View source for Finance:Kin (Token)

{{infobox currency
| image_1 = Kin_Logo.svg
| image_width_1 = 
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| image_title_1 = 
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| iso_code = 
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| plural = 
| symbol = KIN
| nickname = 
| frequently_used_coins = 
| date_of_introduction = 
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| using_countries = Worldwide
| mint = 10,000,000,000,000 Kin
| inflation_rate = 
| value =
}}

'''Kin''' is a decentralized [[Finance:ERC-20|cryptocurrency token]] issued on [[Finance:Ethereum|Ethereum]], an [[Open-source software|open-source]] public [[Finance:Blockchain|blockchain]]. It was created by [[Software:Kik Messenger|Kik Interactive]] in September 2017 in a [[Finance:Initial coin offering|token distribution event]], raising over $98 million from 10,000 participants.<ref>{{cite news|last1=Chavez-Dreyfuss|first1=Gertrude|title=Kik's $100 million in proceeds from token sale below expectations|url=https://www.reuters.com/article/us-kik-blockchain-offering/kiks-100-million-in-proceeds-from-token-sale-below-expectations-idUSKCN1C12XX|accessdate=12 January 2018|publisher=Reuters|date=26 September 2017}}</ref><ref>{{cite news|last1=Russell|first1=Jon|title=Kik raises nearly $100M in highest profile ICO to date|url=https://techcrunch.com/2017/09/26/kik-ico-100-million/|accessdate=12 January 2018|publisher=Techcrunch|date=26 September 2017}}</ref> The purpose of the token is to facilitate value transfers in digital services such as gaming applications and social media, and will initially be launched on the Kik messenger to leverage the application's 15 million monthly active users.<ref>{{cite news|last1=Jackson|first1=Eric|title=Why a messaging start-up is making its own digital currency instead of going public|url=https://www.cnbc.com/2017/07/11/kik-looks-to-cryptocurrency-instead-of-an-ipo-commentary.html|accessdate=16 January 2018|publisher=CNBC|date=11 July 2017}}</ref> Use of Kin over other tokens is incentivised by providing a daily reward to developers of these digital services based on their usage.

== Introduction ==
=== Background ===
In early 2017, Kik CEO Ted Livingston announced that the company would be launching a cryptocurrency.<ref>{{cite news|last1=Brownell|first1=Claire|title=Messenger app Kik is betting on its own cryptocurrency to upend the online business model|url=http://business.financialpost.com/technology/messenger-app-kik-betting-on-its-own-cryptocurrency-to-upend-the-online-business-model|accessdate=16 January 2018|publisher=Financial Post|date=16 June 2017}}</ref><ref>{{cite news|last1=Hackett|first1=Robert|title=Chat App Kik to Mint Own Cryptocurrency|url=http://fortune.com/2017/05/25/chat-app-kik-ethereum-token/|accessdate=12 January 2018|publisher=Fortune|date=25 May 2017}}</ref> This move marked a pivot in Kik's strategy, a response to difficulties faced from competing with larger social networks such as [[Company:Facebook|Facebook]].<ref>{{cite news|last1=Vigna|first1=Paul|title=Messaging-App Kik’s Big Bet on a Digital Coin Offering|url=https://www.wsj.com/articles/messaging-app-kiks-big-bet-on-a-digital-coin-offering-1504041396|accessdate=16 January 2018|publisher=Wall Street Journal|date=29 August 2017}}</ref>

=== Kin Rewards Engine ===
The Kin Rewards Engine (KRE) is a built-in incentive mechanism of the Kin ecosystem, paying out daily rewards to creators based on usage of digital services that utilise Kin. 60% of the total Kin supply has been dedicated to the KRE, with a planned emission of 0.061% of the remaining reserves each day after launching in [http://www.kinecosystem.org/ Q3 2018]. Of the newly issued Kin, 75% will be used as rewards and the remaining 25% as a marketing and operations budget for the Kin Foundation. The amount of Kin that a service is rewarded will depend on its contribution to the overall economy.<ref>{{cite web|title=Kin Rewards Engine|url=https://www.kinecosystem.org/static/files/Kin_Rewards_Engine_RFC.pdf|website=Kin Ecosystem|publisher=Kik Interactive|accessdate=16 January 2018}}</ref>

=== Token Distribution Event ===
There was much enthusiasm behind Kin prior to the token distribution event (TDE), with cryptocurrency fans seeing the move as legitimising the controversial industry. On September 7, 2017, only days before the Kin TDE, Kik announced that Canadian citizens would be barred from participating, citing weak guidance from the Ontario Securities Commission for the decision.<ref>{{cite news|last1=De Vynck|first1=Gerrit|title=Kik Blames Canadian Regulators for Skipping Country in ICO|url=https://www.bloomberg.com/news/articles/2017-09-07/kik-blames-canadian-regulators-for-skipping-country-in-ico|accessdate=16 January 2018|publisher=Bloomberg|date=8 September 2017}}</ref> This partly suppressed participation in the TDE, with only $98 million raised of the $125 million goal.

