Despite bitcoin's association with crimes committed on the so-called Silk Road, technology trend watchers like venture capitalist Fred Wilson have high hopes for cryptocurrencies. Wilson said at a conference this month that consumers would eventually revolt against the data collection from platforms like Facebook and Google, opting to pay small amounts of cryptocurrencies for a more private Internet experience. Canada-based Kik's implementation, Kin, will be based on a different type of technology, ethereum blockchain. Canada is one of the top 10 areas most interested in ethereum over the past 12 months, Google Trends data show.
In its announcement, Kik also called out the omnipresence of giant tech companies. Only about 5.8 percent of U.S. internet users use Kik, according to a May 2016 usage study by AYTM Market Research, compared with 38.9 percent of respondents that use Facebook Messenger. "More and more ... services are controlled by a diminishing number of companies, resulting in a future of less innovation and less choice. Decentralization provides a sustainable way forward," the company said.
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