Kik ICO: What’s The Reason Behind The Anticipation?

Kik ICO: What’s The Reason Behind The Anticipation?

The Kik ICO is going to be one of the biggest of this year. The ICO was announced yesterday, and potential investors seem very interested in the idea. In the recent months, Kik was able to raise $50M selling tokens to Blockchain Capital, Polychain Capital and Pantera Capital. Now, the company aims to sell their token to the general public, hoping they can raise up to $125M. So, why is there such a hype over the Kik ICO?

What is Kik?

Kik is a freeware instant messaging app which has 300 million registered users. It was notably the most popular messaging app amongst American teenagers. Kik was founded in 2009 by a group of students and grew pretty quick. It uses a smartphone’s data plan or WiFi to transmit text, images, videos, web pages and content seamlessly. Kik is known for its anonymity, the company allowed users to register without providing a valid phone number. Although this feature had widespread support by teenagers, there was also a backlash against Kik.

Kik drew controversy when it was involved in a number of incidents of child exploitation and had led some kids to suicide. It was characterized as unsafe due to the missing parental control system and anonymity.

Kik’s ICO Crypto Currency: The Kin

The Kin will be the result of the Kik ICO, the company is launching a sort of in-application virtual currency which can be used and exchanged over the application. The key to this innovation was that users can “earn” Kin inside the application. The company has already tested this advancement by creating Kik points, which was very successful. The company saw that users exchanged Kik points; so much so that the monthly transaction volume of Kik points was three times’ that of Bitcoin.

With the Kik ICO, it wants to consolidate the Kik Points idea, by creating a virtual currency Kin which isn’t controlled by Kik; thus giving users full freedom from centrality. Considering the fact that the Kik Points have been accepted widely by the users, one can definitely expect the Kin to be accepted widely too.

What will the Kin be used for?

Kik has plans of what to introduce with the introduction of Kin, it’s exploring ideas about monetizing popularity, incentivizing content creation and sharing. With Kik, a popular artist can publish an advert for a group in which he/she will respond to fans. In order to enter, users have to bid “kin” and win the bidding process. The bidding process ensures that the “kin” generated is maximised and is sent to the artist. Once the bidding process is over, the chat commences and people can interact with some of their favourite artists.

Another idea that Kin would like to introduce is “tipping” where users can send tips to their friends or fellow users if they appreciate their content. This incentivizes content creation. Along with this, imagine you make a silly video, you can send it to people and whoever watches it, receives 2 Kin. This incentivizes content sharing as well as creation.

Furthermore, there is the idea of shoutout messages. Are you tired of sending messages in a group and nobody replies to it? Well, you can purchase attention with Kin and your message will be featured differently, depending on how much you would like to publicize it. It will appear at the top of the chat conversation in an outline to denote that it’s a highlighted message. This allows users to technically “purchase” attention and will increase the value of Kin in the future.

Is Kik’s ICO token worth the investment?

With all of these interesting features, the Kik ICO is set to be one of the most large scale adoptions of crypto currency. If successful, we could see the first adoption of the cryptocurrency and this will give rise to a new industry. This also means that the Kik ICO could triple the value of Kin due to this effect it seems to have on the world. With Blockchain Capital, Pantera Capital and Polychain Capital at their back, we could definitely see another great cryptocurrency enter the market, much like Bitcoin Cash earlier this year.

If you’re interested in Bitcoin, check out our article on how to invest in Bitcoin using Plus500, a CFD service. It has been more profitable for people to invest using Plus500 although you need to monitor your investments more.

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About Article Author

Michael Serrano
Michael Serrano

Michael is an engineer and a bitcoin evangelist. He has been involved in cryptocurrencies since 2013. His biggest wish? 1 billion users of bitcoin, ether and litecoin by 2020. In the last 10 years he has worked for various early-stage start-up as a back-end developer.

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