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Kin is the native cryptocurrency for the Kik social media platform. The aim of Kin is to enable a marketplace through which developers create goods and services that users consume over social media.
The primary economic incentive for existing social medial platforms is to monetize the attention of its customers, predominantly by selling advertising. Kin proposes that a decentralized network reduces the
incentive to advertise, and developers will build better products for consumers as a result.
Kin uses what is known as proof-of-human-work, which releases tokens to users as a reward for providing valuable services to the network.
KIN’s economic model has never been attempted at a large scale. Most cryptocurrencies depend on achieving adoption and growth simply by delivering great technology and generating hype. Instead, the Kin model will create growth via incentivized participation. It will also result in widespread, mainstream adoption by offering other mainstream companies explicit rewards for finally bringing cryptocurrency into their products.
Within the actual Kin wallet on the Kik Messenger you will be able to:
1) Deposit and withdrawal Kin
2) Earn Kin and spend Kin
3) Send chats to other Kin wallet users
4) Receive notifications
5) View Kin balance and also all transaction history
Kin Foundation results for an initial test run for Kin Wallet are in and the results are good.
Kin Wallet Test Results:
What happened when Kik interactive did a test run for the Kin wallet inside Kik Messenger?
Kik Messenger users were able to create a Kin wallet within the Kik Messenger. A new Kin wallet was pre-loaded with 6,000 Kin. 41% of users simply created a wallet and that’s it. 40% of users created a wallet and earned more Kin by completing a poll. 19% of users created a wallet, earned more kin by completing a poll and spent some Kin purchasing stickers.
Will the Kik team be able to deliver on its release of a Kik wallet to all of its users by Q1 of 2018?
The achievement looks promising. The Kik team has already completed testing of the Kin wallet in the Kik Messenger app in the first month of Q1 2018. The major hurdle will be finding a blockchain that can handle the volume of Kin transactions within the Kik Messenger app. Securing a viable blockchain for Kin transaction volume may be the final implementation needed to complete and release Kik Messengers first ever Kin wallet for all users.
Q3 2018: Launch of Kin Rewards Engine Kin Rewards Engine
INITIAL COIN OFFERING (ICO)
The token sale was split between a pre-sale, where 487.80 billion (4.9%) tokens were sold.
Participants in the pre-sale received a 30% discount and $50 million was raised.
A public sale was launched aimed at selling the remaining 512.20 billion KIN for $75 million (in ether).
The exact amount raised during the public sale has not been disclosed but Etherscan indicates that the entire allocation was in fact minted.
Tokens held by Kik vest at a rate of 300 billion per quarter for the ten quarters following the end of the sale.
Foundation tokens are intended to be distributed through the Kin Rewards Engine, which has been split into 4.5 trillion for network participants and 1.5 trillion for marketing and other operational costs of the Kin foundation. These tokens are scheduled to be released into the network at a declining rate, with 20% of the remaining balance released each year.
The 200mil hard cap is expected to be reached in approximately 14 years. Out of this, Komodo holders who have addresses starting with ‘R’ will receive a 5% annual percentage rate (APR) bonus on their Komodo holdings until the 200 million supply limit is reached.
Additional $75m estimated raised at public sale.
Creators / Founders
Founder and CEO, Kik
- Founded Kik in 2009
- Named one of Fast Company’s most creative people
Core Development Team
CFO and COO, Kik
Prior experience running finance and operations at Startups
Chief product officer, Kik
Previously VP of products at Rounds
President, Kik Israel
Previously co-founder and CEO at Rounds
Chief marketing officer, Kik
Previously VP of global marketing and partnerships at Spotify
General counsel and chief compliance officer, Kik
Previously EVP and general counsel at Citizens Business Bank
Partner at Union Square Ventures
Co-founder and managing partner at CoinTree
Co-founder and managing partner at CoinFund
Tencent, the owner of China’s messaging mammoth, WeChat, and the world’s fifth-largest internet company by revenue, invested $50 million into Kik in 2015 as evidence of their belief that Kik would lead the charge in the western world’s adoption of the WeChat model: where an ecosystem of mobile apps can turn every smartphone into a hub that powers the modern, digital economy.
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