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Kin

Kin

Kin is a thriving community of apps, developers, content creators, and millions of active users that earn and spend Kin, while participating directly in the value generated from their contributions, bolstering the Kin Ecosystem.

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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 to strengthen ties within the Kik community. Kik raised around $100 million in the Kin initial coin offering (ICO) in September 2017. In September 2019, Kik shut 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.

On May 22nd, 2020, Kik Interactive Inc. put forth a proposal to the Kin Ecosystem recommending a migration from the Kin Blockchain to the Solana Blockchain. This migration proposal was in response to the continued growth of the Kin Ecosystem, which now has over 3 million active monthly spenders.

Category
App
Apr 3, 2020
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