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.
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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.
Image courtesy of coinmarketcap.com
Reasons Why You Are Much Safer When Crypto Trading on Dexes
While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.
During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.
Here are some reasons why you might want to consider doing the same.
1. True ownership of your coins
The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges…
Crypto Billionaire Predicts Massive Price Growth by 2021
Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.
Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.
He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.
However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…
TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level
Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world. Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon. This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs. One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos. TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.
Problems with Centralized Casinos
The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model. And online casinos are no different. It still needs to be said that centralized casinos have proven that there is a great demand for online gambling. The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative. But industries are continually evolving and this one is no different.
A few of the problems facing centralized casinos include the following:
- Little to no transparency
- Consumer lack of confidence
- Privacy concerns
- 48-72 hour wait time for withdrawals
These are four monumental issues that need to be addressed quickly given the global growth of the market. Casinos need to…
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