Kin Coin – Full Guide
Cryptocurrency is the new kid on the block. All the cool kids want to get with it. It is the current investment that has every entrepreneurial, tech and non-tech mind going crazy. Even without getting into its details, the money one stands to make from it is enough to reel in multitudes. With so many blog posts, interviews and news talking about cryptocurrency, most people are still only aware of Bitcoin. And to many, Bitcoin is synonymous with cryptocurrency. The fact that you are reading this is an indicator of your advanced knowledge of the new digital currency craze.
New cryptocurrencies are regularly created (we have the tech nerds to thank for this). Each cryptocurrency (altcoin) is created to solve a problem that the existing cryptocurrencies do not. While they are all similar, in that they are digital currencies, they vary in usage and value.
The kin coin is one of the newest altcoins available. It is currently flying low and under the radar, but you should not be surprised to see Kin eclipsing other cryptocurrencies and going on to be the largest crypto-token in 2018.
What is Kin?
Kin Coin is an Ethereum-based cryptocurrency. It was created and launched by Kik Interactive Inc. in September of 2017 under the leadership of Ted Livingston, the CEO, and Founder of Kik.
Speaking of which, Kik is currently one of the biggest chat applications available. It is ranked in the top 10. The Kik Messaging App has millions of users. A few years back, the company tried an in-app currency they called Kik points, and it was a huge success. Following this, Kik decided to create a cryptocurrency (Kin Crypto), that allows users to earn and spend independently of the Kik messaging App.
To prove its worth and value, Kik Interactive has taken the initiative of laying out some possible uses of their new cryptocurrency. A cover charge feature for the much-needed VIP groups is atop the list. Celebrities and Influencers can create a closed group for which they charge individuals to gain access. This idea is viable and possibly long overdue. The move to integrate its payment system with the Kin cryptocurrency will skyrocket its demand.
In addition, Kik also envisions the creation of an ecosystem in which users can pay to access premium content inside the network. Such content includes videos, images, and music. Kin also functions as a method of generating engagement via shout-outs. The shout-outs make use of Kin as the base function of their promotional power. The more these shout-outs are used and sent out, the further Kin coin spreads. To facilitate the use of these shout-outs, every user who sends one out receives a percentage of the Kin spent – consider this a reward for helping spread the word. Kin can also be used as a tip. Note that the applications of the Kin coin are not limited to the Kik Messaging App. the goal is to have the Kin Coin in use on all Social Media platforms and Networks.
Kin Stand-Out Features
- It holds monetary value – This means that it can be sold and bought for fiat money just like Bitcoin.
- Uses a public blockchain – this allows developers to take control of the creation as well as the flow of the in tokens to protect the ecosystem from a surge. It also allows for guaranteed long-term support.
- Adds economics to messaging apps and social networks – the inference is that earning money will be easier. You basically earn cash performing tasks you would have completed either way.
- Has a strong user base – Kin has a 15 million monthly user base. For this reason, unlike most cryptocurrencies, it does not have to introduce itself to the world.
The Kin Ecosystem
The goal of this ecosystem is to develop an ever growing and vibrant collection of digital services where key players can earn and spend Kin in ways they deem valuable. This ecosystem is made up of three main players; users, capitalists and the digital service developers. Each has a significant role to play in the ecosystem. They virtually sustain and cause the Kin Coin to thrive. While some players have a ‘minority share’ they are individually important and without them, the ecosystem collapses.
This refers to you and me – the consumers of the social media platforms and networks. Users adopt the digital services offered for use on a daily basis according to their needs. While they receive value within a digital service, they offer it as well. For instance, a user receives advice from a fashion app and can host or join a themed group included in a messaging app.
As a whole, Kin’s Ecosystem ensures fair compensation to its users for the value provided. That said, the more applications and systems that foster exchange of value are created, and the more value is exchanged in the said applications and systems, the more valuable and bigger the Kin Ecosystem and its economy grows.
This refers to those who, needless to say, have a significant holding or share of Kin. These shares are mainly used for investment. They make-up the minority in the Kin’s Ecosystem. Capitalists are majorly interested in gaining returns from the sale of Kin. Through their sales, they facilitate the spread and in the long-run, the success of the Ecosystem.
Digital Service Developers
These can either be companies or individuals. They create applications and digital services for users in the ecosystem. These include; gaming, live streaming of videos, photo sharing, fashion and lots more.
