem,” Kin is a blockchain-based network of digital services providers, known as the Kin Ecosystem. Kin (KIN) is an Ethereum-based token that is the native currency for the Kik chat platform. The goal of Kin is to use the blockchain to bring communications, information, and commerce together in new ways previously unachievable. They aim to create an alternate ecosystem of digital content that is fair and open to application developers, using Kik as a platform to help spread the adoption of the KIN token.
History of Kin
Kin was originally developed by Kik Interactive, creators of the chat platform Kik, and announced to the public in May 2017. First distributing tokens to Kik users in September 2017, Kin concluded its ICO token sale later that month, raising almost $100 million in project funding. KIN was listed on exchanges the following month and briefly surpassed a market cap of $1 billion in January 2018. In July 2018, they released the beta version of their first mobile app, designed to integrate participating services with a KIN cryptocurrency wallet. The Ethereum contract for KIN designated the creation of a total of 10 trillion tokens.
How Kin Works
Kin is an ERC20 complaint token that is integrated into the Kik chat platform and Kin Ecosystem. In order to bring participants into their network, they have developed a “rewards engine” that distributes KIN to users based on an algorithm used to determine their merit of positive impact on the network. The Kin Rewards Engine takes heavily into consideration the potential for manipulation and is designed to be “resistant to the abuse and economic vulnerabilities inherent in a decentralized network context.” Users will be able to redeem their KIN at the Kin Marketplace Beta for gift cards from retailers like Amazon, AMC Theaters, and Google Play. Within the Kik platform, Kin can be spent for “shoutout messages,” tipping other users, bot monetization and brand missions.
In addition to serving as the native currency for the Kik chat platform, an entire ecosystem of communications-based products and services are being built around the Kin platform. Some of the advantages the KIN token has over other cryptocurrencies are:
A new vision of digital services governance. Kin aims to provide an equalizing factor among participants and application developers, assuring that no third party can corrupt the platform or wield undue influence, helping it to maintain a sense of fairness and balance for participants of the Kin Ecosystem.
Participation in Kin Ecosystem. KIN can be spent on service providers and a number of different functions within the Kin Ecosystem, including special features on Kik and at the Kin Marketplace.
ERC20 compliant. As an Ethereum-based token, Kin enjoys the features and stability provided by the Ethereum network and enjoys the security of its use as a settlement layer.
Earnable currency. Instead of the traditional methods of mining, KIN tokens are earned, meaning it is distributed to users of the Kik platform and other participating providers based on their contributions to the Kin Ecosystem.