Kik Has a New Plan in Cryptocurrency

A messaging app may not seem like the kind of place where currency revolutions are begun, but interestingly, that’s just what we’ll get with a new plan from Canadian messaging app Kik.

Taking a page out of Ethereum’s book, the cryptocurrency market is about to get a little fuller with the Kin currency.

Kin, a digital currency meant to be the primary payment method for any transaction method carried out over Kik, actually has something of a connection to Ethereum, one of the most popular bitcoin alternatives around.

Kin has its own token on the Ethereum blockchain, specifically an ERC20 token, which should allow it to be used on other platforms besides Kin. Kik is even opening up the doors to let other companies work in Kin as well, opening up a field for Kin users to shop from.

Kik was reportedly inspired by bitcoin, which recently reached a high of $2,500 a unit. Plus, as noted by Kik’s chief marketing officer, Erin Clift, Kin should help “democratize” how users pay for things online, and provide what Clift described as “…a better suite of experiences” including “more compelling content” and “more choice for consumers.

If Kin catches on, it could be the latest addition to a cryptocurrency market that’s already getting rather full of options. What’s not immediately addressed here is how users would lay hands on Kin; ostensibly it would be about the same as mining Ethereum, which reports suggest is still possible with a standard video card system, but for how much longer is unclear.

Some reports suggest that Kin can be earned outright via interaction with chatbots or by engaging in services established by brands or other firms, and users are encouraged to use Kin as a tipping method.

While it’s a fairly safe bet that Kin won’t reach bitcoin level prices, it’s also clear that the cryptocurrency market in general is on quite an upward track these days. That can be a problem in general, as the market gets too crowded to be easily followed. Still, Kin may prove a worthwhile addition to the market with a decent user base behind it, and Kik may well do for that.