Welcome to our Kik (KIN) news page. Here you'll find some of our featured Kik's KIN Cryptocurrency content pieces as well as all our latest Kik Messenger Service posts.
KIK CEO Ted Livingston Says the Kin Token Will Become 'Super Valuable' Amidst SEC Showdown
The CEO of the popular messaging app Kik, Ted Livingston, said that the token they are working on will become super valuable. These comments might not help the project’s plans to become one of the most used digital currencies in the market. The information was first released by The Block a few hours ago.
Some time ago, the U.S. Securities and Exchange Commission (SEC) sent Kik a ‘Wells Submission’ after violating securities regulations. Kik held and Initial Coin Offering (ICO) that gathered around $100 million.
A few days ago, Mr. Livingston announced he would fight the decision that was taken by the SEC regarding Kik’s ICO plans. Before the pre-ICO, in 2017, Ted Livingston was filmed in a Q&A event saying things that would harm the company’s plans to effectively avoid being considered a security.
During the Q&A session, Livingston was asked whether the tokens were going to be considered securities under the US federal law.
“Turn the cameras off. That’s going to haunt me one day. I hope not. [...] Honestly, part of that is... making sure there is utility... there’s huge utility for this. I don’t think that’s a question... I also just sort of fundamentally, philosophically don’t think this is a security. A security is, you own a piece of a revenue-generating entity. Future dividends is where it came from, etc. whereas here it’s like you just literally own an asset, and if demand for that asset goes to zero, then the value of that portion of the asset you hold also goes to zero.”
The U.S. lawyer Stephen Palley said that Mr. Livingston does not seem to be aware of what a security is. As he explains, a security is an investment in a specific company with an expectation of profits by the efforts of the promoter or just a third party. Additionally, the utility of a specific token is relevant but not the only thing to take into account.
The ‘Howey Test’ is applied to tokens and other asset classes to understand which is the nature of an investment. There are four important things that the Howey Test analyses:
- An investment of money exists.
- The enterprise must involve multiple parties.
- Users must be expecting profits in the future.
The value of the asset increases by the effort of others.
If a specific token falls into these categories, the SEC could take enforcement actions against this coin and project. In the video released, Livingston mentioned that they are expecting profits from this ICO and their token.
In this video, Livingston commented:
“We’re gonna put [the Kin cryptocurrency] inside Kik and it will become super valuable on day one, we think.”
Kin is the cryptocurrency that they are currently developing and that they aim at implementing on the Kik ecosystem. However, as the comments come from the CEO of the company that is currently offering the asset, this looks that people should be expecting for a profit.
The U.S. Securities and Exchange Commission has already announced enforcement actions against other ICOs accused of selling unregistered securities.
At the time of writing this article, the Kin token is the 131st largest digital currency in the market. Each coin can be purchased for $0.000026. Back in January 2018, each Kin coin could be purchased for $0.001306. It also has a market capitalization of $19.4 million.
Kik's KIN Cryptocurrency Token Sides With Stellar (XLM) Blockchain Over Ethereum (ETH) For Launch
Kik, the instant messenger app has finally decided to quit on Ethereum permanently as it works to develop its own cryptocurrency called Kin.
While the token had initially launched early on during the upward trend of the ICO boom, Kik has since announced that it will be moving away from its atomic swap with Ethereum. While this intention was announced, it has yet to specify a date, the Kin Ecosystem Foundation said Wednesday that it would soon release a tool for getting Kin holdings off of Ethereum.
Kik had managed to raise a great deal of funding from its initial coin offering in September 2017. In total, the company managed to raise $100 million. By November however, the chronic issues that Ethereum faced regarding scaling issues resulted in discussions pertaining to finding an alternative to Ethereum, something that Ted Livingston, Kik's Founder and CEO later confirmed in December.
By March, Kik had developers a dual-chain strategy slated for Stellar, with Ethereum for security and Stellar for speed; the initial plan is that users would be able to efficiently switch between either.
Then, in May, Kik announced that even Stellar's low transaction fees were too much when placed under the strain of scale. As a result, the team decided to fork Stellar, that way it could eliminate transaction costs wholesale. Kik's Ory Brand gave a talk quite recently on the advantages of Kin with pursuing a more federated consensus system.
Since then, Kik has decided to break away from Ethereum completely, instead of working towards a dual-chain system.
Re-affirming its initial goal to make Kin the single most used cryptocurrency in the world, Livingston announced in a release:
“One Kin on one blockchain. That’s our vision, and our strategy continues evolving as we work toward building an infrastructure that supports this.”
