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What is KIN Coin?
The Kin cryptocurrency is used as money within a digital ecosystem of consumer applications and services. It was initially launched as an ERC20 token on the Ethereum blockchain, and was designed to be the main currency in the Kik messenger ecosystem.
Kik had initially launched a rewards points system, not a cryptocurrency, called Kik Points that ended in 2017. Kin is short for Kinship, since its aim was to strengthen ties within the Kik community.
Kik raised around $100 million dollars in the Kin initial coin offering (ICO) in September 2017. In September 2019, Kik said that it would be shutting down its messaging app in order to fight an ongoing lawsuit with the United States Security and Exchange Commission over whether the Kin ICO sold unregistered securities.
In October 2019, MediaLab bought Kik messenger, with the goal of preserving Kin.
According to coinmarketcap the current KIN coin price is: $0.0004265
The current CoinMarketCap ranking is #123, with a live market cap of $645 208 727 USD. It has a circulating supply of 1 518 114 145 968 KIN coins and a max. supply of 10 000 000 000 000 KIN coins.
How Does Kin coin Work?
Kin tokens enter circulation via an incentive model referred to as the Kin Rewards Engine, or "KRE," which rewards the developers that create compelling user experiences with Kin based on their engagement. This offers a software monetization model that incentivizes the adoption of new use cases and creation of value for a cryptocurrency, as well as encouraging the exchange of value between users, as opposed to harvesting user data and attention at no benefit to users themselves.
This new alternative re-aligns users and developers around a shared digital economy in which the content creators and developers that generate value are the focus, not big-data monopolies.
The Kin blockchain operates autonomously via a federated consensus model, currently composed of 11+ globally distributed validator nodes, in order to maintain fault tolerance while also allowing for little-to-no fees and fast confirmation speeds.
The identities of the node operators are currently private in order to maintain operational security, but these are reportedly independent, reputable digital service providers, with a history of reliable availability and maintenance.
It is hard to predict but who knows maybe it's going to be a great year for KIN Coin!
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