=== Token Allocation ===
The total supply of 10 trillion tokens are distributed across 4 segments:

* 5% - Pre-sale participants.<ref>{{cite web|last1=Bennington|first1=Ash|title=Mobile Messenger Kik Raises $50 Million Ahead of $75 Million ICO|url=https://www.coindesk.com/mobile-messenger-kik-raises-50-million-ahead-75-million-ico/|website=Coindesk|publisher=Coindesk|accessdate=16 January 2018}}</ref> Received at a 30% discount prior to the TDE<ref>{{cite web|last1=Livingston|first1=Ted|title=Kin TDE: If You Want to Participate, You *Must* Register by September 9, 9:00 a.m. ET|url=https://medium.com/kinfoundation/kin-tde-if-you-want-to-participate-you-must-register-by-september-9-9-00-a-m-et-2f1304a4aa4b|website=Medium|publisher=Medium|accessdate=16 January 2018}}</ref>
* 5% - TDE participants. 
* 60% - KRE reserves for ecosystem growth.
* 30% - Kik Interactive, to be vested at 10% per quarter for 10 quarters.

== Digital Economy ==

Kik’s stated goal with Kin is to build a digital economy where users can access digital services and content built by the Kin community.<ref>{{cite web|title=Kin: a decentralized ecosystem of digital services for daily life|url=http://www.kinecosystem.org/static/files/Kin_Whitepaper_V1_English.pdf|website=Kin Ecosystem|accessdate=16 January 2018}}</ref> In this digital economy, Kin will be the primary unit of account for all transactions. Users will adopt digital services in the Kin Ecosystem, and for building those services, creators earn Kin through a novel system called the [https://github.com/kinfoundation/kin-rfcs/blob/master/Kin-Rewards-Engine/Kin-Rewards-Engine.md Kin Rewards Engine] (KRE).

Kin is currently an ERC-20 token on the public Ethereum blockchain. The total supply of Kin is fixed at 10 trillion Kin tokens and only a small amount of Kin will be tradable on secondary markets, and more than half of the total Kin supply will be used in the KRE. Every user will have access to a Kin wallet that can be used to spend, store and receive Kin.

Kin’s goal is to enable ‘two-sided marketplaces’ between users and creators. Creators supply the Kin Economy with digital services while users drive demand by consuming these services. Any service that provides value, whether original content, apps or premium groups, is classified as a digital service. The Kin ecosystem will open doors for its community to create a range of services. Anyone in Kin can create, and be rewarded for it. Kik bots will also have the ability to structure their own business models and even accept payments in Kin, giving developers a bigger set of tools to build unique apps.

A non-profit governing body known as the Kin Foundation will initially take on the role of governance in the Kin ecosystem by building software development kits for simple Kin implementation and by on-boarding digital services with the KRE.

== Cryptocurrency Exchanges ==
Kin is actively traded as a [[Finance:Cryptocurrency|cryptocurrency]] pair on international exchanges, including:
{| class="wikitable sortable"
!Exchange
!Country
!Cryptocurrency pairs
|-
|EtherDelta
|Decentralised
|KIN/[[Finance:Ethereum|ETH]]
|-
|Bancor Network
|Decentralised
|KIN/BNT
|-
|IDEX
|Decentralised
|KIN/[[Finance:Ethereum|ETH]]
|-
|DDEX.io
|Decentralised
|KIN/[[Finance:Ethereum|ETH]]
|-
|ERC dEX
|Decentralised
|KIN/[[Finance:Ethereum|ETH]]
|-
|COSS
|Singapore
|KIN/[[Software:Bitcoin|BTC]]; KIN/[[Finance:Ethereum|ETH]]
|-
|Mercatox
|United Kingdom
|KIN/[[Software:Bitcoin|BTC]]; KIN/[[Finance:Ethereum|ETH]]
|-
|Coinfalcon
|United Kingdom
|KIN/[[Software:Bitcoin|BTC]]; KIN/[[Finance:Ethereum|ETH]]
|}

== References ==
{{Reflist|30em}}

==External links==
* {{official|http://kinecosystem.org}}
* [https://hackernoon.com/what-is-kin-5a987e55e302 "What is Kin?"] on Hacker Noon
{{Cryptocurrencies}}

[[Category:Blockchains]]
[[Category:Cryptocurrencies]]

{{Sourceattribution|Kin (Token)|1}}