What Is Kin?
The Kin cryptocurrency is used as money within a digital ecosystem of consumer applications and services. It was initially launched as an ERC20 token on the Ethereum blockchain, and was designed to be the main currency in the Kik messenger ecosystem. Kik had initially launched a rewards points system, not a cryptocurrency, called Kik Points that ended in 2017. Kin is short for Kinship, since its aim was to strengthen ties within the Kik community. Kik raised around $100 million dollars in the Kin initial coin offering (ICO) in September 2017. In September 2019, Kik said that it would be shutting down its messaging app in order to fight an ongoing lawsuit with the United States Security and Exchange Commission over whether the Kin ICO sold unregistered securities. In October 2019, MediaLab bought Kik messenger, with the goal of preserving Kin.
How Does Kin Work?
Kin tokens 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 engagement. This offers a software monetization model that incentivizes the adoption of new use cases and creation of value for a cryptocurrency, as well as encouraging the exchange of value between users, as opposed to harvesting user data and attention at no benefit to users themselves. This new alternative re-aligns users and developers around a shared digital economy in which the content creators and developers that generate value are the focus, not big-data monopolies. The Kin blockchain operates autonomously via a federated consensus model, currently composed of 11+ globally distributed validator nodes, in order to maintain fault tolerance while also allowing for little-to-no fees and fast confirmation speeds. The identities of the node operators are currently private in order to maintain operational security, but these are reportedly independent, reputable digital service providers, with a history of reliable availability and maintenance.
The distribution and algorithmic logic of the Kin Rewards Engine is overseen by the Kin Foundation, a non-profit organization based out of Ontario, Canada. Undistributed Kin is held in an institutional-grade treasury that is controlled via a series of vesting periods, inflation guidelines and fiduciary custody controls that ensure the safe transfer and proper use of funds. Anti-spam and anti-fraud assurances are also provided as a service until such time that the distribution of Kin can be fully automated with those additional safeguards in place. No more than 10 trillion Kin will ever exist in the Kin ecosystem by the end of the distribution period, the large supply meant to allow mass adoption by users around the world while still transacting in whole-number denominations, as opposed to decimal places.
Where Can You Buy Kin?
You can buy Kin at any cryptocurrency exchange that offers the digital currency. Remember to do your own research before choosing an exchange. For the latest list of exchanges and trading pairs for this cryptocurrency, click on our
How do I buy cryptocurrency?
While some cryptocurrencies, including bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoin or another cryptocurrency.
To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as bitcoin or ethereum.
Coinbase is one popular cryptocurrency trading exchange where you can create both a wallet and buy and sell bitcoin and other cryptocurrencies.