You have have heard of bitcoin in the news lately, probably something related to the price of bitcoin. However, bitcoin isn’t the only cryptocurrency coin on the market. There is also Kin Coins.
There are many apps and developers introducing and integrating cryptocurrencies into their apps. One of the apps doing so is Kik with its introduction of the Kin Coin
Kin: The New Crypto-Currency
Kik Interactive – that has created the chat platform Kik – has decided to launch a crypto-currency called “Kin” through which customers could purchase digital services.
Kik is a chat and messaging application that is free for the users and was founded in the year 2009. It was built for teenagers, with around roughly 300 million users who are registered till now as well as 15 million monthly users.
The company hopes that the currency will become the most popular crypto-currency worldwide, considering that the chat app has millions of active users currently.
The CEO also commented that their main aim was to create an economy where millions of consumers are earning crypto-currency for the first time and then, they will spend the same currency as well.
But what is this cryptocurrency or the digital currency, one may wonder. With technology progressing so much and the effects of globalization setting in, people are trying to find ways of maKing things more efficient and cost effective.
People look for convenience and pay for convenience as well. People nowadays are also becoming impatient due to the advancement in technology, and they don’t want to wait to get things done.
Everything should be done instantly. So why not transactions? Or money transfers? With most banks launching digital banKing or e-banKing services there is also something called the “digital currency” which is the next best thing.
Digital currency, which is also known as electronic money or digital money, is a little different than regular and mainstream money, like coins and bank notes which have a physical presence.
Digital currency, however, does have properties which are similar to real currencies and through this, you can make an instant transfer of money from one place to another.
Cryptocurrency, like the “Bitcoins”, are a good example of what digital money is.
Through these currencies, you can easily make purchases, make transfers, or buy and sell physical goods and services.
Buying something can be as simple as a getting a T-shirt from an online store, or as complex as buying real estate in another country.
The currency might be accepted in many (online) stores or may be restricted to certain communities for use inside a social network.
For now, the most popular digital currency that most people know of is the Bitcoin. Bitcoin is world renowned digital payment method and a cryptocurrency. It has been there since the year 2009.
The transactions take place between the users directly, and it is peer to peer. There is absolutely no intermediary in between or any third party.
The transactions which do take place between users are checked or verified through network nodes and recorded in a public ledger called the “blockchain”.
This system works without any single administrator, so because of that, Bitcoin is known to be the first decentralized digital currency in the world. Bitcoin currency can be used to exchange other currencies.
It can be used to exchange products and services as well. As of now, it is the market leader in digital currency or cryptocurrency.
What Kik Kin Coins all About
The Kin currency will be created on the public ledger something like the Bitcoin which is the original and so far the most popular, digital currency.
The sale of this new cryptocurrency sale will start sometime this year, according to the Kik founder and chief executive officer, Ted Livingston.
He also pointed out that Kik would be the first social media application to create its own currency for sale to the public.
The company’s plan is to sell 10% of the currency or token to investors as “initial coin offerings” or commonly known as the “ICO” which will be a form of raising capital. This is common with blockchain companies.
It will be created on a Ethereum blockchain, which is a public ledger. This digital currency will be used for all types of products as well as for services.
At first, it will be used only within the Kik platform and then, eventually there are plans to slowly expand to other digital services as well.
The Kin users will be able to purchase live videos, games and various other digital products using the tokens.
There are high hopes for the Kin currency, with Kik rapidly becoming one of the largest sources of wallets for any digital currency.
They aim to incorporate every aspect of one’s daily digital and physical lives through this chat app. Whether it is as simple as ordering a pizza, buying new shoes, or even a movie ticket –
Kik Kin may replace real money. The main purpose of Kik Kin is to be used as a digital currency on the Kik social network to purchase things like stickers, emojis or participating or hosting group chats.
The long term plan, however, is for it to be used outside the Kik app as well.
But even if the Kin currency remains confined within the Kik social app network, given the large size of Kik’s user base of around 15 million monthly active users, it will still be highly popular as their community itself.
It can make this currency as one of the most sought-after crypto currencies in the world. Kik is currently ranked very high in popularity at the App Store as well.
Kik seems to be following the Chinese social apps ideology, where users are already used to doing everything online.
From ordering food to getting transport or shopping for new clothes to online dating, everything is available to them with just one single app. Kik is trying to cash into that technology, which currently is not very popular in other countries, like North America.
Most of these Chinese applications, however, do not have their own currencies rather, they use payment options, like credit cards or PayPal.
What Kik plans to do, is to have their own currency tied to their app. So, when users patronize their app, Kik would pay users for their loyalty, which will lay down the platform and create the basis for a full fledged economic system that would exist within Kik.
The Future of Kik with Kik Kin
Since the app will be using the Kin currency and will have everything under the sun, there will be no need for any other use of apps or even the use of a debit or a credit card.
This way users will be bound to their app. The company aims to allow users to purchase without ever leaving their app, that means that the users will be spending more time on their single platform and so, will be less likely to move on to other options.
Since most of their users are young teenagers, they are targeting the youth who are most open to trying new things and open to change.
If they become their loyal customers, they know that Kik Kin would most definitely be a success!
Kik Messenger which is commonly known as just “Kik” is a free instant messaging mobile application from a Canadian company called the “Kik Interactive, ” and this application is easily available, free of charge, for Android, iOS, and Windows phone operating systems.
It is mostly used to send and receive messages. It can work through the wi-fi or internet system or even through a smart phone’s data plan option.
Apart from basic sending and receiving messages, it can also be used to transmit videos, photos, mobile web pages, sketches and other content as long as the users have registered themselves.
The Kik messenger had around three hundred million registered users as of May 2016, and this social messenger application was being used by around 40 per cent of American teenagers.
So, Who’s Winning?
So, this leads us to a very important question that we all must be wondering. Is Kin currency the next Bitcoin? Well, that can be Yes and a No. We do not know what the future holds.
But yes, we have seen Bitcoin as one of the pioneers in digital currency and still the most popular one. Over time, however, other digital currencies have swept in and taken charge as well.
Bitcoin, however since it is one of the oldest has learned from its mistakes and really re-invented and modified itself over the years. For example, from being centralized to decentralized, so it comes from an experienced source.
Even though it still remains the most popular, it has fallen in its market capitalization from 94% which was last year to 45.5% currently.
This shows how the rises in new cryptocurrencies are taKing over, such as Dash, Steem, Dogecoin, Antshares, etc.
This also leads us to an important point – that more and more people are willing to try out the digital currencies and existing users are also open to investing in new currencies.
Thus we can say that, although the stakes are very high, Kik Kin may become the next big thing.
The world certainly does not require too many digital currencies, and so only the best few will remain.