Not many cryptocurrency projects start out with the goal of inclusiveness over personal profit. Kik’s new Kin token, although deeply involved with their chat application, will one day achieve independence. Short for ‘kinship,’ the token is a way of integrating cryptocurrency into the life of the average person. To this end, the Kinship Foundation will manage the project and will handle the burdens and rewards of the cryptocurrency itself.
Kik envisions their token being adopted by multiple content providers through a shared network. Although this is the stated goal of many currencies, Kik’s sheer clout makes them stand out above their competition. The creation of a platform after the coin’s release is a much different situation that adopting cryptocurrency for use in an already popular app.
Integration with the Kik Chat App
Kik is one of the largest chat applications in the world, consistently ranked in the top 10. Their user base is easily measured in the millions. They’ve previously experimented with in-app currency in the form of Kik Points, which was found to be a roaring success. When they started to consider creating their own cryptocurrency, the Kik Points project was slowly drawn to a close. Now they envision recreating that project with the Kin token, creating value that the user can earn and spend outside of the Kik platform.
They have displayed several potential use cases for this technology. The first is a simple cover-charge feature for VIP groups. Influencers and celebrities could create a closed group, and charge an admission fee for premium access to their group. Kik has already shown that this type of group is valid, and integrating the payment system directly with their new coin will create a strong demand. To further this, they will also create an ecosystem where users can pay for premium content in the network. This includes items like new music, images, and videos.
The token can also be used to generate engagement through shout-outs. These messages use Kin as a function of promotion power, and the more spent, the further the reach. Users who engage with the shout-out will then receive a portion of the Kin spent as a reward. The simplest function is the ability to tip using Kin, in the app.
The Creation of the Kin Foundation
Kik envisions the Kin token being at the center of a full ecosystem of digital services. The first step to creating confidence for other creators is to divest themselves fully of the management of Kin. The creation of the Kin Foundation will remove power from Kik itself and create a third-party non-profit organization. The foundation can then promote Kin tokens for use in a variety of digital services and to myriad content creators. Each additional service provider increases the value of the token exponentially.
To this end, Kik will also slowly port their code base over into an open source model. This will allow others to build on their development and create their own systems that can use the Kin token. In addition, the majority of Kin allocation goes to the foundation for use in the Kin Rewards Engine ecosystem. The Kin Rewards Engine encourages users to adopt the cryptocurrency, as no direct fiat purchase is necessary to get involved.
The Kin Rewards Engine
Kik believes that user adoption is best achieved through a robust rewards system. The Kin Rewards Engine provides users with portions of Kin through their engagement and creation of value within the system. Through their initial allocation, the Kin Foundation can distribute tokens to digital service providers on the network for use in the engine. This happens at periodic intervals through a transparent and fair distribution. The distribution is available for auditing and provides those content creators with the Kin necessary to pay out to users. The Kik Points system showed that when users get the option to earn their currency rather than purchase it outright, they are more inclined to participate in the economy.
What to Expect of Kin’s Value
Kin is trading at a very undervalued price of $0.0003 per coin. Their currently low market cap and support from a major company ensure that this token will gain value over time – Kik is not going to allow the token to stagnate. This low price is also partially caused by an unexpected inability for Canadians to participate in the token distribution event. As Kik’s headquarters is in Canada, this was a particularly strong blow to the starting value, which savvy investors will be able to take advantage of now.
As Kik fully integrates the Kin ecosystem, we can expect the value of Kin to go up in response. When they succeed in bringing on more digital service providers and given the ultimately finite amount of tokens, demand should necessitate a rise in value. Kin is still very early in their roadmap for adoption, which means that the cryptocurrency is a solid long-term investment.
We will be updating our subscribers as soon as we know more. For the latest updates on KIN, sign up below!
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.
Image courtesy of coinmarketcap.com
Blockchain-Focused ETF Arrives on London Stock Exchange
The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.
While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.
The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.
Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…
Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?
Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.
However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.
Bitcoin as a divorce tool?
In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.
However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…
Three Biggest Things To Know Come Cryptocurrency Tax Season
In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.
These three tips should help anyone looking to legally report their crypto activity to figure out where to start.
Documentation is key!
There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting. Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.
Calculate your total gains…
The Highly Acclaimed PayDex, an Advanced Blockchain Payment Platform
Top 3 Cryptos to Serve as an Alternative to Bitcoin
Why HODLing XRP, BAT, and EOS is a Smart Idea
Altcoins2 weeks ago
No Choice Left for Banks — They have to Turn to Ripple and XRP
Blogs2 weeks ago
BTC/ETH/XRP — What to Expect in March 2019
Altcoins2 weeks ago
A Potential Killer dApp Emerges — TronBet Volume Hits $41 Million in a Single Week
Hot Updates2 weeks ago
Aaron System in Thailand enters into Mongolian Cryptocurrency Exchange market with UBWAVE in Mongolia
Altcoins1 week ago
Verge (XVG) Unexpectedly Surges by 11% After Code Malfunction
Hot Updates2 weeks ago
BTC ETF Approval will Boost the Crypto Market ?- Bexplus BTC Investment Tips 2019
Bitcoin1 week ago
Stanford Lecturer praises XRP over Bitcoin
Altcoins2 weeks ago
CoinFlip ATMs Present a Compelling Opportunity for Crypto Traders