2017 has been a huge year for cryptocurrencies with the market cap soaring past $160 billion at its peak in the last few days, we have also seen the rise of the ICO industry with a new influx of projects offering their token to help raise funds in an attempt to launch their ideas. ICO’s can be a great way for investors to make a profit on the tokens.
One of the most recent ICO’s to be announced is of particular excitement to the crypto world, that is because the ICO known as Kin is a new project which Kik Messenger are working on. With the ICO due to launch on 12th September you need to register before 9th September to be part of the token distribution event.
Who are Kik Messenger?
Kik messenger, more commonly referred to as Kik Is a freeware instant messaging mobile app which allows users to exchange messages, pictures videos etc. after creating a username. The main focus of Kik is on anonymity for its users as it does not require a mobile number or any personal details to set an account up, Kik instead uses IP address to determine your location. Since its launch in 2010 it has had over 300 million registered users, given the popularity of Kik we can understand the excitement around Kin.
What is Kin and how will it work?
“Kin: a decentralised ecosystem of digital services for daily life” Kin will become the ecosystem within Kik allowing a completely new platform to be created as a result.
The plan in the Kin whitepaper for ecosystem is broke down into four steps:
- Create a new cryptocurrency – Kin will be the currency with its’ name coming from ‘Kinship’ it will look to connect users creating a community.
- Give the currency a fundamental value – in order to establish the Kin economy around the Kin currency it must have value, in order to establish value Kik will become the first service to join the Kin ecosystem and Kin will be the fundamental currency used within Kik. Further down the line users will be able to earn Kin by providing value to other members through curation, creating content and commerce. Kin can then be spent on products and services offered by other users and merchants. This as a whole will allow Kin to act as a store of value which will help to give the currency value.
- Building an ecosystem – Much like the Bitcoin block reward for miners the Kin reward system will use economic incentives to bring other digital services into the decentralized Kin ecosystem. The majority of the Kin supply will be allocated to the operation of the Kin rewards engine, from time to time a specific amount of Kin will unlock and be distributed among digital service providers within the Kin ecosystem.
- A foundation for open governance – Kik are working on creating the Kin Foundation, this will be a non profit organisation to oversee the fair and productive growth in the Kin ecosystem
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