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Kin, from Kik — A cryptocurrency for an open future
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Replies
Chris Messina
Top Hunter
So much activity in this space lately... Very curious if Kik can bring cryptocurrencies to the masses. I find it still very strange and foreign -- even as I begin to dabble more in the space.
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The title says it's an open future… but doesn't this whole system have to live within Kik?
If this fully succeeds, doesn't it make Kik the WeChat of the west?
Incentivizing developers to bring their applications and serves into the Kik ecosystem is very exciting. Any plans to list Kin on a major crypto exchange (poloniex, bittrex, kraken)? And if not, how can developers "cash out" their earnings from bringing their applications & services into the Kin ecosystem?
@nickabouzeid it's an ERC20 token so it should be supported by a bunch of Ethereum wallets and exchanges
@thewrongjoshua @joonas_d decentralization & cryptocurrency go hand in hand. Cryptocurrencies provide the technology (blockchain) that enables decentralization
@danielschlossfr @joonas_d in that case it's probably silicon valley the show, as although i vaguely knew of decentralised services (Diaspora, for example), i hadn't really seen so much hype until i saw that show
@thewrongjoshua @joonas_d that might be the case in the US. There is definitely also kind of a hype eg. in Germany and the series ist not that popular here. I also believe that a lot of products that are released now have been in the works for longer than a Month (when the recent season of silicon valley was released)
ERC20 tokens seem to be a gold mine right now as ICO's have proven to be a very successful method of raising funding. Your whitepaper states that there will be a total supply of 10 trillion Kin tokens. 10% will be up for auction, 30% will be retained by Kik, and 60% will be "under the purview of the Kin Foundation." The white paper also states that "Kik’s 30 percent pre-allocation will be unlocked and distributed to Kik at 10 percent per quarter, for 10
quarters" and "The Kin Rewards Engine is scheduled to release 60 percent of the supply over time at a rate of
20 percent of the remainder per annum." Correct me if my math is wrong, but this means that over the course of one year Kik's liquid stake will increase by 12% of the total market and the community's liquid stake will also increase by ≈ 12% of the total market? What does Kik intend to do with their coins once they are unfrozen? While I believe Kik deserves to profit off of their creation, my fear is that if they immediately sell their coins as they unfreeze the community will end up holding a majority of the supply in under two years. A ecosystem of this scale takes time to grow, and is bound to experience hiccups along the way. Giving up the majority of your invested interest so quickly makes me fearful that you could simply exit should the community hit any turbulence early on. Tokens are a two way relationship, and it's important to show the community that if they bleed, you bleed with them. How does Kin plan to handle this? Wishing you well!
A cryptocurrency tied to only one platform doesn't sound like a recipe for success to me. Why didn't they just adopt bitcoin?
@apples_over_oranges broadly speaking: the coin is just for facilitating data exchange on the Kin network (afaik). By using a custom token they can program specific behaviors that bitcoin might not have. It's less about the crypto token, more about the fictionality of the platform with the token just being liquidity
