What is Kin?
Kin is a decentralized digital asset designed to integrate smoothly with mobile and web applications. It aims to provide an inbuilt incentive model that rewards developers for encouraging increased usage. Applications developed with Kin aim to create engaging digital asset-based user experiences, where increased engagement leads to shared economic benefits for both users and developers. Initially launched in 2017 as an ERC20 token on the Ethereum blockchain, Kin has since migrated to the Solana blockchain, which strives to facilitate swift transactions with minimal fees. The Kin ecosystem currently includes over 60 million wallets and has distributed over $70M in rewards across more than 60 applications since its inception.
How does Kin work?
Kin operates through an incentive-based revenue model known as the Kin Rewards Engine (KRE). The KRE aims to reward developers for creating engaging digital asset-based experiences that contribute to the value of Kin. This model seeks to foster a user/developer-centric economy, promoting the adoption of new use cases and the creation of value for a digital asset. It also encourages the exchange of value between users, rather than exploiting user data and attention without any benefit to the users themselves. Kin provides developers with a straightforward path to integrate digital assets within their web and mobile applications, using readily available tools and technologies along with a wide array of plug-and-play SDKs.
What are the potential use cases for Kin?
Kin seeks to provide a sustainable and fair monetization model that incentivizes the adoption of new use cases and the creation of value for a digital asset. It aims to realign users and developers around a shared digital economy where content creators and users are rewarded for the value they bring to the platform. Kin's SDKs aim to simplify the complexities of digital asset integration, allowing developers to focus on creating engaging in-app experiences where users can earn and spend their Kin tokens. This approach is designed for mainstream adoption, removing the hurdles facing developers and providing a quick, easy, and intuitive digital asset development experience.
What is the history of Kin?
Kin was initially launched in 2017 as an ERC20 token on the Ethereum blockchain. It has since migrated to the Solana blockchain, which strives to enable consumer-scale applications to transact swiftly with minimal fees. The distribution and algorithmic logic of the Kin Rewards Engine is overseen by the Kin Foundation, a non-profit organization based in Ontario, Canada. The Kin Foundation controls an institutional-grade treasury that ensures the safe transfer and proper use of funds. The total supply of Kin is capped at 10 trillion, a large number intended to facilitate mass adoption by users worldwide while still transacting in whole-number denominations.
