THE KIN PROJECT: A TRULY REWARDING ECOSYSTEM
The evolution of the KIN project started from the KIK chat space, all through being a chat app to becoming a platform in 2011, integrating a bot in 2014, all through 2015 and 2016, an era of digital currency on the KIK platform, called KIK points. These birth the KIN ecosystem and the rest they say is history. The word KIN was coined from “Kinship” and it conveys a feeling of being connected to the community, the kin identity and currency is designed specifically to bring people together in a new shared community.
Creating a digital currency alone wasn’t enough, there must be value and a very good user-friendly use-case for the viability of a cryptocurrency; thus, the need for KIN’s fundamental value.
KIN’s FUNDAMENTAL VALUE
KIK’s experiment with in-app currency since 2014 (KIK POINTS), to test if users of its chat app would be eager to earn and spend a centralized digital currency has come to fruition with the introduction of ASTROBOT (a reward engine that pays community users to chat on the KIN social media platforms)
BUILDING AN ECOSYSTEM
The KIK through KIN has built a reward engine (Astrobot) which will use economic incentives to bring other digital services and applications into the decentralized KIN ecosystem. The Astrobot will initially be administered by the KIN foundation. However, over time, it will be decentralized based on smart contract technology.
KIN’s OPEN GOVERNANCE
The KIN foundation facilitates the ecosystem to being a fully decentralized and autonomous network and the important fundamental components to be shared across the entire ecosystem are: identity and reputation management, cryptocurrency wallets and compliance solutions.
THE KIN CRYPTOCURRENCY
KIN is an open-source cryptographic token which is not just envisioned but already a general-purpose token for use in everyday life such as chat, social media and payments (just on the way). KIN will be the unit of accounts for all economic transactions within the kin ecosystem, and it will serve as the basis of interoperability with other digital services.
Characteristically, KIN is a pure cryptocurrency of fixed total supply of 10 trillion and presently sells at $0.0004949 (which is a 13.3% increase in price in the last 24hours), with a market capital of just over $77 million (USD $ 77,404,345) as at the time of writing this article.
More importantly, most of the KIN supply; 6 trillion is reserved for the KIN REWARD ENGINE (Astrobot), this is a 60% reward plan for users, no landlords no tenants, everyone gets rewarded. The remaining 4 trillion (40% of total supply) is used as liquidity. Its units are fungible and transferable and it presently trades on a lot of cryptocurrency Decentralized Exchanges (DEX).
IMPLEMENTATION AND TRANSITION: ETHEREUM AND ERC-20 TO THE SOLLET BLOCKCHAIN
The Kin token was launched on the Ethereum blockchain as an ERC-20 compatible token, due to Ethereum’s ability to deploy Turing-complete trustless smart contracts which enables complex issuance
rules for cryptocurrencies, digital financial contracts, and automated incentive structures.
On the other hand, the need for a faster, zero queue and cheaper transaction fees led the KIN token to transit to the sollet blockchain on the 15th of December 2020, due to solana’s proof of history, rather than Ethereum’s proof of work, transaction wise. With over 50 million users on the KIN ecosystem, it has brought a lot of loyal users into the Solana blockchain and this is just the beginning, if the potential of the KIN token is anything to go by.
In this era of digital transactions, the KIN ecosystem has really taken the bull by the horn, rather than watch from the sides. The future is not tomorrow, it is now and KIN leads the way.