Kik, a Canadian-based chat app, just revealed its plans to launch its own digital currency. The new currency will be called “Kin” and created on the Ethereum blockchain using an ERC20 token. For the first time, Kik users will be able to earn Kin and use it to buy goods or services directly on the platform. The CEO of Kik predicts Kin will gain a user base larger than Bitcoin.
Tencent, the same company behind WeChat, has invested $50 million into Kik. WeChat has quickly become the number one messaging app and social network in China, and Tencent is betting Kik will follow suit in North America.
CEO of Kik, Ted Livingston, told Bloomberg:
“Kin, on day one will be the most-used cryptocurrency in the world.”
The company’s success in a prior test adds to their glowing confidence. In 2014, they created “Kik Points” to simulate how a digital currency might perform. Weighing in on the results, adoption of Kik Points was so successful, the total number of daily transactions rose 300% higher than Bitcoin.
Currently, Kik has 300 million total users, with 15 million active users each month.
Nonetheless, it is very difficult to predict the number of users for any given digital currency. Bitcoin, is no different. Over 14 million Blockchain wallets have been created, though this does not necessarily translate to total users as anyone can create multiple wallets. While we can only guess the total number of Bitcoin users, this is an interesting prediction.
During the ICO, a total of 10 trillion Kin will be created. Kik users will have a Kin Wallet to hold their coins, and they will be able earn Kin in different ways (i.e. reviewing a product or service they have used). Through the Kin Rewards Engine, a percentage of total Kin will be awarded to developers and users each day. The Kin Foundation will be established as a non-profit to oversee the Kin Ecosystem.
The ICO is planned for this summer, though the official date has not yet been released.
For more details on the Kin launch, visit their website.