Kin (KIN) Review – Crypto Coin Judge
The world of digital services is evolving rapidly. The gamut of these services includes social networks and chat apps that integrate information, communication, and commerce in innovative ways. Now, what if there is a robust decentralized ecosystem of all the digital services? Well, then trading digital services will be streamlined.
That is where the Kin ecosystem kicks in. This decentralized network will build a new world where the participants will be equally compensated for all the contributions they have made while creating, marketing, selling, or buying digital services. This ecosystem will even have its own crypto coin that is also known as Kin—this currency will be used for buying all the digital services used within this ecosystem.
Kik Messenger: making messaging fun
Kik Points: brining monetization to the chat world
Kik Points were used for buying several in-app services and items while maintaining the highest levels of privacy and improving the end-consumer’s experience. Further, the next logical evolution in this monetization model happened when the chat app’s functionality was taken beyond being a simple asset. This evolution accelerated with the boom of several cryptocurrencies, such as VeChain, Lisk, OmiseGO, Zcash, Binance, Stratis, IOTA, DASH, Stellar Lumens. The users of the chat app could easily earn Points by watching different ads. After getting the Points, the users could spend them on buying digital assets such as emojis and stickers. Regardless of their intentional limitations, Kik Points saw a very high transactional volume.
Introducing Kin: changing the way digital services are traded
Kik Points was refined and finally evolved as Kin. Being Kik’s default currency, Kin is programmed to have all those functionalities that go beyond those offered by Kik Points. This new cryptocurrency is designed to make sure that more and more people and selling and buying stickers, creating and using different bots, and hosting and joining several group chats. The main goal of developing this crypto coin is that it will be accepted for buying or selling any digital service present within the Kin ecosystem that is engineered on ethereum.
What is Kin all about?
The world of digital services and apps is truly massive. Any ecosystem that wants to seriously decentralize this world will need to have a data-driven, focused approach; this approach is common in Kin Ecosystem. This network along with its native crypto coin plans to revolutionize communication and commerce to create new digital opportunities for tomorrow.
The core segments of Kin are as follows.
- A segment of digital services that will attract user earnings
- A component of digital solutions that will attract user spending
- A segment of digital services that will simultaneously focus on earning and spending
These core segments are selected just because every one of them will be used for characterizing the user behaviors. Furthermore, each of the segments will even analyze the effects of supply and demand on the digital service marketplace. These are the top factors that may take this ecosystem to new heights.
The way the coin works inside Kik
Through this cryptocurrency, content creators and developers can simply earn the coins by charging a specific amount for their digital services. The altcoin’s distribution is relative to the transactional volumes taking place in the ecosystem. Here are some of the roles that are played by the coin within Kik’s messaging app.
- Paying for in-app purchases
- Trading the currency on other cryptocurrency exchanges
- Redeeming the currency into fiat currencies such as USD
- Earning the currency by watching sponsored videos
- Spending the currency to unlock a number of digital services
- Having the features of ERC20 tokens since the ecosystem is based on Ethereum’s blockchain
- Circulating the currency across the community
Alternative cryptoeconomic structure
Kin, the custom cryptocurrency for Kik Messenger, will fuel all the transactions and trading done within the ecosystem. So every transaction happening within the messaging app will need this crypto coin as a robust settlement currency. Further, this crypto is designed to improve its value from its role in Kik. This crypto will create an alternative cryptoeconomic structure because it will successfully monetize content curation, creation, commerce, influencers, merchants, developers, and more.
In short, the Kin network is designed for creating a digital sharing economy that gives equal opportunities to all its participants. This network will usher in a world where countless people will be compensated for offering their talent through the internet or call; it will build a world where developers will get compensated for developing and designing amazing user experiences for different consumers. In short, this ecosystem will create a world where everyone wins together by working with each other—a digital world that will be built on Kin’s alternative cryptoeconomic structure.
Kin Rewards Engine
While initially Kik will be the only platform using Kin, the ultimate vision of this system’s developers is that this chat app will be just one of many digital services provided by the ecosystem. For improving the odds of success, the core development team has dedicated a huge share of Kin coins to the reward system. As per the reward system, the developers will get a financial incentive in the form of the native cryptocurrency. There is an algorithm in place that will reflect every service’s contribution; this algorithm can be analyzed every day. Further, the reward system will divide a set amount of crypto coins among all the services that are present within the network.
This mechanism, in the end, will offer a fair way to compensate all the creators and developers of the digital services without even relying on advertising. With time, this mechanism will successfully develop a network effect—as the everyday rewards will improve in value, more developers and creators will join. Ultimately, this will boost the Kin transactions making the coin more valuable with each passing day. In the end, with the help of this reward system, the ecosystem is following a virtuous cycle that will grow the network in quality and size.
