What is Kin Token and how it relates to Kik Messaging application?

ideagenerator (54)in #cryptocurrency • 8 years ago (edited)

This is my first eSTEEM post! 🤗😚😙 Go mobile!

I wanted to write about something special today (hint: I am growing something in my garden) but I will leave it for another post because I just got an interesting email today.

Last month I signed up for a newsletter about Kin and I totally forgot about it until 5 minutes ago.
I mean, I knew I signed up to something that caught my attention but I could not remember and coming though 37k unread emails it is very time consuming.

But today I finally got the email I was waiting for ( but I did not knew I was , what a head spinner this is)... Spinner? Fidget spinner? What?? Anyway..

I present to you ( how in the name of Charlie can I make this centered? ) :

KIN is a ( searching for the link to the whitepaper... ) "a decentralized ecosystem of digital services for daily life" , yeah I didn't understand anything from that statement!

Kin will be implemented on the public Ethereum blockchain as an ERC20 token.

So as he states:

10% of KIN presale ICO and token distribution.
30% of KIN aside for KIK
60% of KIN put aside for developers ( develop an app based on KIN and get paid)

Let's find out more about this , so reading and scrolling until I find something that is interesting and what do you know I found it. Actually it all starts with is messaging app called KIK(links will be at the end of this post).

OK, so I never heard of KIK and I hop into Google App store and my.. myy... very interesting:

So this KIK app has over 2 milion 300 thousand reviews with a total average of 4.3, this must be good (I wonder why I haven't heard of it until now.. strange)

Ok, I am impressed , so back to KIN Token now.
Reading more, actually I am finding out that KIN stands for kinship , thus giving you a feeling of being together, a part of a community and it is " designed specifically to bring people together in a new shared economy."

So, basically they will use KIN Token in their messaging app giving their users the possibility to spend KIN Tokens "on products,services, and other valuable assets offered by merchants, developers, influencers, and other participants."

Also, by using the Kin Rewards Engine, as they call it, they will launch an economic incentive program, which at this point I am thinking will be based on how much you chat and interact on the KIK messaging app.

Hmmm, I really see the potential of this KIN Token and here is why :

they already have a user base - their user base is comprised of teens and young adults, 57% of the user base is between 13 and 24 years old, 67% of the users live in the USA and the messaging app has over 15 million monthly active users.
there is a high level of engagement - so OK, they have a fair amount of users , but engagement is key in messaging apps , luckily they have that covered as well: a quarter of a billion messages are sent on KIK every day. On average, KIK users spend 37 minutes and send 55 messages daily on the platform
they already tested with points - "During a 2.5 year period from 2014 through 2016, Kik users completed 253 million offers and spent the points earned on 74 million purchases" <--- 74 milion purchases?? I like it! :) The cool thing is that the users didn't even have to buy the points, they earned the points by performing valuable actions in the app.

On further research I am finding that all users will have a wallet inside the messaging app KIK, if they want, they will be able to transfer their KIN Tokens in and out of the application by interacting with the public Ethereum network, which will serve as the currency’s decentralized settlement layer.

If you are the kind of person who likes shoutouts : When a user wants to give a shoutout they will have to decide how much to spend on that shoutout , and even better, the users that will recieve the shoutout will recieve KIK Tokens for taking their time and giving their attention to the shoutout.

Here is a shoutout example :

Let's say you liked a reply that your friend just sent you, you can not send him a tip easily, here is an example:

But what about brands, we all hate those advertisements right?
Well, brands will easily be able to interact directly with users and users will be rewarded with KIN Tokens for their time.
The way brands will be able to interact with people are through surveys, theme content or curating content.

Here is an example :

Ok, enough about users lets talk about bots.
Bots exist, created by developers (*I hope they don't just create themselves cause what would be so Terminator style and of human kind bots :) *), and there are a lot of them, how many you ask ? : over 187,000 bots have been created by third-party developers. Whaaaattt ?

That is a lot of bots!
The best thing is that these bots will be helpful bots, not like those kill humany bots . (Another Terminator reference I knoowww)

Fancy a pizza ? ( Fancy a British way of saying Would you like ) , don't worry ! Your helpful bot is here, he can order pizza, hamburgers, shoes, beer, peanuts, your favorite ice-cream (you scream, everybody screams ICE-CREAM! :)) my fiancee just posted a picture of her eating ice-cream at work... now I want one, too ! ).

Here is an example of the bot:

Or, maybe you have some content that is premium?

Reading further I stumble upon a chart, this chart shows how the daily payout increases over time based on the Market Cap

There will be a token distribution event that will offer for sale one trillion units out of a 10 trillion unit total supply of Kin. So, ok .. the total supply of KIN will be 10 trillion tokens, to me that seems to be a bit too much so I run over coinmarketcap.com and look to see what other coins have 10 trillion total supply well .. I can not find any.. if you do maybe you could like a reply ?

This looks promising but I am in the clear on how will the tokens be created and, I don't know, to me it seems that the 10 trillion tokens total supply it is a bit much, I mean, yes, nobody knows how much a token will be worth, because the market decides that, but isn't that a bit of a high number ?

Well, the future will decide, but I think this is one project that we should keep our eyes open, because they have something that some projects don't have : a user base, much more than that an already tested (successfully as they claim) user base.