How KIN Can Change the Social Networks | Blockchain Central


Hey everybody, welcome to a new episode on
BLOCKCHAIN CENTRAL!
If you are part of Generation Z, you have
probably heard of the KIK Messenger.
If you are not, let’s just say KIK is a
bit like WhatsApp…
It aims to be much more, though.
As a Western copy of Chinese WeChat, it is
more of an ecosystem that the user rarely
has to leave.
It can be used for banking, transportation,
shopping, IoT, messaging and a lot more.
In today’s episode of Blockchain Central
we’ll look at KIK ecosystem and analyze
their native cryptocurrency called KIN.
Let’s go!
—-INTRO—-
The ICO of KIN went live on September 12th,
2017.
Within two weeks, $98 million were raised
by fans and supporters, but unfortunately
the target of $125 million was not reached.
From a technical point of view, KIN is also
quite interesting.
First the KIK team considered building their
token on Ethereum, but this turned out to
be too expensive for microtransactions.
Then after briefly considering Stellar, they
decided to copy the Stellar code and adapt
it to their needs.
Today, KIN is still not integrated into the
KIK user experience and, as such, it doesn’t
yet have a real use case.
That is why, it is still regarded as a speculative
currency, but this will probably change soon.
After it is merged with the messenger the
following use cases can emerge:
VIP groups: Chat groups can be opened that
are limited to paying users.
This can be interesting for celebrities and
content creators.
It would mark the beginning of a new way to
engage with fans.
Premium content: Things shared in a group
could be accessible upon payment.
KIN will allow anyone on KIK to ask for money
before accessing selected content.
Sending money: Sending money on KIK will be
as easy as sending a text message.
This can be done in groups or one on one.
The idea is to compensate friends for the
pizza last night or settle your poker debt.
Bot monetization: KIN will allow bot developers
to use money in-app easily.
So, if you use a bot to order a pizza, you
can pay with one click without worrying about
different payment methods.
Brand missions: Brands can incentivize people
with KIN to do a certain task.
One could for example post a selfie with the
t-shirt of a certain brand.
That way, a company can drive its micro-influencer
efforts.
In general, the KIN token will allow people
to pay for products and services on KIK.
This move will bring a lot of additional features
to KIK.
KIN, however, will not just be for in-app
usage.
The plan is to also use the currency outside
the main app, for example to monetize other apps.
Currently, the most popular way to monetize
an app is through advertisements.
But, as we all know, ads are bad for the user
experience.
KIN could be used for micropayments between
the users and the developer to promote a clean
and affordable user experience.
When monetizing apps, an algorithm decides
who gets the newly created KINs.
The amount depends on how engaged users are,
with the rewards being calculated and distributed daily.
A total of 60% of all KIN tokens will be distributed
through this rewards scheme.
It all sounds very promising, but we need
to remember that the future of KIN is still
very uncertain.
It still hasn’t been integrated into KIK
and, even though team is transparent about
their progress, it could be a reason for concern.
So, what have we learned today?
KIN is an interesting cryptocurrency.
Its goal is to use it for payments on the
KIK messenger.
Implementation is in progress, but still not
complete.
We’ll just have to wait and see.
Before you go, please note that this content
neither represents financial, legal, or tax
advice, nor is it supposed to be understood
or interpreted as solicitation to buy or sell
any securities, coins or tokens.
Thank you so much for watching.
If you liked this video, make sure to hit
that like button and don’t forget to subscribe
to Blockchain Central to never miss a beat!
Happy investing!

12 Comments

Add a Comment

Your email address will not be published. Required fields are marked *