Launched by Canadian instant messaging freeware Kik, Kinit is a wallet application designed to enable users to earn Kin, a new cryptocurrency, allowing users to purchase gift cards, discounts and subscriptions from a myriad of leading brands, both international and local alike. Essentially, the app allows users to earn dollars in value and, in return, spend kin tokens in an immersive experience.
The Kin token is a fresh take on digital currency and is rather amusing to earn through completing quizzes, surveys, watching clips and interactive videos. Daily, a certain number of Kin tokens may be awarded to a user for completing tasks. According to Kik’s representatives, giveaways and promotions in exchange for the subtle adoption of the Kin token proves to be unorthodox yet effective. After all, encouraging the use of Kin drives the value and token price to a higher and more sound level. In an interview with CCN, Kik’s Vice-president of communications, Rod Mcleod, believes that this is a
Major step towards making crypto truly consumer friendly through fun and engaging experiences.
Kinit’s beta version went live on Google Play today as Kik’s newest offering, launched not long after their noteworthy triumph in September 2017, having raised approximately a $100 million from their Initial Coin Offering (ICO). Apart from the 15 million monthly users on the Kik app, Kik has further managed to gather funds approximating $120.5 million, according to Crunchbase. Not only this but Kik’s partnership with Unity Technologies gaming company will “bring cryptocurrency to millions of gaming developers”, as stated in an interview given by Kik’s spokesperson. Thus, the implication of integrating tokens into the gaming universe seems vivid.
Kinit’s vision involves three stages: the “Kin Ecosystem”, the “Kin block chain” and the “Kin standalone app”.
The first component, the Ecosystem, centers around a group of partnered organizations such as Kik, Unity, Blackhawk network and IMVU. The company plans to spend nearly $3 million on the development and maintenance of the Kin economy with teams looking over at least 50,000 wallets in total. Developers will need to develop on the token through its KinEcosystem site.
The second component of the vision is what the company calls the “Kin Blockchain”. The Kin token incorporates Ethereum for liquidity and is deployed on the Stellar network to bolster transaction rates. However, this was not always the case. The token was supposed to be an ERC-20 token after being shifted to Stellar as ERC-20 was far too congested for the likes of Kin. Then, after capitalization and liquidity concerns, the company decided that Ethereum would be used for external transactions whereas Kin would be used for internal ones, as reported by CCN.
Finally, the third stage of the vision is the beta version of the app released on Google Play. The app was designed to be simple and minimal in essence where users are immediately given pathways to “Start Earning Kin”. After confirming personal details, users can answer quizzes allowing them to earn 80 Kin for the day before being asked to win more Kin the next day, following the completion of a number of tasks.
In terms of business model and strategy, the road is crystal clear. Kik’s only strategy is to get users to use Kin tokens. An individual may be able to earn gift cards ranging from $5 to $25 everyday. Generating revenue from the app, for the time being, is being pushed to the benches and maximum exposure and re-usability of the Kin token seems to be the need of the time for the company. IMVU’s recently announced partnership with Kik will soon prove to be a solid entry for Kin tokens into existing social apps. Clearly, Kik wants to learn more about its users than the other way around.
Optimistically, the market capitalization of the Kin token is $128 million and is trading at $0.000209, according to Coinmarketcap. Considering the world’s profound infatuation with cryptocurrency and the incentives Kinit has to offer, things are looking rather bright for the app’s monetary value and competition against bigger apps. Despite being in its beta stages, Kinit manages to capture the essence of the digitization of financial and other valuable assets revolving around the average socialite and common user.
Kinit does seem to be a predicted success which is why it remains all the more crucial to keep in mind the tumultuous ride digital currencies go through. Bitcoin had its highs and lows which resulted in a domino effect for other notable digital currencies like Litecoin, Ethereum and Zcash. Kinit wishes to know its users preferences so that they can effectively coalesce the need for the Kin Token in common users’ everyday lives. This is exactly what they must do with efficiency and persistence to keep the company relevant in a time of rapid changes in social values and structure.
The future of retail is, thus, uncertain. However, the one hopeful thing we can take away from this is a good night’s sleep knowing gift cards are now only a few taps on the phone away.
You can start earning Kin tokens immediately. Here‘s a link to the Kinit application.
For more information on the Kin developer program, visit here.