Making Its Own Way
Kik is certainly not the only, or even first company to begin a blockchain project on top of Ethereum, only to shift away to an alternative platform. In fact, there have been a number of initiatives that used Ethereum as some form of incubation hub of sorts for a number of tokens which later broke away.
For the Kin Foundation, the network's chronic limitations became especially prominent when some of its early network testing back in December became impossible due to the growing activity around the CryptoKitties app.
The matter has since become more urgent as the team rolls out new mobile products designed to give users ways to both earn and spend kin.
One of the spokesman for the Kin Foundation explained that it has been making further arrangements with exchanges, ensuring that as users take their tokens from their digital wallets onto coin exchanges, they will make a one way move onto the Kin blockchain, burning the original ERC20 token as a result of this.
There’s no deadline for users to make the move, however. The spokesperson said that existing users can sit on their tokens on ethereum as long as they like.
Kik Messenger Service's KIN Crypto Tokens Partners with IMVU Social Network
Kik Brings Kin Crypto Tokens to IMVU's Avatar-Based Social Network
Messaging conglomerate Kik has informed a new partnership with IMVU, the world's largest avatar-based social network.
Kik messaging service has more than 15 million users per month, including 1 in 5 USA teens, and the Kin cryptocurrency project is created to allow users to earn Kin through platform engagement and then spend it on related services. The partnership will connect IMVU to other services using Kin, and allow IMVU users to win on their platform where the average user spends almost an hour a day customizing avatars and interacting with other users.
The network will allow users to earn Kin tokens on platforms such as Kik and IMVU, which can then be spent on services offered by other partners such as Blackhawk Network. The company is a major provider of e-gift cards that gives users access to services such as Netflix and Xbox Live, and Unity, the multiplatform game engine behind Kerbal Space Program and other popular games.
Kik discovered for the first time the potential of allowing its users to buy goods and services through the currency obtained by interacting with the platform with the launch of the Kik points. The points system allows users to choose to view ads in exchange for points that can be exchanged for digital products such as stickers on the platform.
Like the IMVU Credits system, a points system that allows users to earn money by creating and selling digital products on IMVU, Kik points operated in a closed ecosystem that did not interact with other platforms or services. The success of the project demonstrated the potential for using a credit system within the platform.
The idea is to allow users to spend and win on different platforms, which led to the launch of Kin tokens, that raised $100 million last year. While IMVU allows users to exchange IMVU credits for fiat currency within the IMVU market, the new partnership aims to open that closed ecosystem to a wider market by connecting IMVU users with other applications and services related to Kin.
Half of IMVU users make transactions on the IMVU platform every month, and more than half of them already use Kik, a connection that both teams believe will create a smooth transition to Kin adoption. Although it is estimated that 90% of the world's cryptos users are men, more than 70% of IMVU users are women, which may also allow Kin to reach an untapped demographic of female content creators and crypto-traders.
How To Use Kin Crypto Tokens In IMVU?
IMVU users will activate their wallets, allowing them to earn Kin tokens by participating in surveys and other services and then spend the Kin on virtual goods on IMVU offers or electronic gift cards and other services.
Kik's team believes that bringing in a significant use case for crypto that allows users to win and spend cryptography on the products they enjoy will help accelerate the massive adoption of crypto in general.
Kik Messenger's Kin Passes Ethereum (ETH) For Most Active Dapp Users
Kin Is The Most Active DApp On The Ethereum Blockchain
Reportedly, the KIN digital currency, a token created by Kik Interactive, is the most active decentralized application platform on the Ethereum blockchain. As per statistics provided by the Kin explorer, a service that keeps a record of activities on the Kin network, the distributed ledger has had over 8,600 active users over the last 24 hours. To put this into perspective, all the other DApps on the Ethereum blockchain have an approximated 7,700 active users.
The increase in activity on the Kin platform is attributed to the introduction of tow services on the network, namely the Kik messenger beta and Kinit. These two apps reward users in KIN for completing several tasks such as surveys, quizzes, sharing, and giving feedback.
The popularity of Kinit recently received a major boost after leading energy drink manufacturer Red Bull subscribed tie the service. As a result, the company became the pioneering corporate giant to give clients an opportunity to earn rewards in the form of the KIN token. Besides, the Kin ecosystem is expected to undergo further development after the establishment of a $3 million development program for the creation of more applications on the distributed ledger network. as of now, the AltDex 100 Index ranks KIN at position 64.
Kik's Kin Cryptocurrency Kinit App Aims to be Most Used Token Before 2019
It seems that a cryptocurrency that is not in the top 50 could be a popular used virtual currency by the year end. At least this is what Kin Ambassador’s The Late Mercutio wrote on August 24 in a blog post.
