Kik to Integrate Kin Token as First Mainstream Adoption of Cryptocurrency
Kik Interactive, the creator of popular chat platform Kik, today announced it is launching Kin, a cryptocurrency that will act as a foundation for a decentralized ecosystem of digital services.
Kin will be created as an ERC20 token on the Ethereum blockchain and will be integrated into Kik as the primary transaction currency.
Digital services, like chat apps and social platforms, are unifying communications, information, and commerce in new and unprecedented ways.
For future generations, this will be a natural and core aspect of their daily lives.
At the same time, more services are being controlled by a diminishing number of companies, resulting in a future of less innovation and less choice. Decentralization essentially allows for a sustainable way forward.
“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,” said Ted Livingston, Founder and CEO of Kik. “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.”
As a result of advances in cryptocurrency and blockchain, Kik plans to create a decentralized ecosystem of digital services through four crucial steps.
We were fortunate enough to receive a comprehensive detailing of these four steps, and have outlined them here:
- Create the Kin cryptocurrency on Ethereum
- Integrate Kin into Kik
- Develop the Kin Rewards Engine, an innovative cryptoeconomic structure intended to promote the use of Kin as a common currency
- Launch the Kin Foundation, envisioned as a non-profit governance body for the Kin Ecosystem
“We believe cryptocurrency is the next important business model innovation in tech,” said Fred Wilson, partner at Union Square Ventures and Kik board member. “Kik will be the first mainstream application to integrate a cryptocurrency. This could be a watershed moment for the blockchain sector.”