Kik ICO Showdown May Reverberate Across Crypto Industry

While Kik does maintain a substantial user base, such news might cause the company to sever the KIN token entirely — leaving it unsupported. The peak price point of the KIN token occurred Jan 2018 when the token reached $.001306. The flurry of investor participation was largely due to positive news that the company had been increasingly sought after for inter-application currency usage. Kik already had a relatively-large platform base in terms of the number of users.

KIN is reportedly used as a reward token within the Kik app and other mobile uses, paying for the completion of tasks. However, the cryptocurrency community only uses KIN as a source of speculation. “Kik tries to argue that any of its efforts were only to build out the infrastructure as one of many participants in the ecosystem,” said Boiron. It argues that Kin’s price is based on supply and demand driven mainly by other people, rather than Kik itself—just like any other cryptocurrency, such as Bitcoin.

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When Kik introduced the app-specific cryptocurrency — the KIN — into its app, the coin inherited that user-base almost instantly. Blokt is a leading tech, cryptocurrency, privacy, bitcoin, and blockchain resource. We provide the latest in breaking crypto news, cryptocurrency and privacy guides, price analysis, security tips, and industry tools.

Kin Price Index, Historical Chart and Market Cap

Whether this was because the company had issues raising further venture capital funding is unknown, as CEO Ted Livingstonevaded the questionwhen asked at an event last year. At the same time, KIN is still listed among the most active digital assets, running through more than 1.5 million transactions per day.

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By the same token, users of the Kik platform and other applications will continue to provide market traction for KIN. KIN is in the stage where the Ethereum-based tokens are registered and swapped for a new KIN asset based on the Stellar network.

The move will displace more than 100 employees, as operations are reduced to 19 core developers supporting the Kin blockchain. For this reason, it is likely that the KIN coin could become a cryptocurrency of choice, at least within the applications that currently have integrated KIN services. Additionally, the continued expansion of the KIN ecosystem would produce even greater numbers of users — leading to increased investor and user participation. Of course, should the SEC determine that the KIN coin is, in fact, a security, there will be a substantial drop in the value of the coin.

This article is explicitly not intended to be financial advice, is not financial advice, and should not be construed as financial advice. The content and information provided in this article were not prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making any investment decisions.

Designed to be the primary currency in Kik’s ecosystem, users could purchase digital goods and services and app developers could earn revenue. Kin, short for Kinship, was designed to strengthen the ties within the Kik community. While many cryptocurrencies reward powerful mining operations and encourage users to stockpile tokens, Kin’s setup prompts Kik users to earn and spend their currency within the platform. Kin is seamlessly integrated into apps, with Kin-supported apps in the Kik platform set apart with a small “K” icon. Those icons link apps with the Kin Marketplace, where users can find many different opportunities to both earn and spend their tokens.

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The author of this article may, at the time of its writing, hold any amount of Bitcoin, cryptocurrency, other digital currency, or financial instruments — including but not limited to any that appear in the contents of this article. Kin (KIN) is a cryptocurrency designed by Kik, a social networking and chat company, that is useable within a wide variety of applications. The KIN coin is useable as an inter-application currency, allowing users to take advantage of various platform features. The cryptocurrency is currently in use by more than six million users with more than 200,000 daily transactions. The launch of KIN, Kik’s cryptocurrency offering was a way for the company to raise additional funds while also moving the business away from the traditional advertising-based revenue model that freeware apps rely upon.

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While most companies that launch their own cryptocurrency have a ready-made user base, Kik had an important advantage over its competitors in this regard. Kik already enjoyed millions of active users through its messaging platform.

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In early 2017, the company sought to pivot to a new type of business, which it financed through the sale of one trillion digital tokens. Kik sold its “Kin” tokens to the public, and at a discounted price to wealthy purchasers, raising more than $55 million from U.S. investors. The complaint alleges that Kin tokens traded recently at about half of the value that public investors paid in the offering.

kin ico price

Blockchain support also allows a token to be guaranteed over the long term. has fluctuated a lot since the digital asset on the Ethereum blockchain came into the market in late 2017. However, it is important to point out that, like with most other blockchain digital assets, the Kin token price has a positive correlation with that of Bitcoin.

The KIN market price has fallen to $0.000024, losing more than 80% in comparison to the ICO price. The Kin token is an Ethereum-based ERC20 token that will be used as Kik’s primary transaction currency. Kin will sit at the center of monetized content creation, curation, commerce, products & services, merchants, developers, influencers, and more. Besides being a digital currency, the Kin website describes the token as “different from other digital currencies because it is a cryptocurrency.” Kin is similar to bitcoin in that it makes use of the public blockchain and has monetary value. The fact that Kin is part of a blockchain allows its developers to control the creation and flow of tokens to prevent a surge.

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Kik raised $98 million in its token sale which was held in September 2017, with over 10,000 participants involved. The KIN token is designed as a means of incentivizing user interaction on the chat app that Kin operates. Kik is far from the first company to come under regulatory scrutiny in connection with an ICO. Kik CEO Ted Livingston announced earlier this week that his company would be shutting down the Kik core messaging service to focus on the KIN cryptocurrency, as the team prepares for a high stakes legal battle with the SEC.

Kin is used as money within a digital ecosystem of consumer applications and services. Kin coins enter circulation via an incentive model referred to as the Kin Rewards Engine, or “KRE”, which rewards the developers that create compelling user experiences with Kin based on their engagement. This new alternative re-aligns users and developers around a shared digital economy in which the content creators and developers that generate value are the focus, not big-data monopolies.

As such, the platform could drive mainstream consumer adoption of the Kin cryptocurrency. The Kik app was also able to house many of the traditionally third-party services and features for the currency, including the Kin wallet. It operates as a cryptocurrency that will be used to power a range of decentralized digital services.

In its whitepaper, KIN was originally planned to be built upon the Ethereum platform, just like so many other cryptocurrencies. However, in December 2017, Kik CEO Ted Livingstonannounced in a live Q&Athat the company is considering pivoting to theStellarnetwork, a fully open source distributed blockchain created by Ripple’s co-founder Jed McCaleb. As alleged in the SEC’s complaint, Kik had lost money for years on its sole product, an online messaging application, and the company’s management predicted internally that it would run out of money in 2017.

Envisioned as a general purpose cryptocurrency for use in everyday digital services, Kin will be used for all transactions within the Kin Ecosystem. Implemented on the public Ethereum blockchain as an ERC20 token, Kin will serve as the basis of interoperability with other digital services in the Kin Ecosystem. Given the host of negative attention from the SEC, we at BeInCrypto would be surprised to see a substantial movement of funds into the cryptocurrency in the short term.