Social media giants such as Facebook and Twitter give users the platform to create content, yet the profits primarily serve the companies. Messaging apps similarly monetize user data without recompensation. Kik's new cryptocurrency, Kin, seeks to revolutionize this dynamic. Kik sets out to revolutionize this scenario with the advent of a groundbreaking cryptocurrency Kin designed to be an integral component within their Kik instant messaging platform.
What Is Kik?
If you haven't been keeping up for the past nine years – Kik is a top-ranked social networking app. Since its inception by Ted Livingston in 2009, it has grown to employ over 150 staff across four global offices. As a widely-used chat app and a frequently searched term on the iOS App Store, Kik appeals mainly to teenagers and young adults aged 13 to 24, predominantly in the U.S. With a user base of 15 million already engaged, Kik's integration of the Kin Ecosystem promises solid adoption. Currently, the Kik Messenger is a free software, albeit with a closed-source, proprietary codebase. AppAnnie A key element in Kik's decentralization plan involves transitioning away from proprietary software. This shift will occur in phases, allowing developers and partners to integrate smoothly into Kik’s existing system. Furthermore, while Kik operates as a for-profit entity, it is steering towards a cooperative ethos, fostering community growth through open-source initiatives.
In what ways will Kik transition to an open-source model when their software remains proprietary?
Back in 2014, Kik Messenger introduced Kik Points as a social currency within the app, and although the program ended in 2016, the experiment showed that with transactional activity thrice that of Bitcoin's network, incorporating a cryptocurrency within a messaging app has untapped potential. Recognizing the complex nature of cryptocurrencies, Kik is focused on making Kin user-friendly and accessible to all.
What motivated Kik to delve into the realm of cryptocurrency?
as it evolves into a fully decentralized organization. The digital services offered should be transparent and easily accessed. Kik envisions its role as an active member within a new ecosystem rather than acting as a domineering force. Central features of this ecosystem include the Kin Rewards system and a Decentralized Identity Service.
What is The Kin Ecosystem?
Kik’s ultimate goal is to develop the Kin ecosystem The Kin Rewards Engine operates as a profit-sharing model, benefiting all stakeholders as the ecosystem flourishes. The fund containing the majority of Kin is set to be 60% of its supply, shared among ecosystem contributors. Each year, 20% of unallocated rewards will be released to further incentivize contribution, with 5% directed towards operational and marketing budgets. All financial activities are fully transparent.
What is the Kin Rewards Engine?
As a deflationary cryptocurrency, Kin's value increases over time, unlike traditional currencies. While reward percentages will decrease as Kin gains value, distribution will reflect user activity. Initially managed by the Kin Foundation, the reward allocation will eventually become fully automated via smart contracts.
A secure, decentralized identity is crucial for reliable services in the blockchain era. To that end, Kin will develop an identity service and integrate with other third-party systems, supporting seamless cross-service transactions linked to verified identities.
What Is The Kin Identity Service?
Kin is governed by a non-profit organization focusing on transparent and fair governance practices, ensuring the responsible management of Kin’s supply and rewards. This structure is provisional until the full transformation into a Decentralized Autonomous Organization (DAO). OneName , uPort and Keybase The name 'Kin' is an apt choice for a social cryptocurrency, suggesting familial bonds. The Kin Rewards Engine, acting as an incentive system, is fueled by Kin tokens—Ethereum ERC-20 compatible, benefitting from established features within the Ethereum environment.
What is The Kin Foundation?
The Kin Foundation Earning Kin involves contributing valuable content, curating peers’ work, or creating original pieces. Kin is stored in an app-linked crypto wallet, removing barriers for users by default. Users won't need additional software or worry about complicated wallet addresses. Kin's integration with the Ethereum blockchain allows transactions beyond Kik.
What is the Kin cryptocurrency?
Kin is available for purchase on these exchanges:
How Can Users Earn Kin?
Users can trade Kin for digital services or products within the ecosystem, like premium content access or tipping content creators.
How Can Users Buy Kin?
The existing congestion on Ethereum might slow transaction confirmations compared to the expectations from an average user app. Additionally, Ethereum's Gas fees apply per transaction. Like others, Kin will develop a centralized sidechain ledger with an open API for greater transaction speed, reducing Ethereum fees, and easing public blockchain load.
- Mercatox
- Bancor
- IDEX
- COSS
- YoBit
How Can Users Spend Kin?
Besides being backed by Kik, the Kin Ecosystem relies on numerous committed developers and experts to ensure its success.
What are the hurdles associated with the Ethereum Blockchain?
The Ethereum blockchain Kin effectively encourages social interactions by rewarding valuable contributions. Reward transparency aligns with fairness, similar to platforms like Steemit on the blockchain, where content creators earn directly from their work, creating a mutually beneficial scenario. Social apps where users exchange attention for value suit blockchain technology well. Ethereum-based tokens Web developer, blockchain architect, and blogging expert. Reach out at [email protected]
Is the Kin Team Credible?
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6Comments
This site is a goldmine of information. I always thought Kik was just a regular messaging app. Establishing the Kin Ecosystem is brilliant!
Update: Kik is branching out from Stellar to establish Kin.
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