$100 Million to be used for what?
The web messaging Platform Kik recently collected more than 168,732 ETH during its ICO for the so called Kin token. Being the first mainstream company to use an ICO for funding purposes it might be seen as a huge success but what´s all the money actually meant for?
Let´s take a look at some facts first. The Kik Messenger app got roughly 300 Million Users at the very moment, while the ICO only saw a participation of 10.000 people from 117 different countries. This doesn´t sound like a big number to me to be honest...
But now let´s get to the interesting part, which includes the use of the collected money and the purpose of the Kin tokens themselves. According to the information you may find online the tokens shall actually only be used on the Kik Platform to e.g. buy in-app services, which sounds nice at the beginning but let´s be honest that´s not really some kind of innovation.
Being a Teenager using a messaging app I wouldn´t care whether it´s some cryptocurrency or any other form of credit that I have to buy with a credit card in order to get the in-app service activated. Sure it could be cool for them to send the tokens to someone else but that´s as well not really too exciting.
That all being said it raises, at least for me, the question what the $100 Million will be used for. I mean you definitely would have to hire the worst developers to spend that amount of money for the implementation of the Token into the app. Therefore this ICO is just another one that´s IMO completely overvalued for the actual purpose standing behind.
(Source 1 - Cryptocoinsnews.com)
(Source 2 - Wikipedia.com)