Kinit is the first public app designed to get more consumers using Kin.
Messaging app Kik first introduced its own foray into the exciting world of cryptocurrency almost a year ago when it launched an ICO for its own coin, Kin. Despite some early regulatory issues, the Canadian-based company managed to raise almost $100 million in that initial sale. But what has set Kik’s venture apart from some of the many, many other cryptocurrencies is both the avenue by which users “earn” or generate coin as well as the new beta launch of a Kin-based marketplace.
Being a cryptocoin for the rest of us –versus the high stakes, high energy, high effort world of things like Bitcoin– Kin can be earned to the tune of several dollars per day via targeted tasks. Don’t be fooled, though; you might initially think, “Candy Crush already gives you extra coins for watching a video,” but that’s not the same thing, Kin still uses features that other cryptocurrencies rely on, such as being based on the Ethereum blockchain.
So what’s different about Kin?
The key difference for Kin devotees is this: Kik has now launched a spendable platform that allows holders to buy tangible things with their Kin.
Called Kinit, the cryptowallet for Kin, it allows users to earn more Kin and spend those Kin on things like gift cards or online subscriptions. In theory, you’ll be able to pay your Hulu bill and get an e-card for dinner at your favorite restaurant with your Kin, which is an “opposite end of the spectrum” cryptocurrency behavior from some of the other currencies out there.
Whereas some long-road currencies are about mining, investing, and hording against the day the very last coin is generated (thus driving up the market value, in theory), Kinit gives the more down-to-earth user the opportunity to more readily generate and use their cryptocurrency.
More functions are already in the works
According to Ana Alexandre for CoinTelegraph.com, “In March, Kik revealed plans to partner with Unity Technologies video gaming company in a move towards mainstream adoption of Kin token through the gaming industry. As a Kik spokesperson told Cointelegraph, the upcoming partnership with Unity will ‘bring cryptocurrency to millions of gaming developers,’ enabling token integration into games with the help of a customized gaming-specific software development kit (SDK) developed by Kik.”