The cryptocurrency market and the blockchain industry is a space that is getting a lot of new found following and participation. While this was initially discouraged and frowned upon by the government and big players in the finance world, the industry and the market has stood its ground and proved to the world that it is here to stay. The million people who participate in its day to day also helped.
But over the last year, we have seen players in the finance industry do a 180-degree turn, look for opportunities in the space and eventually get on board. This more or less forced the hands of many governments to look into the industry and move towards regulation. While this has been beneficial in ways immeasurable, the real boosts to the cryptocurrency market and the blockchain industry, in particular, is the onboarding of legacy companies in the technology field.
The entrance and involvements of large technology firms and players are helping the blockchain reach its full capacity and at the same time promoting large-scale user adoption. The large-scale adoption is because these firms and companies already have large user bases. And with their large resources, the blockchain is reaching new, higher heights and is becoming more widespread and more accustomed technology.
One such new player in the cryptocurrency market and the blockchain industry is the Kik Messenger application. While the market big players like Bitcoin paved the way for the industry by being a dedicated cryptocurrency, the later iterations had a user-base and purpose. Kik is similar, in the sense that it has a platform behind the cryptocurrency that it is already flourishing. The Kik Messaging Application’s native cryptocurrency is called KIN.
The KIN Foundation
KIN is the native cryptocurrency of the famous messaging application Kik. The cryptocurrency was launched in 2017 in an ICO conducted by Kik. The ICO ended successfully in two week’s time after having raised around $100 million USD.
KIN was released and added on to the Kik Messaging platform in an aim to integrate the cryptocurrency market and the application in order to benefit the users of both. The cryptocurrency was added and has a few special use-cases on the platform. The cryptocurrency has incentivised community contribution and interaction. The final aim of the KIN foundation is to be a decentralised ecosystem of digital service for daily life.
The KIN coin can be earned by anybody on the platform if they contribute to the community by doing any of the tasks that the Kik platform deems fit. The KIN coin can be earned and spent on the platform itself. For the mass adoption of the cryptocurrency KIN, the Kik Messaging platform has developed a KIN Reward Engine.
The KIN Reward Engine
For widespread adoption of the KIN cryptocurrency, the Kik Messaging application has come up with a KIN Reward Engine that awards KIN in exchange for the completion of certain tasks. This is essentially a record of all the contributions from individual community members and an automated remuneration system.
The KIN Reward Engine is an engine that makes sure that the contributions of the users on the network are remunerated with the in-house token KIN. There are a lot of tasks that fall under the large umbrella of “contributions” in the KIN ecosystem. The KIN Reward Engine is essentially incentivizing the active participation and contribution to the Kik environment and community.
Here are a few example use-cases that assure a remuneration with KIN tokens.
User-Generated Content: If you are an artist, you can send your work to people and pay them to listen, see or read your work with KIN. This way the person’s time is remunerated and the artist also gets their feedback.
Tipping: You can use the KIN ecosystem to pay at restaurants and hotels. You can also use the KIN coin to tip for the service. You can also send money using the Kik messenger to friends, family and shops that accept KIN.
Brand Mission: Brands can pay customers using KIN for completing brand missions and tasks. Like for example, ‘wear our apparel and take a selfie’, or ‘refer us to friends and family’ kind of tasks.
The genius of launching the cryptocurrency on Kik’s messaging application is the fact that the application is already largely subscribed to. And the launch of a cryptocurrency on the application is just a matter of integration into the pre-existing ecosystem and the cryptocurrency has a ready user-base and does not have to worry about adoption.
With millions of users on the Kik network already, the company had very little marketing to do. And with a fully functioning application ready, the company literally just had to integrate the third-party services for the coin and the KIN wallet to the already existing application. The company has a sure-shot way of making the KIN token a big thing because there are many ways to earn these coins and there are already millions of users who are willing to try.
This is another place that the KIN cryptocurrency has an edge over the others. KIN is the cryptocurrency of the Kik messaging application. It is literally the brainchild of Kik and because of that, all partners of Kik are indirect partners of Kik.
Currently, the Kik Messaging Application is onboarding Sephora, Shopify and other big names. It is expected that these companies will also be on board with the brand’s KIN cryptocurrency. Irrespective of the partnerships the KIN ecosystem strikes, it will always have the Kik partners to fall back on. And that is a very long and powerful list.
Apart from this passage of partners, the KIN ecosystem has a partnered with Unity Gaming. The ecosystem is also backed by an individual venture capitalist.
The roadmap that the KIN Foundation had on their website was only upto 2018. Where in the first quarter they were supposed to launch the wallet on the pre-existing messaging application and start the use of KIN on the platform. Both of which have been achieved by the company.
Over the next year, the Kik Messaging application and the KIN Foundation are expected to onboard more clients and companies that accept KIN in exchange of services and goods.
KIN: Token Performance
The KIN token was released in September 2017 in an ICO. The ICO ended two weeks later after having raised close to $100 million USD. In the overall scheme of things, the KIN token is ranked as the 112th in the market right now.
Apart from a few spikes here and there, the cryptocurrency has been relatively stable. The current value of the cryptocurrency is $0.000064 USD and its all-time high is $0.0013 USD.
Read this article to understand Supply vs Demand Metrics for KIN, It covers everything about KIN Large supply.
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