What is Kin Coin?
Since 2010, more than one million people have used Kin Coin, also known as Kik, which is considered one of the innovators in its field. In 2011, Kik became the first chat application to be converted into a platform. In addition, Kik was also the first platform to use bots. Following these developments, a digital currency called Kik Points was trialed on the platform in 2015 and 2016.
As a company, Kik had been looking for a sustainable way to monetize without compromising user experience or privacy. The option of influencing its entire community via the introduction of advertising or selling customer data was rejected.
Instead, the decision was made to launch a decentralized currency and encourage the Kik community to participate in its design. This digital ecosystem was focused on fairness and openness, with Kik acting as a participant rather than a passive host.
To sustain an ecosystem more open, decentralized and compelling than its rivals, Kik focuses on new products, services and systems. In view of the inherent complexity of decentralized networks, this development is designed to offer long-term sustainability.
Creation of a fundamental value
Kin Coin Points were piloted in 2014 to determine customer requirements for a cryptocurrency that could be introduced within the platform. The central idea was that users should earn rather than buy this currency, via internal platform activities. This test phase established that users took to the currency very well and realized multiple transaction volumes comparable to Bitcoin.
Kin Coin is presently one of the most popular chat applications and ranks fifth in App Store search queries. Millions of monthly users demonstrate that Kik’s cryptocurrency can function well within a mainstream user group.
Kin Coin seeks to achieve a fundamental value for Kin, its new cryptocurrency, via integration with its chat application. By using Kin as the primary transaction currency, Kik has become the first member of the Kin ecosystem.
In the future, members will also be able to earn Kin by providing content. This will place a special emphasis on aspects such as content and commerce. Users can spend tokens on Kik products and services, as well as on services provided by merchants, developers and influencers.
The Kin cryptocurrency
Kin coin is a cryptocurrency designed for everyday use and optimized for digital services. It can thus be used for transactions within the Kin network. Technically speaking, the token is based on the well-known Ethereum blockchain, so Kin is an ERC20 token. In addition, the Kin coin serves as a link between the various services within the Kin network. The coin itself was created by the Kik platform. The requirements for a cryptocurrency were analyzed by developers through extensive testing, and Kin is the direct result. Kik is also a primary part of the Kin network.
Since the Kik platform has several million users, the developers expect the coin to be highly acceptable. This should therefore become an important aspect of the coin’s fundamental value. Furthermore, there is also a wallet available on the Kik platform.
This should ensure rapid adoption of the token and help Kin establish itself as one of the most widespread cryptocurrencies. To attract more users, an incentive system has been devised, which rewards particularly active users who distribute the coinage. Those who invest in Kin will receive special rewards, because they provide important development opportunities.
What team is behind the development of the Kin Coin?
The Kin Coin has been developed by the Kin Foundation, which acts as a non-profit organization. In the future, the foundation intends to monitor the development of the currency and ecosystem as a non-profit administration.
This is designed to further develop the platform and add digital services to the ecosystem. Another special feature that defines the Kin platform is its simplicity of use. Developers should thus experience a very usable development environment, which actively encourages the creation of new services.
Sustainable programming is a particular goal of this development environment, because developed services should remain compatible with recently released blockchains. The long-term goal of the Kin Foundation is to fully decentralize and automate all transactions made within the blockchain.
What is the Kin Foundation’s vision?
The vision of the Kin Foundation is the decentralization of payments through a sustainable approach, and communication within a network free from media disruption forms the basis of this vision. In this context, the use of all digital services that are employed within this network is a feature of particular relevance.
The evolution of market capitalization
Kin Coin was first placed on the market on September 27, 2017. This formed part of an initial coin offering that used the abbreviated symbol KIN. The issue price of the Kin Coin amounted to 0.000116 USD, which resulted in a market capitalization of 87.5 million USD.
By the end of December, the token was consolidating, returning a market capitalization of just $54.4 million on December 16. Subsequently, the token made the break from its consolidation phase and began to register a string of new highs.
At the current time, the currency is trading at a high of $334 million and has a token price of $0.000442. There is now a total of around 756 billion coins in circulation. With a maximum of 10,000 billion coins available to be traded, the currency still has great potential for long-term growth.
Daily trading now accounts for a volume of around one million USD. Within this figure, 91 percent of the recorded trade consists of exchanges between KIN and Ethereum.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.