Kik is a chat application created by a company based in Canada, one of the first actually, that has raised over 120 million in VC funding and was the first mover on many fronts. For some reason though it has never reached the scale to even come close to competing with Facebook and thus struggles to attract advertising dollars.
This summer they are releasing a new crypto currency called Kin, which will allow chat users to get paid for hosting group chats, selling stickers, promoting a business through posts and pictures, releasing paid content and whatever else users demand.
Here are some details of the ICO:
- Kin means working together
- Selling 10% in the ICO
- Kik is keeping 30% for setting this all up, vested 10% per quarter for 10 quarters
- Kin Foundation will keep 60% to distribute to companies to promote the Kin ecosystem and whatever else benefits the value of Kin
- There will be 3 trillion Kin in circulation, but they have yet to reveal the value per Kin
One important selling point is they claim Kin will be the most used crypto currency on day one due to their user base of millions of users, which have already demonstrated a desire to spend and use Kik Points. They estimate 3x the daily number of transactions that bitcoin currently has.
This ICO seems interesting in that:
- They have more than just an idea. Seriously how many ICO's raise tens of millions without a product and just a fluffy white paper.
- They have a product that’s been around for almost a decade with millions of users.
- They have a team that has been working together for many years.
- They already had 120 million of dollars of regular VC funding.
You can be certain that if they succeed Facebook will copy them and if they do, that’s when the flood gates will open. Because with 2 billion users on several of their platforms, it will instantly make everyone in your family and circle of friends a crypto user.
What are your thoughts, would you invest in Kin?