Kin is a blockchain-based ecosystem originally built on top of Ethereum. It was developed by the Canadian messaging app development company Kik Interactive to support microtransactions through the Kik Messenger platform. Blockchain Kin has also been updated to integrate Stellar. Kin Coin (KIN) is an ERC-20 token used by the Kin and Kik ecosystem.
For those who don’t know, Kik is one of the most popular instant messaging apps on the market. Founded in 2009, it’s been around for a decade now, with free apps available on both Android and iOS. As of December 2018, it had over 300 million user accounts created, with over 9.17 million monthly active users.
Kik is the preferred means of communication for many users as it is much more anonymous than other messaging platforms like WhatsApp. Of course, this strength is also a weakness, as any anonymous platform can be used for both good and evil.
The platform is also popular for branded bots that allow users to do everything from play a game to ask a question, listen to a story or even order a sandwich.
Kik Interactive had received over $120 million in funding at the time of its 2017 $98 million ICO for KIN. Since then, it has been driven to become the leader in decentralized P2P social media, competing with cryptocurrencies like Dogecoin (DOGE) and Reddcoin (REDD) in the process. .
In July 2018, Kin Foundation released Kinit for Android users in the US. This app provides a marketplace to earn and spend KIN on a variety of goods and services outside of Kik.
Overview of KIN
Kin has a circulating supply 756.097,560,976 on a total supply of 10,000,000,000,000 KIN, as of April 15, 2019. Its highest price to date is $0.001306 on January 6, 2018.
KIN exists as both an ERC-20 token on the Ethereum blockchain and a token on the Stellar blockchain. Both are connected via atomic exchange, so when using tokens, both are used as one coin.
KINs cannot be mined and are instead earned through participating in surveys, engaging with apps within Kinit, and being sent P2P from content consumers to creators.
The KIN ICO sale was held from September 12 to 26, 2017. It raised about $98 million consisting of ETH, BTC, and USD.
Like many modern messaging and social media apps, Kik supports more than just texting. It has a full multimedia chat platform where users can exchange images, videos, audios and more. It is also filled with chatbots that provide automated responses and can even perform specific actions, like making a purchase.
According to the company, 70% of Kik users are between the ages of 13 and 24, with 33% of US teenagers reporting using the service. This is a coveted marketing demographic, but the company doesn’t want to monetize its user base by serving ads.
WhatsApp, a Kik rival, has a larger user base, but its association with parent company Facebook puts many people off. WhatsApp also requires you to verify your mobile phone number, infringing on users’ personal freedoms by collecting as much information as possible, while Kik collects almost no user information.
To avoid criticism from its rivals, Kik focuses on anonymity, privacy, and offers KIN as a way for consumers to directly reward content creators without the need for advertisers. and the marketer as the middleman.
In this way, it is a direct competitor to platforms like Basic Attention Token (BAT), which connects advertisers with consumers.
KIN is a proprietary utility token issued by Kik Interactive for use in its platform, along with the Kinit marketplace. It was created to give consumers a way to reward content creators directly, rather than being exposed to advertising and marketing. The success of the Kin ecosystem is based on these key components.
Kik has over 9 million daily active users, with a total of more than 300 million user accounts. This makes it one of the most popular messaging or social media platforms.
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