Kin Ecosystem Foundation Has Chosen 40 Apps to Add to Inaugural Development Incubator
The Kin Ecosystem Foundation recently held a competition of sorts, opening the door to applicants to submit their projects that will help further the advancement of the company. They announced the Kin Developer Program on July 11th, and the program received the proposals of over 200 developers, coming from 38 different countries, for a chance to work with Kin.
Dany Fishel, who is the president of the entire Kin Foundation, said,
“The Kin Developer Program allows us to harness the creativity of the global developer community to achieve our goal of becoming the most used cryptocurrency in the world. We received proposals that plan to integrate Kin in new and exciting ways, and we are eager to work with these developers to build real consumer use cases of cryptocurrency.”
As of August 15th, the program has narrowed their selection down to 40 developers, which is just the first stage. When they originally conceived this opportunity, their plan was only to allow 25 developers. However, upon looking through the “high volume and quality” of the applications, it was clear that the foundation would greater benefit from a larger span of developers.
Still, these impressive developers only passed the first stage so far. Next, they will have to show off exactly what kind of performance their app suggestions have. On October 2nd, there is a virtual demo day schedule, during which time they will reveal their work to Kin. However, they will be building within the program immediately, so there will not be any delay in getting to work.
The selection process was run by a committee of five people – four team members and a technical advisor. Every single project was graded for their use case, quality, and how likely it was that they could realistically reach the milestones set for the project. They wanted projects that would help the with their creation of “kin economies.”
One of the projects that won a place with Kin is called Nearby, which is meant to be used as a social network for making friends, much like Tinder is a place for romantic encounters. Brian Hamachek, the founder of this project, said,
“Cryptocurrency has the potential to fundamentally change the way developers build consumer apps. This program gives us the opportunity to use a leading cryptocurrency and learn from the experts in the space, while being compensated for our efforts. We’re excited to create new use cases for Kin that add to the growth of the Kin Ecosystem.”
WiCrypt is another one of the elite projects, which hopes to integrate Kin with their peer-to-peer internet sharing app. While using their program, users have the opportunity to earn tokens for purchasing online access.
The purchases are made between users, but there is not any information online regarding smart contracts or any other technology used to do so. Most likely, these details will be revealed in their presentation.
As part of the incentive to apply, there is the potential to earn up to $115,000. First, right after demo day, the projects receive both $15,000 and 50 million kin tokens.
There is a six-month program that follows, during which time they have to meet their milestones that they outlined during their demo day presentations. If all of the goals are met, they will end up with $115,000 in both cash and kin tokens.