In this article, I’ll be talking on one of the popular cryptocurrency projects which sprung up early/mid-2016 – KIN Coin, it’s history, features, and where to buy Kin coin.
What is Kin coin?
The kin coin is a social network and messaging currency token developed and owned by a Canada based billion dollar established tech company – Kik Interactive Inc., which is built on the blockchain technology with its main function being the transfer of value between users.
The kin coin is listed on CMC – CoinMarketCap, the topmost generally accepted crypto market capitalization site. According to coinmarketcap.com, Kin is used as money within a digital ecosystem of consumer applications and services. Kin coins enter circulation via an incentive model referred to as the Kin Rewards Engine, or “KRE,” which rewards the developers that create compelling user experiences with Kin based on their engagements.
Currently, it has a market capitalization of USD 3,322,405 and a 24h trading volume of USD 225,958 with a total supply of 10 trillion Kin coins, of which 1,214,839,705,290 Kin coins are currently circulating. Its current price is USD 0.000003 for 1 Kin coin, and it’s the price has, for a while, remained resilient to downtrends.
Kin was built to fuel better engagements in digital networks or communities and enable the transfer of value amongst members of such communities no matter how little the amount is. The goal of Kin coin, the Kin developers and community/users, is to monetize digital communities.
Dozens of apps both for iOS and Android phones have already gotten connected into the Kin ecosystem, making activities in such apps more engaging and fulfilling as the community is now monetized. Value can be easily transferred from one user to the other.
Examples of these apps include; Kinny and Nearby under Communication and Social categories, Speed Genius and PeerBet under the gaming category for iOS devices, PauseFor under Health and Fitness category, and the popular Madlipz under News and Entertainment category for iOS. Other Android enabled apps to include Kinit, Drump Dance, City Routes, Castle Rush AR, Uwe, Kimeo, KinFit, King VPN, Wicrypt, Syngli, Facts around the world, etc.
In a few words, the Kin coin crypto network/community is built to be an ecosystem of applications that use Kin coin as a medium for the exchange of value amongst its users. Right now, I know your question would be where to buy Kin coin.
The Kin project was first launched on the Ethereum blockchain as an ERC20 enabled token. After the ICO and couple of other developments and additions, the Kik developers announced their intentions to swap the Kin tokens to the Stellar blockchain ecosystem in partnership with Changelly.
Other partnerships the Kin project have had include it’s a partnership with Shopify by being one of its means of receiving payments and with Freewallet when it became their official wallet to store the Kin coins during and after the swap.
How Does The Kin Blockchain Work?
Kin is not a coin in the pure definitions of an average crypto coin, as it is not its blockchain’s own native digital asset. Unlike other crypto projects, Kin is an application ecosystem on its own but built on the foundations of two different blockchain ecosystems. Kin was built to concentrate on monetizing the digital world, placing value on things without any apparent inherent fiat value like abstract digital goods and services, memes, themes, stickers, game characters, armory or weapons, other unlockables in its various applications, etc. I know you still want to know where to buy Kin coins, wait for it.
Kik Tech does not only use Kin for their apps, (they are merely the project’s control button), Kin is a decentralized currency in an ecosystem of centralized apps owned by various developers.
How to Earn Kin
Using the various apps connected to the Kin ecosystem, one can earn Kin by getting rewarded for value creations. With its KRE – Kin Rewards Engine, Kin inflates through value creation and thereby rewards developers of apps in the ecosystem who continuously create new experiences and features in their apps to increase engagements and the transaction volume in Kin through user-to-user interaction. This KRE pays out a fixed amount of Kin each day and divides it up proportionately to each app in the Kin ecosystem according to the transaction volume and engagements they could generate that day.
So just like Steem, Streamit, BAT, etc., you can easily earn Kin by downloading a couple of the apps connected to the Kin ecosystem that you’re interested in and start interacting with other users in it.
About the Kin blockchains, remember I earlier talked about Kin starting as an ERC20 token under the Ethereum blockchain ecosystem where it harnesses its specific features of high liquidity, top-notch security, and decentralization. Also, Kin forked the stellar blockchain to create a scalable, fast, and fee-less blockchain. So I posit that Kin runs on its ecosystem – the Kik ecosystem, together with that of stellar and Ethereum. Now you still want to know where to buy Kin Coins? Of course, I know you do!
Is Kin Coin Legit?
The Kin project is one of the crypto projects of its kind with somewhat less accusing fingers from stakeholder angles. In 2017, Kik conducted an ICO – Initial Coin Offering to the general public reportedly stating that it was a form of digital assets investment and raised to USD 100 million in seconds, which has in the record as one of the largest and fastest ICO sales. Trouble started when the Securities and Exchange Commission, SEC., of the US sued the Kik Corporation for conducting the $100m ICO because the ICO was not first registered with them according to US investment regulations of the SEC., and thereby tagged it as an illegal activity. But does this alone make the Kik project – Kin to be a scam project? Your guess is as good as mine.
However, Kik Interactive Inc. filed for a trial following the suit by SEC, and SEC, on the other hand, submitted that the matter could and should be resolved by dispositive motion. Whereas the company is hoping for a May 2020 trial, SEC has pushed for a later date, and this has, in turn, led to delays in the trial case and presumed expenses on the Kik project team.
This and probably more has led the Kik company to complain about heavy financial burdens since the case began, which led to their selling off of its original Kik messaging platform and concluding to focus solely on its cryptocurrency ecosystem.
Exchanges Listing Kin Coin
Kin got popular after its ICO, and on the run has been listed in various exchanges, which include Bancor Network, HitBTC, FatBTC, Lykke, and IDEX. Buying Kin coin will require you have to get some Ethereum first. Also, you will need an Ethereum enabled wallet like MyEtherWallet, Imtoken, Trust Wallet to store your Kin if you don’t wish to leave them in the exchange wallets.
Alternatives to Kin Coin
Based on type, use case, features, and peculiarities, the alternative or similar crypto tokens or coins to the Kin include Zel (ZEL), SDChain (SDA), Counterparty (XCP), Stream it Coin (STREAM), Steem Tokens and Ondori (RSTR).
The kin coin is one of a kind project currently in this crypto space. If allowed to work/walk through all their plans successfully, the chances are that the Kik Interactive Inc. will before the year wraps up produce a Kin token/coin with an outstanding and obvious use case which has as much value and recognition in the crypto space beyond our current imaginations.