People may pay more money for stickers and photos, if it was easier to do of course.
It’s a conflicting viewpoint, however, it’s the main premise backing one of the biggest ICOs of last year, that raised $98 million selling Ethreum-Based tokens designed for the KIK Mssaging app company.
To get a community around the code started quickly, the company announcement made Tuesday, declared that they’re committing as much as three million USD in fiat and crypto money to hire developers to create as many as twenty-five markets that only use KIN Token, expected to be valued at $100 million USD. The new marketplaces will likely have everything from places to buy access to live video chats with influencers, to extremely rare sticker packet used in chat boxes.
As long as everything remains virtual, it’s the ideal market the firm wants to grow. But while the KIK app is a natural arena for markets of this type, the new projects don’t need to be built on it necessarily, in accordance to the newly released docmuments by the Kin Developer Program.
The new initiative gives certain financial incentives to developers who want to create naturally with KIN, putting them closer to their goal of being one of the most widely accepted cryptocurrencies in the world. The release was made by CEO of KIK, Ted Livingston during press hearing.
Every one of the milestones will carry its own reward with it, with the total amount of the rewards only given to the projects that hit all three of the projects successfully.
The roadmap for the fund is said to move forward at a very rapid pace.
The Kin Ecosystem Foundation, the non-profit division of the company that is in charge of the entire KIN network, has given a deadline for the developers wanting to get involved until August 10th to get their applications in. The company has fully committed to giving applicants their final decisions by August 15th, just 5 days after the deadline.
Another spokesperson for the organization who confirmed these payments will be in light of payments received from the Kin Rewards Program or KRE, not yet live. The original plan for the cryptocurrency developers was to create marketplaces, as well as smart contracts that would give periodic rewards in the form of newly issued tokens placed out depending on the activity that happened.
Instead of waiting for the KRE to be prepared, the organization is giving another incentive system meanwhile, although some are arguing that it’s just as good for the total vision of the project.
During a conference held for the token in April, Livingston stated a vision for this ecosystem of markets for the purpose of completely virtual goods, where everyday people could earn and spend KIN without worrying about having to convert it to fiat money.
This is apparently the only viable solution he saw for moving the company forward as Google and Facebook have consumed the paid advertising market. The new plan is to develop a new economy, primarily based on the new currency.
Still, he has reportedly stated KIN is necessary to reach three things to succeed. First, it required a blockchain that could be scaled, likely being built by Stellar, that can also integrate the KIK messenger app with KIN. All of this was announced last month, and finally, the ecosystem needs to grow. The new effort to recruit independent developers fits into the most recent goals for the company. The organization has made promises to guide and support developers and coders during the six-month process.