Kik aims to be the first social media app with its own crypto currency.
Kik Interactive, the creator of the chat platform Kik, has disclosed it will be launching a crypto-currency, Kin, that would enable customers to use a range of digital services.
Founded in 2009, Kik is a free chat and messaging app built for teens. It has nearly 300 million registered users.
The Kin token will be based on the Ethereum blockchain.
As per Ted Livingston, Kik’s founder and CEO, the company will initiate 10% sale of the token to investors through an “initial coin offerings”.
a sale of the token will begin sometime later this year.
He went on to add, Kik aims to be the first social media app to create its own currency for future sale to the public.
As of now initial coin offerings are not regulated.
“A crypto-currency opens a strategy that can lead to a future in digital services that is both open and better,” said Livingston.
The Kin token will be used to route a whole bouquet of services, which although initially will be through the Kik platform, but will eventually branch out and expand to cover other digital services, said Livingston.
By integrating Kin into its chat app, Kik, Livingstone aims to make the crypto-currency the most used in the world.
Given the Kik’s millions of monthly active users, “That would give a lot of value to Kin”, said Livingston.
The chat app will also feature a Kin rewards feature in the near future. The daily reward will be distributed among currency holders and will reflect their individual’s as well as their group’s contribution to the overall community.
Kik’s daily rewards will begin at around $100,000, which will be divided among the digital service owners, said Livingstone.