Creating value online? Kin cryptocurrency could be for you

The Kin cryptocurrency allows developers to integrate Kin into their mobile games, and rewards developers for taking part in and expanding the Kin ecosystem.

The Kin Foundation is a non-profit governance body for the Kin cryptocurrency. It also oversees the Kin ecosystem on issues relating to the development of the Kin Rewards Engine. The Kin Foundation is also responsible for monitoring membership and security and ensuring the ecosystem transitions smoothly into a decentralised model – one that is separate from the messaging app Kik. Kin was created by the team behind Kik.

The Kin Foundation rewards select developers for the successful launch of Kin-powered features in consumer applications. If developers are successful, they will receive a reward in the shape of fiat or cryptocurrency. However, Kin also rewards stakeholders in the Kin ecosystem, not just developers.

The Kin website states that Kin is amongst the top 10 most used cryptocurrencies in the world, with more than 6 million users that generate a peak of 200,000 daily transactions.

The Kin Rewards Engine

The Kin Rewards Engine is essentially a profit-sharing mechanism. All stakeholders will benefit from the organisation’s growth. It functions by locking in a majority of the Kin cryptocurrency. This will be capped at 60% of the total supply and will be distributed amongst contributors.

Each year, 20% of the remaining funds that have not been allocated will be offered as additional incentives to anybody who has made a contribution to the ecosystem. A further 5% of the rewards stash will be utilised in the operations and marketing departments. Kin aims to be transparent, and as such, will allow anyone to see how the funds are spent.

The Kin cryptocurrency is deflationary

Furthermore, the Kin cryptocurrency is deflationary. This means that over time it will increase in value rather than decrease like fiat currency. However, the percentage of rewards available will decrease in tandem with Kin’s growth in value.

The rewards will be distributed in proportion to the total usage. To ensure this, Kin will employ an algorithm which determines the reward allocation to each user based on how much Kin they have generated.

To begin with, this will be achieved manually by the Kin Foundation, but over time the process will become automated through the use of smart contracts. A smart contract is a special type of contract written into the code of a blockchain, and will only ever be executed once all parties have upheld their side of the deal.

How can you earn Kin?

Users can earn Kin simply by engaging with the consumerism of the ecosystem. For instance, if a user contributes value to the community, they can earn Kin. Or, if a user curates another person’s content, they can likewise earn some Kin. And, as stated above, if developers create their own content, they will also earn some Kin.

Like traditional cryptocurrencies, Kin is stored in a cryptocurrency wallet. This wallet will be linked to users’ Kik accounts. You do not need to download any other pieces of software, nor do you need to bother with wallet addresses. This is because Kin has integrated its services into the Kik social messenger experience.

If you simply want to send or receive Kin, you can do so through the Ethereum blockchain. This is possible because the Kin cryptocurrency is an Ethereum ERC-20 compatible token.

The Kin SDK

Kin has also released a Software Development Kit (SDK) that is now live on the Unity Asset Store. Unity is an incredibly popular game engine that has been used to build games such as Pokémon Go.

Prime31 is the development team behind the Kin SDK. The SDK enables developers to open fresh Kin accounts and create new Kin wallets, and offers a way for users to earn and spend Kin in-game. For players, you will also be able to engage in user-to-user interactions. This includes sending Kin to other players.

Developers utilising the SDK will be able to design games using Kin as well as facilitate peer-to-peer transactions. For developers who are not well versed in blockchain, the Kin SDK is developed in a manner that does not require you to have a deep understanding of blockchain technology.

The Kin developer program accounts for 29 out of 33 applications in the Kin ecosystem. Previously, those 29 applications provided Kin with more than 40,000 users to their ecosystem. If you wish to join the Kin developer program, the deadline is March 26th 2019. To apply, developers must submit creative ideas for Kin-powered experiences.

As of writing, the Kin SDK is only available on Android devices, but Kin has plans to release the SDK on iOS devices in future.

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