Kriptoks

Kin is a cryptocurrency that is used as a means of exchange within a digital ecosystem of consumer applications and services. It was initially launched as an ERC20 token on the Ethereum blockchain, and was designed to be the primary currency within the Kik messenger ecosystem. The name Kin is short for Kinship, as it aims to strengthen the ties within the Kik community. Kik raised around $100 million in its initial coin offering (ICO) for Kin in September 2017.

However, in September 2019, Kik announced that it would be shutting down its messaging app in order to fight an ongoing lawsuit with the United States Security and Exchange Commission over whether the Kin ICO sold unregistered securities. In October 2019, MediaLab acquired Kik messenger with the goal of preserving Kin.

The Kin tokens enter circulation through an incentive model known as the Kin Rewards Engine (KRE), which rewards developers who create compelling user experiences with Kin based on their engagement. This offers a software monetization model that incentivizes the adoption of new use cases and the creation of value for a cryptocurrency, as well as encouraging the exchange of value between users, instead of harvesting user data and attention at no benefit to users themselves.

The Kin blockchain operates autonomously through a federated consensus model, currently composed of 11+ globally distributed validator nodes. This allows for fault tolerance while also allowing for little-to-no fees and fast confirmation speeds. The identities of the node operators are currently private in order to maintain operational security, but they are reportedly independent, reputable digital service providers with a history of reliable availability and maintenance.

The distribution and algorithmic logic of the Kin Rewards Engine is overseen by the Kin Foundation, a non-profit organization based out of Ontario, Canada. Undistributed Kin is held in an institutional-grade treasury that is controlled through a series of vesting periods, inflation guidelines, and fiduciary custody controls to ensure the safe transfer and proper use of funds.

Anti-spam and anti-fraud assurances are also provided to ensure the security of the ecosystem. The Kin Foundation plans to fully automate the distribution of Kin with additional safeguards in place in the future. The maximum supply of Kin is set at 10 trillion, which allows for mass adoption by users around the world while still transacting in whole-number denominations, as opposed to decimal places.

In summary, Kin is a cryptocurrency that aims to create a digital economy where users and developers are incentivized to create value, rather than just harvesting data and attention. It operates on a blockchain network that is secure, fast, and has low transaction fees. The Kin Foundation oversees the distribution and algorithmic logic of the Kin tokens, ensuring their safe transfer and proper use. The ultimate goal is to create a decentralized digital ecosystem where users have control of their identity and data, and developers are rewarded for creating valuable user experiences.