What is Kin (KIN)?
Future of KIN Cryptocurrency and know how to buy KIN
Kin is a new decentralized digital currency that has been developed by team Kik. It was developed with the aim to provide a blockchain platform.
KIN: The Basics
- Kin is basically a new decentralized ecosystem of digital services for everyday life. It is a newly developed digital currency by team Kik. The kin token is developed by Kin, a Canadian social media company. The token was developed with the aim to provide a blockchain platform to the users.
- The kin token is known to first power a digital economy within the platform. Later, it is going to serve as the base of interoperability with other digital services within the Kin platform.
- Kik, the developer of Kin token is a popular social media company in Canada. It has recently introduced a new feature which involves directly rewarding the content creators. The kin token is going to be extensively used for this very purpose. In addition, the token will also be used to make other payments and transactions as well.
- Kin is basically an open source project that has a collection of public repositories available on the Kin Foundation Github page.
- Kik is planning to launch Kin on its app later in this year. This is done in order to integrate monetization into the app. With the use of Kin token, users will be able to reward content creators directly from their wallets with just a few clicks. The kin token is designed to be mobile-first. However, a wallet app will be launched soon in the coming months. In present, only a few test users can use Kin token on Kik. However, they are only allowed to buy digital stickers to use in chats. More features are going to be launched later this year.
- Mobile SDKs for kin are made available for both ios and Android devices. Other than that a python SDK is also available for other platforms.
What are the benefits of KIN token?
- The Kin Rewards Engine (KRE) is basically a built-in incentive mechanism within the Kin ecosystem. It pays daily rewards to content creators based on the usage of digital services that makes use of Kin.
- The kin token is developed with the purpose of bringing people together in a new shared economy.
- Kin will be the center of the Kik ecosystem. This will aid the platform to launch an economic incentive mechanism called the Kin Rewards Engine. This will lead to its growth in the future.
- The Kin Rewards Engine will make use of economic incentives in order to bring other digital applications and services within the decentralized ecosystem introduced by Kin.
- A large portion of Kin supply is going to be allocated to the operation of Kin Rewards Engine. The KRE will unlock and distribute a particular amount of Kin which is then shared among other digital service providers within the Kin platform.
- The kin token will be used for everyday digital services such as social media, chat, and payments. It is going to be treated as the unit of account for all transactions within the Kin platform. Other than that, it is also going to serve as the base of interoperability with other digital services as well.
How to buy and store KIN coins?
As you already know Kin is a newly developed digital currency introduced by the popular social media company Kik. The kin token is developed to be used for daily digital services. It is also the main unit used within the Kin ecosystem.
- Since Kin is a new digital currency, it is made available only on a few cryptocurrency exchanges. If you are to buy Kin tokens you can visit exchanges including Stellar post, OkEx.
- In order to buy Kin tokens, you need to register from any of the mentioned cryptocurrency exchanges. It is better to choose an exchange that meets your need. After your registration, you are required to deposit funds into your account and then buy Kin tokens.
- Kin was earlier an ERC20 based token which was powered by the Ethereum blockchain. But now the company has declared that they are shifting from the Ethereum blockchain to its own mainnet. It is now based on the Kin blockchain. ERC20 kin token holders are invited to migrate to the native Kin coin. The decision has been taken for the betterment of the kin token.
Here is the list of KIN wallets where KIN mainet coins can be stored:
What is the future of KIN token?
- Kin is one of the very few teams that is known to focus on the end-user. Kin is aiming forward to have a product for crypto generation 2.Z. This is going to interact very differently.
- Kin is also going to develop a frictionless environment where users will not be bothered by the technical constraints of the blockchain system.
- It is considered that Kin is in a very good position and also has great potential for growth in the future. Kin already has a huge captive market from the Kik Messenger.
How KIN is different from other cryptocurrencies?
- Kin is basically an in-app token that has been developed by the Kik social media company.
- Unlike other cryptocurrencies, Kin cannot be mined. It can only be earned through participating in various surveys and by getting involved with app within the Kin ecosystem.
- Kin also makes use of P2P connection in order to reward content creators.
Should you invest in KIN token?
- You need to be very cautious about investing in Kin. Although it has high growth potential in the future let’s not forget the fact that it is an in-app token. If people in future stops using Kik messenger, this will automatically stop people from using Kin. Unless it is expanded into other digital platforms, Kin can be a bit risky to invest in.