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What Is Kin ?
Kin is a blockchain-based cryptocurrency, one of the very few that was started by an existing company with actual value and presence, that seeks to revolutionize the digital services industry and take away a huge chunk of the power the present crop of monopolies have on digital life. This new cryptocurrency is the brainchild of Kik, a popular instant messaging app company based in Canada with over 300 million registered users and it seeks it use its already large follower base in paving way for this new cryptocurrency and popularizing it in the process.
The main target of Kin is to enable the digital user space have its own transaction currency where services can be bought and sold directly between users and developers without any need for the direct use of traditional financial tools like Credit or Debit cards which will enhance privacy. Kin wants to really open a huge market by leveraging on its massive presence, and also by giving huge incentives for developers to adopt it as a means through which they get paid for their services. Kin will offer developers from all over the attractive amounts of the cryptocurrency for free with the hope that they will fully adopt it as the sole means of exchange for their services. Kin hopes that through this mechanism, the new cryptocurrency will gain greater exposure as well as garner larger transaction volumes which will eventually drive up prices.
Kin is led by Kik Messenger CEO Ted Livingston. Other notable members include Peter Heinke, Eran Ben Ari and Dany Fishel
Kin is not the first experiment its mother company has conducted into digital currency. A few years ago Kik introduced a points system within the ecosystem of its messenger where users were able to earn point rewards for doing certain tasks and then are able to “spend” these earned points by making in-app purchases or send to other users as they see fit. At the time before it was scrapped, this point money system saw transaction volumes of an average of 300,000 every day. What the company seeks to repeat with Kin is to popularize the new cryptocurrency and create a huge parallel world where users can buy and pay for digital services using a non-identifying cryptocurrency.
The Kin project and real world application solely rests on how Kik goes on to perform or if at all it goes on to attract huge number of developers to work under its fold. Although it is still at an early stage right now, as far as real world use if concerned, Kin is too tightly tied to the fate of Kik to make apparent any real life problem solutions beyond the Kik ecosystem.
Kin is a pre-mined coin and is bought by users from the parent company. It has one of the largest coin caps in the world, pegged at 10 trillion Kin coins
As far as carving out a real niche is concerned in an already tightly competitive cryptocurrency industry is concerned, Kin is by far too vague to pin-point exactly what is up to. The cryptocurrency has an inordinate volume at 10 trillion coins which will keep on diluting any gain in value it makes.
Overall, Kin’s fate is too tightly knit to the Kik messenger and it seems the only way for it to truly kick-off is if the Kik messenger somehow manages to explode in Facebook proportions as far as user base is concerned. Investors must only put in their money after thorough consideration.