Social media platform Kik has recently launched a new app known as Kinit to enable iOS users to earn and spend the Kin digital currency.
Details of the Kinit App
According to VentureBeat, Canadian messaging app Kik has given iOS users the opportunity to earn and spend cryptocurrency with the launch of its Kinit app. Kik launched its Kin cryptocurrency last fall. According to a recent report, Kin has been called the most active dapp platform running on Ethereum. On Android alone, the Kinit app has more than 8,600 active users. This figure is higher than all other decentralized apps (DApps) on the Ethereum blockchain, which at time of the report had a combined total of approximately 7,700 users.
Adding support for iOS devices will undoubtedly increase the number of users on the Kinit app.
The Kinit app, previously available to Android users only, is the first publicly available app dedicated to Kin. The Android Kinit app was released in July. The app has been approved by Apple, which has been steadily enforcing its guidelines with digital currencies.
According to Kik, the new app is a lightweight app which offers a comfortable user experience. Users can complete a survey as their first activity to earn Kin. Other ways to earn Kin cryptocurrency include completing quizzes and polls. Some of these are sponsored by Red Bull and Swarovski through Kin’s partner, Swelly.
Once they’ve earned some Kin, users can access the Kin Marketplace where they can spend their Kin on gift cards from select brands and retailers. These include Amazon, AMC Theaters, and Google Play. Users can also transfer Kin from one person to another within the Kinit app.
Kinit is one of the few apps available to iOS users who wish to earn and spend virtual currencies in-app. There are a few iOS apps that allow blockchain transactions natively in-app such as wallet apps and Earn.com. Apart from these, there are no other iOS apps that allow blockchain transactions to happen natively in-app.
The Kin Ecosystem Foundation announced last week that it had 40 consumer apps for its cryptocurrency developer program.
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Social Media Platforms and Cryptocurrency
Kik is among the first VC-backed tech companies to raise money in an initial coin offering (ICO). In August 2017, it was announced that Kik planned to raise a total of $125 million in cryptocurrency crowdsale. The company had initially raised $50 million in funding from investors for its new digital currency, Kin. It had plans to raise another $75 million from a public sale.
Many developments are emerging at the intersection of social media and blockchain technology, as enterprises on both sides look for ways to meld with one another. In June 2018, South Korea messaging app Kakao announced that it was considering raising funds from partners to help build the company’s blockchain platform. In March 2018, Telegram raised a total of $1.7 billion in its initial coin offering.
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