For the system to experience an upward growth and even remain relevant, the digital services and applications need to be current. For this, developers are crucial and need to be motivated to innovate and improve on the services and products in existence. Now, this is where the Kin Rewards Engine comes into play.
Kin Reward Engine
The Kin Ecosystem hinges on the rewards engine. Kik developed this system to circulate Kin as a reward to the players in the ecosystem. The algorithm rewards every contribution made to the ecosystem. The rewards engine can be viewed as an incentive mechanism to help grow the Kik community and spread the word about the Kin Coin. But even with this mechanism, apps can still provide Kin to their users in exchange for providing feedback or watching ads.
However, Kik is aware of the fact that there are some users who prefer not having to watch ads in exchange for Kin regardless of how much they like the reward. As such, Kik makes it possible to accumulate the Kin tokens without watching the ads.
Other cryptocurrencies provide rewards for running powerful and arduous mining operations and encourage stockpiling of the said tokens; Kin is set up in a way that prompts and encourages users also to spend their coins within the ecosystem. To allow effortless spending, Kin is integrated into social apps. Apps that support Kin will have Kik’s ‘K’ icon. This icon is linked to the marketplace where users find lots of opportunities to spend and earn their Kin Coins.
Kin Coin Team
Kin was developed and is run by a team of able and qualified individuals. Below are the top Minds behind this great cryptocurrency.
Ted Livingston – The Founder and CEO of Kik
He is the vision bearer and leader of Kin. In 2009, he launched Kik to act as a bridge between iPhone, Android and Blackberry smartphones. Before founding Kik, Ted Livingston was the technical product management coordinator and the systems engineering project coordinator down at Research in Motion (makers of Blackberry smartphones).
Livingston has a Mechatronics degree from the University of Waterloo. He was passionate about robots from a tender age, and this degree helped him pursue his dream in robotics.
Peter Heinke – the CFO and COO of Kik
In these positions, Heinke leads compliance for Kin Coin sale, development of Kin’s corporate structure and Kin foundation. Prior to joining Kik, Heinke had spent 2 decades leading operations, strategy, and finance for startups in the technology, transportation and media industries.
Eran Ben-Ari – The CPO Kik
He is tasked with the responsibility of overseeing the integration of Kin in Kik. Before he joined Kik, Eran worked at Rounds, a communications company in Israel, in the capacity of a Vice President. He joined Kik in 2017. He is about to complete his Ph.D. at Hebrew University. He brings invaluable academic research and startup experience.
Kin Coin Price Growth
When Kin Coin was introduced in September 2017, the price was about $0.0001. The market cap at this time was slightly over $70 million. Since then, the performance of the coin remained relatively flat throughout 2017. This is despite Bitcoin, Litecoin and other major altcoins experiencing steady and exponential growths.
Kin coin started gaining on the 19th of December 2017 and continued to surge until it reached an all-time high of $0.0014 in January 2018. At this time, the market cap was at $1 billion – the highest recorded market cap.
Predictions and forecasts are that the coin will grow and has the capacity to grow to 0.000441 in a single year. By the year 2023, in 5 years’ time, the price should be $0.00191. The investment revenue growth is about +66.17%. This is to mean that if you invest $100 today, you will get up to $766.17 by 2023.
How to Buy Kin Coin?
Of the 1600 cryptocurrencies available, some cannot be directly bought using FIAT currencies. The good news is that there are numerous trading sited that allow for transactions between these currencies. So basically you buy Bitcoin, Ethereum or Litecoin for FIAT and then exchange it for Kin.
Below are the steps of acquiring Kin Coin.
Setup a Kin Coin Wallet
As Kin is an ERC20 token, it can be stored on ERC20 wallets. The most popular Kin wallet is MyEtherWallet. It is also the most convenient to use currently. The beauty of this wallet is that it supports all ERC20 coins. The first step is to visit MyEtherWallet.com and create an account.
The creation steps will prompt you to enter some simple information. Once you enter the information, they will provide you with a Secret Code. Record this key as you will need it to recover the account when you forget your password. Make a copy and store the original and copy safely.
To purchase Bitcoin, visit our page about buying bitcoin. The process is simple. You can also use ETH to acquire
Deposit your Bitcoin To the preferred exchange
There are numerous exchanges you can use. One of the popular ones includes Mercatox.
