The tokens can be used to purchase premium version of chat themes. Once the beta phase is completed successfully, all users will be able to earn ad spend Kin.
With a successful launch, Kik will be credited with the record of integrating cryptocurrency in its core platform. Notably, Kik raised about $100 million through token offering.
Regarding the launch of beta, Laura Newton, product manager for Kik said “We believe that establishing Kin as a pillar in our product strategy will help us create better experiences for Kik users”.
We’re excited to announce that @Kik has launched new ways to earn and spend Kin in-app! More on @Medium: https://t.co/lrF8r4zwPV
— Kin Foundation (@kin_foundation) June 27, 2018
Ted Livingston, founder and CEO of Kik and Kin said
“Our goal is to make Kin the most used cryptocurrency in the world and getting Kin into the hands of more Kik users is a critical step in achieving this.”
Livingston further stated,
“Blockchain is a new and complex technology, but consumers don’t have to understand the technology in order to use it. With these new experiences, we want to demonstrate how simple and seamless cryptocurrency-driven experiences can be.”
Kin was initially planned to run on Ethereum network. However, the much talked about congestion of the Ethereum network made Kin developers change their plan to migrate to Stellar Network. In order to capitalize on the advantage of both the blockchain networks, Kin’s founders decided to run its platform in Ethereum as well as Stellar.
Finally, the team went on to fork the Stellar network and used it to deploy its platform. The team has stated that the platform can process 1.20 million transactions per day at a rate of 20 per second. As the platform is deployed on its own mainnet, transaction fee is eliminated. Notably, IMVU, an avatar-based social network, has decided to integrate Kin into its platform.