Currently about 1,000 users of Kik can earn the crypto currency KIN in a test run. However, it is not mined, but distributed to users when they watch tutorials, participate in surveys or solve puzzles. Depending on their severity and effort, they are rewarded with a certain amount of KIN. However, the currency can currently only be issued in the KIN Marketplace for comparatively unspectacular countervalues – namely background images for the chat. But that is not all.
In the medium term, all users of the Messenger should be able to participate in the project. According to CEO and founder Ted Livingston, the goal is that “KIN will become the most widely used crypto currency”. Everyone can participate too through a real cryptosuite review that will be explained later. Through the KIN Foundation, Kik wants to build around a complete ecosystem in which KIN is used to pay for “digital services in daily life”. Users themselves as well as companies should be able to offer their own mini-services via Kik.Among other things, they could help with the choice of clothes, compose a ringtone, share pictures and videos or offer complex services. For these favors, they would then be remunerated by others with KIN. Influencers and celebrities, on the other hand, will be given the opportunity to hold discussions and contact rounds for fans – which users can join for a contribution. The aim is “to create a diverse and constantly growing system of digital services” that offers opportunities to use the currency in a way that has real added value.
So far rather worthless
Whoever offers services should also be automatically rewarded with KIN by the KIN Foundation. An amount would be distributed daily, the amount of which would be calculated from the circulation, the total amount of KIN and one’s own contribution to the “entire ecosystem”. This should encourage users to actively participate in the large marketplace. Of course, advertisements and promotional messages should also be paid with KIN or friends should be rewarded with a tip for a funny message.
KIN has existed for a long time. At an ICO last year, Kik collected almost 100 million US dollars and initially experimented with KIN as an ERC20 token on the Ethereum blockchain, which, however, “did not meet our needs. Since March, Kik has therefore relied on Stellar for KIN, which had enabled up to 1.2 million test transactions per day in a test with numerous users. Enough to be a real currency at some point.
So far, KIN isn’t worth much. The equivalent value for a KIN is currently only 0.00012 Euro. The direct integration of the crypto currency into the messenger could actually contribute to its acceptance and dissemination – at least in the USA. Because Kik is not as popular as WhatsApp or WeChat. Therefore, the goal of becoming the leading crypto currency is quite ambitious.