- You will need to create an account. It does not have qualifying requirements to open an account
- Once you are logged in, click on the ‘MyWallet’ tab at the upper left corner of the screen. This will provide you with numerous Mercatox wallets
- Click on ‘Deposit’ beside the Bitcoin Wallet
- Deposit your BTC and exchange it for Kin Coin.
- At the top of Mercatox click on the ‘Trade’ button
- Type Kin in the search bar to get the Kin/BTC option pair
- Click on this option and the site will provide the Bitcoin for Kin Coin trading page
- At the bottom of this screen, you will see ‘Buy Kin.’ Enter the price you would like to purchase the kin and how many kin Cons you want.
- Click buy
Store Kin safely
In a Kin Coin Exchange, there is always a possibility of getting hacked. As such, it is a great idea to store your coins in MyEtherWallet. The process for this transfer is easy.
- Click on ‘My Wallet’ on the Mercatox Exchange
- Type ‘Kin’ in the search and click withdraw
- This will cause a withdraw menu to pop up
- Enter your MyEtherWallet address
- Send the number of coins to transfer and hit submit
The deposit will be made to your MyEtherWallet almost immediately.
Kin Coin Wallets
At the beginning of this piece, we mentioned that Kin Coin is an Ethereum-based cryptocurrency. This is to mean that it falls under the category of ERC20 tokens.
ERC is an acronym that stands for Ethereum Request for comments. All ERC20 tokens are governed by the same rules and as such interact with one another on the Ethereum network. For this reason, Kin coin can be stored in ERC20 Wallets.
This is a web interface that allows for the creation, sending and receiving of Ethereum. It does all this without having control over private keys. On the web interface, you can choose to either generate a wallet or send Ethereum among numerous other options. Generating a wallet creates a pair of public and private keys. This pair will be protected by a password you choose.
This is an Ethereum, Bitcoin and Altcoin hardware wallet. It features robust safety measures and features which make it great for storing cryptographic currencies and securing your digital payments. The hardware is created to connect to your computer VIA a USB port. It features a secure OLED display which works to double check as well as confirm every transaction with a tap on the side buttons.
This is a hardware wallet (offline) designed to hold private keys and sign off on transactions without necessarily being connected to the internet. It provides superb and secure offline use with the added advantage of flexibility when you need to spend your coins. The Trezor is small and portable. You can even add it to your Keychain. It connects to your computer through a USB.
This is the official Ethereum Wallet. It is developed by the same individuals who engineered the Ethereum ecosystem. It is not a third party wallet. Rather, it is created to provide full control of funds to a user. Mist provides users with a simple Ethereum wallet and a more advanced multi-signature wallet for those who require extra security during transactions.
Kin Coin Exchanges
This is a P2P cryptocurrency exchange that provides you with the opportunity to trade with over 120 cryptocurrencies. It has a 0.25% fee on all transactions. It handles RUB, EUR, and USD FIAT currencies. Courtesy of its 2-step authentication process, the exchange is secure.
- Provides a multicurrency wallet
- Access to many cryptocurrencies
- Has a loyalty program designed to reward users who promote it
It is a relatively new ETH decentralized exchange. It offers exchanges for many ERC20 tokens for trade and is constantly adding new ones. As you can gather from the name, this exchange is simply a fork of the EtherDelta. It makes use of its smart contract. For this reason, 0.3% goes to EtherDelta.
- It is a decentralized exchange. You can either trade Ethereum-based tokens or Ether directly with others
- Has lots of ERC20 tokens available and it keeps adding more
- It offers easy access to your wallet
This cryptocurrency exchange only handles Ethereum trading pairs and ERC20 tokens, it runs on smart contracts which make deposits, manages to trade and makes withdrawals. For a newbie, the general web outlook may be a turnoff and a tad too complicated. But once you get past this, it is the most streamlined and safest option available.
- It has low fees
- It has excellent security
- As great community trust
In a Nutshell
When compared to other cryptocurrencies (most if not all), Kin beats them with its token supply. With kin, a user, instead of owning a fraction of a token owns several coins at low costs. Being relatively new, it might be considered as a major risk, but one with potentially huge profits. With a large user base, Kin is bound to succeed. That said, it is still a young cryptocurrency, and the sky is the limit. Buy Kin and make hay while the sun shines.
Hopefully, this guide has shed light on Kin Coin and answered most of your questions. For more in-depth cryptocurrency reviews and guides, you are welcomed to check out our site.