Messaging App Kik To Launch Ethereum-Based Cryptocurrency "Kin"

The Messaging App "Kik" is going to launch a cryptocurrency on the Ethereum Blockchain.

Kik was launched in 2010 and currently has about 15 millions active monthly users.
The official whitepaper was published on may 25, and an ICO will follow later this year, in which 10% of tokens will be available to buy for the public.

"Kik believes that Kin can bring together a broad group of participants to create an open ecosystem of digital services that prioritizes consumer experience and choice. As a leader in the chat space, we want to bring a fair and sustainable model for digital services to the market and fuel an alternative ecosystem for communications, information and commerce.”

-Ted Livingston, Founder and CEO of Kik

Kik announced that they're planning to launch their very own token called "Kin", and want to create an "open ecosystem of digital services".

The ultimate goal is to create a WeChat-like ecosystem of several different services for consumers, all based on the Kin Token.
In desperate times where Kik has to rival with giants like Facebook Messenger, an innovation like this could become a huge benefit.
Kin can be bought / sold through Ethereum, or earned and spent on the app without the use of actual fiat money.
Once Kin is integrated into Kik Messenger, users will be able to use the cryptocurrency to buy stickers or chat bots, or could even earn tokens by watching ads and more.

"There are a bunch of ways to earn it: You could watch ads, you could host a great group chat, create a great sticker, build a great bot. So there's all these different ways as a consumer you could come in and earn value and then spend value. And how that makes money for Kik is, we create a new cryptocurrency for Kik such that there's only going to be so much of it. And we set some of that aside for us. So that if more and more people transact in this cryptocurrency, the value of it grows."

-Ted Livingston, Founder and CEO of Kik

4 Steps to integrate Kin with Kik

• Creation of the Kin Token on the Ethereum Blockchain
• Integrate Kin as currency for transactions on the Kik messaging platform
• Create a "Kin Rewards Engine" to promote the Kin currency: stakeholders will receive certain amounts of Kin Tokens, to reflect each party’s contribution to the ecosystem. This is done to create an incentive for other digital services to team up with Kin. Kik’s daily rewards will start at around $ 100.000 and will be split among the service’s owners,
• Create a non-profit Kin Foundation. Kik will open source all of its server code to enable a platform which provides developers with ways to monetize digital services for consumers.

“We believe cryptocurrency is the next important business model innovation in tech. Kik will be the first mainstream application to integrate a cryptocurrency. This could be a watershed moment for the blockchain sector.”

-Fred Wilson, Kik board member

It seems like not only banking- and financial services, but also mobile apps are slowly recognizing the benefits of cryptocurrency. What's your opinion about these "mainstream" ICO's ?

Images: 1, 2, 3, 4, Sources: 1, 2, 3, 4, 5, 6

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