How KIN works and where to buy, sell and trade it.
Kik is one of the world’s largest chat and social media platforms, while Kin is the name of its affiliated cryptocurrency foundation and KIN is the token itself.
The coin was released following an enormously successful ICO that raised more than $100 million and is intended to be a staple of the user economy.
By offering a token with inherent usefulness and value, Kik and Kin aim to facilitate the creation of a new monetization system and a new social coin. KIN’s strength comes from being built into an established existing social media platform and having a multi-million strong existing user base to start using the currency almost immediately.
Where to buy, sell and trade KIN in the US
KIN can only be purchased with Ether, and it is currently only available on a few exchanges.
These include the following exchanges:
- Ether Delta
- Bancor Network
The total KIN supply limit is 10 trillion coins. However, the full 10 trillion will never hit the market.
- 1 trillion – Distributed to users in the ICO.
- 3 trillion – Distributed to Kik in equal quarterly installments over 2.5 years (10 quarters).
- 6 trillion – Held by a smart contract that releases 20% of the remainder each year for perpetuity.
You can expect fairly drastic inflation over the first few years, after which it will slow dramatically and eventually become practically non-existent.
- Starting supply: 1 trillion
- Circulating supply at the start of the second year: 3.4 trillion
- Circulating supply at the start of the third year: 5.56 trillion
- Circulating supply at the start of the fourth year: 6.3412 trillion
- Circulating supply at the start of the fifth year: 6.3892 trillion
It’s not possible to predict with any certainty how exactly Kik and Kin will use these coins, but they’ll probably be freely doled out as incentives for the next few years.
Most of the coins probably won’t ever appear on the exchanges. Instead, they’ll keep being redistributed throughout the Kik user and partner community without touching the exchanges.
Unless you want to make a down payment on a lifetime of premium Kik features, plan on giving your tokens away as an incentive to Kik users or aim to sell at various peaks. It’s hard to see the point of buying and holding KIN until it settles down.
How does KIN work?
KIN is a general purpose cryptocurrency for use in Kik’s everyday digital services. You might use KIN to tip someone that posts a joke, to buy pizza with an in-app pizzabot or simply send it to someone as a birthday present.
Or you might use it to amplify your own messages to reach a wider audience, to access or create VIP groups, reveal premium content or anything else you can think of.
The built-in Kik wallet will eventually help KIN serve as an accessible and usable entry point to cryptocurrency for its users.
How to sell or trade KIN
- Go to the exchange platform where you hold KIN. If you hold KIN in a digital wallet, then you can choose any exchange platform from those listed above to complete your sale or trade.
- Via the platform, transfer your KIN to Ether.
- Follow the rest of the directions on the platform to sell or trade your Ether.
Should I buy KIN?
KIN stands to be one of the most successful social currencies. It’s bringing a cryptocurrency to an active, young user base rather than creating the crypto and hoping users follow.
The enormous interest in other social currencies, tipping coins and decentralized peer-to-peer content distribution platforms may herald a successful future for Kik and Kin, and that suggests that the market is ready to get behind a coin that can deliver on these kinds of promises.
The previous success of Kik Points may also herald a bright future for KIN.
However, the extremely high supply, enormous rate of inflation over the first couple of years and ambiguity about how useful the coin will actually end up being should be enough to keep buyers on their toes.
It’s also worth noting that KIN will be freely distributed to users to teach them how to start interacting with crypto and aid its circulation. In fact, only 5% of Kin’s stake (the 20% of remaining tokens doled out over time) will actually be used for promotions with partners. The remainder is likely to be directly seeded to users.
There won’t be much of an incentive for most people to ever buy KIN to use. It stands to become the most successful social currency, but to date this is a pretty low bar. Even if it does, KIN will still be play money.
Investors might want to look a few years down the line before buying and should consider the slim chances of anyone ever actually needing to pick up KIN in bulk from an exchange.
A quiet scene on the market, limited exchange options and several years of enormous inflation don’t bode well for KIN’s price growth.