# Kik to Integrate Kin Token as First Mainstream Adoption of Cryptocurrency Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2017-05-26 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: New Kin Cryptocurrency Powers Decentralized Digital Meta Description: Join the revolution with Kin cryptocurrency! Fuel communications, information, and commerce inside Kik with a new era of digital services. Learn more now! URL: https://financedigest.com/kik-to-integrate-kin-token-as-first-mainstream-adoption-of-cryptocurrencyhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/810-6904-361-1736843820297-compressed.jpg) _In First Step to Launching a Decentralized Ecosystem of Digital Services, Kin Cryptocurrency to Fuel Communications, Information, and Commerce Inside of Kik_ [Kik Interactive](https://www.kik.com/), the creator of popular chat platform Kik, today announced it is launching Kin, a cryptocurrency that will serve as a foundation for a decentralized ecosystem of digital services. Kin will be created as an ERC20 token on the Ethereumblockchain and will be integrated into Kik as the primary transaction currency. Digital services, like chat apps and social platforms, are bringing together communications, information, and commerce in new and unprecedented ways. For future generations, this will be a natural and core aspect of their daily lives. At the same time, more and more of these services are controlled by a diminishing number of companies, resulting in a [future of less innovation](https://www.financedigest.com/the-role-of-fintech-in-shaping-innovative-future.html "The Role of Fintech in Shaping Innovative Future") and less choice. Decentralization provides a sustainable way forward. “Kik believes that Kin can bring together a broad [group of participants to create an open ecosystem of digital services that prioritizes consumer](https://www.financedigest.com/tesco-reported-to-competition-watchdog-by-consumer-group-over-pricing-concerns.html "Tesco reported to competition watchdog by consumer group over pricing concerns") experience and choice,” said Ted Livingston, Founder and CEO of Kik. “As a leader in the chat space, we want to [bring a fair and sustainable model for digital services](https://www.financedigest.com/bringing-financial-services-into-the-digital-era.html "Bringing financial services into the digital era") to the market and fuel an alternative ecosystem for communications, information, and commerce.” **The Kin Cryptocurrency and the Kin Foundation** Through [advances in cryptocurrency and blockchain technology](https://www.financedigest.com/the-tahini-market-to-prove-its-servility-to-technological-advancements.html "The Tahini Market To Prove Its Servility To Technological Advancements"), Kik plans to create a decentralized ecosystem of digital services through four steps: 1. **Create the Kin** [cryptocurrency on Ethereum: Envisioned as a general-purpose cryptocurrency for daily use in our digital](https://www.financedigest.com/understanding-cryptocurrency-wallets-securing-your-digital-assets.html "Understanding Cryptocurrency Wallets: Securing Your Digital Assets") lives, Kin will be used for all transactions in the Kin ecosystem. Implemented on the public Ethereumblockchain as an ERC20 token, Kin will serve as the basis of interoperability with other digital services in the Kin Ecosystem. 2. **Integrate Kin into Kik:** Kin will be adopted as the transaction currency inside of the Kik app. With millions of monthly active users, Kik will drive mainstream [consumer adoption](https://www.financedigest.com/growth-in-sales-of-fed-microbial-market-to-be-largely-driven-by-rising-consumer-adoption.html "Growth in Sales of Fed Microbial Market to be Largely Driven by Rising Consumer Adoption") of Kin, establishing demand and fundamental value for the cryptocurrency. By natively integrating the Kin wallet into the app, it will instantly become one of the most adopted and used cryptocurrencies in the world. 3. **[Develop the Kin Rewards Engine](https://www.financedigest.com/over-the-air-engine-control-module-market-notable-developments-geographical-outlook.html "Over The Air Engine Control Module Market Notable Developments & Geographical Outlook"), an innovative cryptoeconomic structure intended to promote the use of Kin as a common currency:** Through the Kin Rewards Engine, Kin will be introduced into circulation as a daily reward, which will be distributed among stakeholders by an algorithm that reflects each community’s contribution to the overall ecosystem. This economic structure will create a natural incentive for owners of other digital services to adopt Kin and become partners in the Kin ecosystem. Over time, the Kin Rewards Engine will be implemented as a fully decentralized [system based on smart contract technology](https://www.financedigest.com/product-innovations-and-advancements-in-technology-to-boost-automotive-ignition-system-market-growth.html "Product Innovations and Advancements in Technology to Boost Automotive Ignition System Market Growth"). 4. **Launch the Kin Foundation, envisioned as a non-profit governance body for the Kin Ecosystem:** The Kin Foundation’s mandate is to [grow an open ecosystem of digital services that consumers](https://www.financedigest.com/sales-revenue-of-tpms-battery-market-to-soar-in-the-near-future-owing-to-growing-consumer-adoption.html "Sales Revenue of Tpms Battery Market to Soar in the Near Future Owing to Growing Consumer Adoption") can easily explore and find value in, while giving developers an open and sustainable platform to develop, enhance and monetize those services. Over time, the Kin Foundation will oversee the transition of the Kin Ecosystem to a fully decentralized model that operates with no assistance from Kik or any other entity. As a first step toward [open governance, Kik will open source](https://www.financedigest.com/italy-open-to-selling-down-mps-stake-on-market-if-terms-buyers-are-right-sources.html "Italy open to selling down MPS stake on market if terms, buyers are right – sources") all of its client and server code, and will support others in building comprehensive digital services with integrated transaction economies. “We believe cryptocurrency is the [next important business model innovation](https://www.financedigest.com/the-next-decade-to-see-the-humanized-liver-mice-model-market-detonate-innovation.html "The Next Decade To See The Humanized Liver Mice Model Market Detonate Innovation") in tech,” said Fred Wilson, partner at Union Square Ventures and Kik board member. “Kik will be the first mainstream application to integrate a cryptocurrency. This could be a watershed moment for the blockchain sector.” --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---