An Introduction to Kin
The decentralised cryptocurrency Kin originally issued on the Ethereum blockchain through an ICO. Kin now operates on two blockchains; Ethereum and it’s own fork of Stellar. Soon an atomic swap will be introduced to link the two blockchains. The Kin Foundation was created by Kik Interactive in September 2017 holding an ICO raising over $98 million from over 10,000 investors.
Related to the word “kinship” and conveying a feeling of being connected to community, the Kin cryptocurrency is designed specifically to bring people together in a new shared economy and will serve as the foundation for a decentralised ecosystem of digital services.
The purpose of Kin is to facilitate a transfer of value in digital services. These could include gaming and social media, this will all eventually be fully integrated into Kik. Kin incentivises developers with daily rewards via the KRE. The payout is based on the usage and volume the developer brings to the eco-system.
Here is why Kin is different from other cryptocurrencies;
- It’s run on own it’s own public blockchain — similar to Stellar but forked and altered to suit the needs of Kin
- Kin has monetary value, this means it can be bought and sold for real money
- The Kin Foundation are planning to make Kin available to use in multiple digital services and apps
- Kin currently has a fully functional tip bot called Kinny, available to use on Reddit, Twitter and other platforms
- Multiple applications are operating through the Kin blockchain on iOS and Android already
- Kin has been created by the well established company Kik with a history of success with Kik Points
- Kin incentises developers to create great applications and services with the aid of the Kin Rewards Engine
- Users are inventised to use Kin apps and services because they get paid for their contributions
Everyone Who Contributes Receives Rewards
Through Kin, content creators and developers can be compensated for their offerings. This means that you can get access to better content and experiences. And by the way, you should also get compensated for the contributions you make! For example, if you watch an ad, why shouldn’t you get a cut of the ad revenue? You’ll get paid directly in Kin!
How is the Kin Cryptocurrency Distributed?
There will be fixed supply of 10 trillion Kin tokens in total;
- 1 trillion Kin will be allocated to ICO participants
- 3 trillion Kin will be pre-allocated to Kik as the founding member of the Kin Foundation
- Kik’s 30% pre-allocation will be unlocked and distributed to Kik at 10% per quarter, for 10 quarters.
- The remaining 6 trillion Kin will be under the purview of the Kin Foundation, locked under the Kin Rewards Engine, and used to grow the Kin Ecosystem.
The 10 trillion Kin has been distributed as stated below;
- 5% – Pre-sale participants. Received at a 30% discount prior to the TDE.
- 5% – TDE participants.
- 60% – KRE reserves for ecosystem growth.
- 30% – Kik Interactive
Below you can watch a video from the Kin Foundation themselves explaining Kin;
Kin is a new cryptocurrency created by one of the world’s most popular messaging apps, Kik. Based on the idea that when we all work together everybody wins, Kin has created a way for your favourite sites, services, and brands to get rewarded for creating awesome user experiences rather than using ads, charging for subscriptions, or selling your personal information. Kin puts you exactly where you belong, at the center of your digital life. – Kin Foundation
Here is Our Guide on How to Buy Kin