He explained that Kin is a very misunderstood virtual currency and that he decided to show that Kin will certainly ‘be the most used cryptocurrency in the world.’
Kin is the coin that has been created by the Canadian social media company known as Kik. At the end of the last year, they announced that they were going to launch an Initial Coin Offering (ICO) and raise funds in order to create its virtual currency.
Kin’s main intention is to transfer value between users, something similar to what Bitcoin and other virtual currencies currently do. But the Kin Ambassador explains that unlike Bitcoin, Kin is not a coin. It is an application that is built on top of two other blockchains: Stellar and Ethereum.
As per the blog post, Bitcoin aims to solve a problem that users do not really have. The physical world works with US dollars and people is happy with it, since they accept it in many different ways.
About it he explained:
“There’s no real demand to fix a problem that users don’t really have. Today, if I want to spend Bitcoin, I have to purchase Bitcoin with USD, spend it on something, and then the merchant has to convert the Bitcoin back to USD to pay their bills. It doesn’t make any sense.”
Indeed, it is very difficult to convince a merchant to receive a currency that may lose half of its value in the next days, or could be up as much as 50% in just some hours.
Kin works in a different way, since it has been created to give value to things without a dollar value. We are talking about stickers, chat themes or a quality group chat. Indeed, it is not necessary to think about the exchange rate of USD/YEN when a user purchases goods, because Kin is the start of a new digital economy that aims to work as the internet’s native currency.
About Kik and Kin
The blog post written says that Kin is a decentralized currency in an ecosystem of centralized applications. Kin’s Ambassador mentions that centralized applications work much better than decentralized ones.
It is possible to start earning Kik in many different ways, something different to Bitcoin. Bitcoin miners get rewarded according to the computing power they contribute to solve math problems. That means that users are rewarded with Bitcoin for just burning electricity, according to Kin’s Ambassador.
Kin’s creators asked themselves: “why don’t we reward users for their contributions and value creation?”
Kin clearly works in a different way. App developers that adopt Kin will be incentivized to create new features and experiences in their applications and maximize their transaction volume in Kin.
In sum, Kin is a new way to monetize value creation. Developers can be paid via KRE, and their incentives will be aligned with the ones of the users. That means, creators will not necessarily have to show ads in order to receive a reward.
At the moment, the most used virtual currency in the market is Steem, having over 60,000 daily active users (DAU) and performing 1.2 million transactions per day.
Kin is being adopted by several applications that have millions of users. For example, Kik and IMVU have 20 million users combined, and the number keeps growing.
Moreover, there are other 40 applications that are working in order to adopt Kin in October.
At the moment, Kin has currently over 9,000 daily active users - which is more than all of the Ethereum dApps combined. And most of the users come from the Kinit application. In the near future, Kik will be open to the public and Kinit will start its global expansion and reach users in Asia and in Europe.
William Mougayar, Former Special Advisor to the Ethereum Foundation, commented:
“I have been involved with kin since the early stages of the project in 2017, as it continues along the path to become the cryptocurrency for consumer apps. Kin has a unique value proposition, as it unlocks new growth and monetization strategies for developers, and based on its first integrations, I truly believe that Kin will drive mainstream consumer adoption of cryptocurrency.”
As we have mentioned before, Kin is based in two different blockchains, Ethereum and Stellar. The decision was taken because Ethereum was not able to handle all the transactions that Kin will need in the future. Ethereum provides liquidity, decentralization and security.
Stellar, is able to provide a scalable, fast and fee-less blockchain.
The blog post mentions that there are some cryptocurrencies that may be able to compete against Kin. But Kin’s Ambassador explains that they are not able to do so. We are talking about Steem, Mithril, BAT, reddcoin and many others.
“Steem is a single platform coin with nowhere to grow,” reads the blog post. “Mithril is also a single platform token, no installed base of users, and still doesn’t help developers monetize. BAT has an installed base of users on Brave, but it’s not user friendly.”
Moreover, BAT wants to pay users for watching ads, something very different to Kin that is rewarding users without relying on ads.
At the moment, according to the blog post, there are no reward systems like the KRE, there are no scalable blockchain platforms for mainstream consumer apps, and nobody has a system of getting app that is working together to compete against monopolies.
Kin’s Ambassador is sure that Kin will be the most used virtual currency in the market before the end of the year.
“With millions of users earning and spending Kin in an ecosystem of apps, Kin will have more utility and demand than any other cryptocurrency,” he explained.
At the moment of writing, Kin is the 79th most important virtual currency in the market. Each token can be bought for $0.000108 dollars and it has a market capitalization of $81 million dollars.