Nowadays you would find certain cryptocurrencies in almost every existing industry starting from entertainment to education, medicine, social media, and even sports. The concept of using a virtual currency for transaction and payment, which started back in 2009 with only one legitimate currency named Bitcoin, has now proliferated into using nearly eighteen hundred currencies among which circa 1600 coins are used by various traders on a quotidian basis. Every day new ICOs are being tokenized into new digital currencies thereby making the cryptocurrency market even more competitive. Under the circumstances, each cryptocurrency currently available in the market along with new ICO start-ups is trying to provide something unique to their traders.
As social media has become an inextricable part of modern human life, different cryptocurrencies are trying to work this new trend to their advantage. Kin coin (KIN) is certainly one of the most successful names among such cryptocurrencies. This coin was introduced to the traders in September 2017, by Kik, one of the most renowned social media companies in Canada, after raising a whopping 98 million USD in its token sale. The coin is still under constant technical developments which are likely to be completed by the end of this year. Here, you would find out some significant facts about this currency helping you to depict a probable future for the KIN holders by the end of this year.
The Purpose of Kin at a Glance:
Kin coin was developed by the Canadian social media company Kik for the purpose of providing a blockchain platform where content developers and consumers are able to transact directly in lieu of depending on some advertising revenue for monetizing the content creation service. By nature, Kin coin is currently an ERC-20 token. However, the developers of this coin are making upgrades incessantly in order to integrate this currency to Kik app and to make an atomic swap with Stellar token possible for better scalability.
Kin Integration to Kik:
Kik is one of the most popular social media platforms (ranked 7th) and belongs to the list containing big guns like WhatsApp and Facebook messenger. Besides chatting, this platform also allows sharing photos, videos, and other forms of various contents. As per recent statistics, this application has more than 15 million monthly users which majorly consist of people belonging to the age group of 13-24 years. One of the main reasons behind Kik’s popularity is its anonymity feature. The privacy protection protocol on Kik platform is fairly rigid and indecipherably encrypted. Through this integration, Kin’s development team are trying to make the usage of cryptocurrency more familiar to the mass. Kik’s platform holds the reputation of introducing new innovative products successfully to people residing all across the globe. Therefore, it can be expected that with Kin’s integration to this application would certainly increase its circulation throughout the world eventually increasing its popularity.
Also, Kik application has recently implemented a new feature of rewarding the content creators directly. Through this integration, KIN will be extensively used for this purpose and for making other transactions and payments as well.
The Kin Ecosystem Foundation
The Kin Ecosystem Foundation is an independent non-profit governance body for Kin cryptocurrency. It endeavors to be the provider of various tools for digital communication. According to Kin’s whitepaper, the Kin Foundation has three principal goals for fulfilling their mission to become an open ecosystem of digital services and communication. These three goals include:
- Governance Goals: Establishing a governance system that would cater to the desiderata and complaints of all users using the Kin ecosystem.
- Research Goals: Developing an ecosystem where new and innovative methods can be tested along with drive value creation and network effects.
- Development Goals: Development of new tools with ingenious features by engaging in partnerships with various companies in order to make the ecosystem more convenient. The development team would maintain an open source code base for this purpose.
Launch of Kin’s Own Blockchain:
On 8th May 2018, Kin’s development team announced the launching of Kin’s own blockchain which will be based on the blockchain design of Stellar Lumens. The Kin Foundation already leverages the Ethereum blockchain for offering liquidity and security to the KIN holders. Once this blockchain is launched, Kin’s objective to create a hybrid ecosystem would be fulfilled and eventually, Kin’s ecosystem would be able to offer a much faster and more scalable transaction system to their traders.
Kin’s Current Condition:
As of 9th May 2018, Kin’s price is equivalent to nearly $0.00016. Its market capitalization stands at approximately 125 Million USD at the moment, giving this coin the 133rd position on Coinmarketcap. In January 2018, Kin reached a market capitalization surpassing the 400 Million USD mark. Compared to that, the current situation might seem a little bleak. However, since the announcement of Kin’s own blockchain launch, new investors are beginning to take some interest in this currency causing a lasting upward trend.
Final Thoughts:
Both social media and cryptocurrency are becoming indispensable to human life nowadays. Under the circumstances, Kin’s approach of combining both of them is likely to grab the attention of a significant number of people. Also, with 1 trillion coins available, circulation wouldn’t be a problem for this coin. If the development team continues to upgrade Kin’s ecosystem by implementing new features, the current Kin holders could expect for a lucrative outcome by the end of this year.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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