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Kik’s Kin set to be used on the world’s largest 3D Social Network

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The world of virtual reality is coming of age quickly especially with the advent of robust internet connections. From the likes of Facebook and Instagram profiles, it almost seems as if you cannot exist without a digital virtual presence. One company by the name of IMVU is taking this concept to a whole new level with a platform that allows you to do more than just chart.

Already, there are over 4 million people visiting IMVU to spend about 55 minutes building their virtual profiles, charting with other platform users and shopping or doing other activities that you would normally do in the real world. In fact, there are about 50,000 people on IMVU earning a living on the avatar-based social network giant platform.

Given that users on IMVU generate over 15 million transactions, spending billions using IMVU’s native credits, a move by Kik ( the company backing Kin Coin) will enable Kin coin’s integration into the IMVU system whereby users will be able to earn cryptocurrencies and exchange for fiat currency on the platform.

More about IMVU

IMVU boasts of millions of users on its platform with about 40 percent coming from the US and 60 percent from the UK, France, Brazil, and Canada. The platform was rated top most visited app by teens in 2017 according to comScore. Users on the platforms can create and sell their own digital goods or interact with other platforms users while building up meaningful relationships. Compared to Facebook, Twitter, Snap chat and YouTube, IMVU targets a young audience who spend more time on its platform than any of the major social media platforms.

The partnership between IMVU and Kik (the messenger service) will enable the integration of the Kin coin into the IMVU ecosystem. Basically, users will be able to earn Kin tokens and do more on IMVU as well as on Kin’s marketplace. To make it even more exciting, the audiences of both Kik and IMVU are strategically aligned and highly complementary to one another considering the fact that more than half of IMVU users are also Kik users.

How the platform is set to work

IMVU and Kik have set up a partner experience with companies like Blackhawk network to give platforms users access to services like Xbox live, Unity and Netflix. To get started on the platform, however, there are a couple of requirements. After users have activated their Kin wallet, they will be able to earn Kin tokens to later spend on a variety of offers. This partnership presents an opportunity for mass adoption of the Kin cryptocurrency since the IMVU platform inculcates a number of incentives that users will have access to on registration. Furthermore, users will also be allowed to participate in polls and other content programs that reward creators on the platform.

Last word

The partnership with IMVU and Kik is set to be a game changer not only in the crypto space but in the social media industry as well. These two platforms are set apart by the fact that they allow creators to make a living from their content while also facilitating meaningful friendships and bonding opportunities for users. By adding Kin to the platform, IMVU and Kik users will manage to build thriving virtual communities that will develop a sharing culture.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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How is the Crypto Market Changing?

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It has been around a month and a half since the start of 2019, and there are already some pretty obvious changes in the way the crypto market operates, especially when compared to the last year. Early 2018 was almost a complete opposite. The previous year started with cryptocurrencies at their strongest, only to see them crashing down after a few weeks. Back then, the ICO model was still quite strong, and so was the hype surrounding the crypto space. New investors kept entering the space, and new startups emerged with their tokens ready to be sold.

As the year progressed, things started to change. The prices continued to drop, the ICO model went down from around $1.4 billion in raised funds at the beginning of the year to only $100 million in the last month.

The ICO model lost investors’ trust, as many of the projects turned out to be either too weak to survive after the crypto winter struck, or scams which tricked investors out of their money and disappeared. Not to mention that the increase in ICOs popularity attracted the regulators who cracked down on them pretty hard, especially in the US.

With all of that happening, it is of a small surprise that the investors started giving up on ICOs, especially with the constant drops in prices which saw even the largest coins…

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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