For making the whole ecosystem democratic and fair, the team has developed Kin Foundation. This foundation, which will be not for profit and independent, will operate the reward system and manage the community’s top operational aspects; these aspects generally consist of managing a decentralized user identity and other transaction services.
The presence of such a robust, unbiased organization will provide assurance to all the participants who are dipping their toes into the Kin economic structure. That is, with the help of such a foundation, this crypto coin can never be monopolized by any giant company.
Mining KIN coins
Unlike Bitcoins, where the network actually relies on miners to generate the currency, Kin coins cannot be mined. Instead, this crypto coin is earned. The Rewards Engine present within the network will pay content creators and developers whose apps will develop value within the network. So rather than relying on mining, the investors—who want to get the Kin coin—will have to create value within the system. If the investors are not developers, the app will provide them different ways for earning these coins.
Different way so earning these crypto coins are given below.
- Creating VIP groups: This is one way the influencers can create VIP groups that can be joined at a fee, which will be paid by the joiners.
- Generating premium content: In the network’s economy, incentivizing the content can be done by simply rewarding its creator with a few coins.
- Giving shout-out messages: The ecosystem enables its users to promote any message by sending it to every group member for a quick payment.
- Tipping: Apart from creating the content, sharing it can also let the users win some coins. These tips are usually given as a reward by the content creator.
Every Kik user is given a default Kin wallet that will be integrated in the app itself. One of the chief features driving the digital community to adopt this cryptocurrency is this wallet. First, the platform will integrate a special wallet for every account registered on Kik. The user interface of the wallet will enable the users to seamlessly do the most common wallet interactions.
By integrating this wallet with millions of active user accounts on Kik, the digital service will exhibit the potential to rise as one of the most adopted and used crypto wallets. Some of the common problems faced by every other wallet today include the complexities of raw crypto technology and the issues related to transaction fees or alphanumeric address or private keys. These issues and complexities develop usability barriers for a lot of mainstream users. However, through this wallet, Kik has aimed to tremendously bring down such onboarding frictions.
Buying KIN coins
As is the case with every other ERC–20 token, Kin coins too can be purchased using Ether. Right now, this crypto coin is available in just a couple of exchanges. Here is a list of them.
- Bancor Network
The steps to buy these coins
- First off, the investors need to send Ether on their private wallets—they should know the private keys, though.
- The senders, then, have to import the private wallet and its keys to an exchange’s interface.
- Afterward, the senders need to deposit Ether from the private wallet to a smart contract created on the chosen exchange.
- Having the ETH shown within the smart contract, the investors can simply by Kin and other ERC–20 currency.
- However, the investors need to make sure that the private wallet should have Ether coins so that trading does not stop.
- Once the kin coins are bought, the investors should instantly send the currency back to their private wallets. (Withdrawing the currency from the contract to a private wallet makes complete financial sense.)
KIN versus bitcoin
Put simply, the basic and most glaring difference lies in the application of these two coins. Bitcoins come under a digital currency that is developed over the blockchain technology. So that is the sole application of this crypto, but the Kin currency is much more than a crypto—instead, it is a fully fledged ecosystem that has revolutionized the way different digital services can be bought and sold. So the scope of Kin’s ecosystem is much more than what Bitcoins can offer.
Latest Kin news and happenings
KIN is among the top crypto coins to invest right now
KIN is one of the best picks for crypto speculators right now as it has had an incredible run in the last few months. The unique positioning of this crypto project has given the investors great investment opportunities just like BAT, Cardano, Stratis, Populous, Waves, Santiment, Siacoin, BitShares. Catch the complete story here. https://globalcoinreport.com/kin-kin-top-cryptocurrency-pick-right-now/
To be precise, Kin’s future seems to be bright; the reason is that the project is based on a developed product—yes, Kik Messenger was established in 2009. Like every other crypto project that is developed by a team of cryptographers who may lack the actual experience of designing a product, Kin is a complete crypto ecosphere; the ecosystem excels at democratizing and monetizing the landscape where digital services are bought and sold.
The team backing Kin
Since Kin will be closely integrated with Kik, everyone who is working with the messaging app is also involved in building the crypto project. Three core members of the team include Ted Livingston (founder and CEO), Peter Heinke (CFO and COO), and Eran Ben-Ari (chief product officer). The core development team working on this platform has the experience and expertise to meet all the deadlines mentioned in the project’s roadmap.
Investing in this crypto project is definitely a long-term bet that may yield excellent payouts. However, it is uncertain that how the app users will actually improve this ERC–20 token’s potential with time. In the end, the good thing is that the project will be reviewed by Kin Foundation, which is a nonpartisan agency. The project seems to be a long-term one, so the upcoming developments will boost its adoption, investments, and visibility by a wide margin.