What is Kin?
Digital services, such as chat apps and social networks, are bringing together 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 and more of these services are controlled by a diminishing number of companies. If left unchecked, a few private companies are poised to exercise absolute authority over the digital services everyone uses, effectively eliminating consumer choice on a global scale.
Decentralization provides a sustainable way forward. We believe that a broad group of participants can come together to create an open ecosystem of tools for digital communication and commerce that prioritizes consumer experience. As a key player in the chat space, we are compelled to lead the change required to bring a fair and user-oriented model for digital services to the market.
Kin is a cryptocurrency designed to bring people together in a new shared economy.
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.
Kik will be the first digital service to join the Kin Ecosystem.
Kin will power a digital economy inside of the Kik app. With millions of users, Kik will drive mainstream consumer adoption of Kin, establishing fundamental value for the cryptocurrency. By natively integrating the Kin wallet into the app, it will instantly become one of the most adopted and used cryptocurrency wallets in the world.
The Kin Rewards Engine is an innovative cryptoeconomic structure intended to promote the use of Kin as a common currency.
Through the Kin Rewards Engine, Kin will be introduced into circulation as a daily reward, to be distributed among stakeholders by an algorithm that reflects each community’s contribution to the overall ecosystem. This economic structure will create a natural incentive for owners of other digital services to adopt Kin and become partners in the Kin Ecosystem.
The Kin Foundation will act as the non-profit governance body for the Kin Ecosystem.
The Kin Foundation’s mandate is to grow an open ecosystem of digital services that consumers can easily explore and find value in, while giving developers an open and sustainable platform to build, enhance and monetize those services. Over time, the Kin Foundation will ensure the delicate transition of the Kin Ecosystem into a fully decentralized and autonomous network.