- Project name: KIN
- Ticker symbol: KIN
- ICO date: September 2017
- Market cap*: $28 million
- Circulating supply*: 756,097,460,976 KIN
- Total supply: 10,000,000,000,000 KIN
* As of November 16, 2018. Source: Coinmarketcap
Kik has created the Kin Ecosystem, one of the first conceivable alternative ecosystems for digital services. The Kin ecosystem plans to establish new long-term models that will provide developers and service providers the opportunity to innovate and create lasting products for their users.
Kin, the Kin ecosystem token, had their initial coin offering on September 12th, 2017. The token sale concluded on September 26th, 2017 resulting in $98 million raised from 10,026 individuals across 117 countries. It was implemented on the Ethereum blockchain as an ERC20 token.
Kik has decided they will implement a semi-centralized hybrid on-chain and off-chain transactions in order to create scalable interactions, and these transactions will be recorded on the Ethereum blockchain.
The Kin token will be used to fund Kik and to deploy the Kin Foundation. The foundation will be able to use some of the Kin to administer token supply and the Kin Rewards Engine, marketing, and operational costs. It will also be used as the Kik platform’s primary transaction currency.
The Kin project is open-source and their development progress can be tracked at https://github.com/kinecosystem.
Kin updates their blog and their subreddit with key developments and these are some of the key milestones of the project:
September 12, 2017: KIN ICO began.
November 2017: Kin Foundation’s Verting Trustee Smart Contract was released. This smart contract was used to release the funds raised during the ICO to the foundation.
December 2017: The first Kin earn and spend experiences inside of Kik were released to 10,000 users to begin testing.
March 2018: It was announced that Kin transactions would be performed on Ethereum of Stellar. Kin also announces a partnership with Unity to create Kin Gaming SDK for the next generation of game developers
April 2018: Blackhawk Network joined the Kin ecosystem to provide gift cards to users in the ecosystem via an integrated order API.
May 2018: Kin blockchain launched.
June 2018: IMVU partnered with the Kin Foundation which allowed users to do more in and around the IMVU ecosystem. Kik also integrated with Kin
July 2018: Kinit was released on the Google Play Store. This is an app that allows users to set up their wallet, answer some survey questions and be rewarded with Kin. This app allowed users to gain access to the Kin Marketplace Beta where they could spend that Kin on other brands and retailers. The Kin Developer Program was also launched.
August 2018: Swelly and true[x] partnered with the Kin foundation to give users a more interactive experience with the Kinit Beta app. The Kinit App also became available in the iOS App Store.
October 2018: The Kin Developer Program demoed all of their projects. DoSomething.org promoted voter registration in Kinit.
November 2018: Kik has announced that it has chosen Stellar to be the blockchain to build the ecosystem on. The Kin blockchain will be a fork of Stellar.
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The Kinit application is currently live and available on the Google Play store and the Apple’s iOS store. Users can download and create a wallet, giving them access to complete surveys in exchange for Kin tokens and spend those tokens to receive gift cards to major retailers.
Kin focuses on building an ecosystem around the platform. 200 teams applied to join the developer program and 10 apps are being built on Kin. The development teams building the apps will be rewarded if certain development and adoption milestones are reached. KIN can be used and transferred between the different apps.
On the disclosure front, Kin posts periodic updates with the latest ones being 2018 Q3 update and one year after ICO.
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