The Complete Kin Token Guide: What it is, Why it Matters and How to Buy & Store KIN Tokens.
Kik messenger is a popular instant messaging app which was developed by a Canadian company known as Kik Interactive and is currently accessible on Android, Windows, and iOS mobile phones. Kik is popular for protecting the users’ anonymity as it allows the user to register on the app without using a telephone number.
Kik has been known to experiment with several in-app currencies since a few years now and initially introduced Kik Points which people can use for transacting on this instant messenger app.
People could earn the Kik points by watching ads and was a popular way of transacting on the Kik messenger app. Kik recently introduced a new virtual currency known as Kin which plays a great role in the productive growth of the Kik ecosystem.
Let’s take a closer look at this latest cryptocurrency and how users can benefit from it.
What are Kin Tokens?
Kin Tokens are similar to Kik Points and can be used inside the messenger to purchase content produced by other developers. Kin will act as the platform’s primary transaction currency and users can earn the tokens by adding value to the Kik ecosystem by creating content, organization, and commerce.
In future, other digital services can also use the Kin tokens across their apps and it depends on service providers how they wish to integrate Kin. They can either build models around Kin tokens for their content or they can build speculative economic models.
Many digital services like Instagram, Youtube, Facebook, etc. rely on promotion of the popular content and then collect revenue from advertisers and provide their content with more views in return.
On the other hand, Kin will help users in generating an income without focusing on advertising. Developers will earn tokens depending on the volume of transactions that is produced by consumers and not by indirect advertising.
Here are some use cases of Kin tokens:
Access to VIP Groups
Kin tokens will allow top influencers like leaders and celebrities to make an exclusive group which will need an entrance fee.
Access to Premium user-produced content
Users can create content like videos, audios, pictures, etc. and share them but they will stay hidden unless users pay Kin to unlock these content.
Users can also employ Kin to reward the other users for the content that they liked.
This feature is similar to that of Youtube and other platforms but users will need to use Kin tokens in order to create shoutout messages.
Around 10 trillion Kin token will be supplied in total and here is the token structure in detail:
- ICO participants will be allocated around 1 trillion Kin tokens.
- Kik will be allocated 3 trillion Kin tokens since it is Kin Foundation’s founding member and it will include a long-term vesting schedule. 30% of Kik’s allocation will be unlocked and distributed on the Kik platform at 10% every quarter for around 10 quarters.
- The Kin tokens which are remaining, around 6 trillion, will be kept under Kin Foundation’s Rewards Engine Schema and will be only utilized to grow Kin ecosystem and to provide funding for the various operations of the funding.
Team Behind Kin Project
Since Kin in deeply integrated with Kik, people who have been working at Kik are also responsible for the Kin project. The entire company has been testing and researching the idea before implementing it.
CEO Ted Livingston founded Kik when he was just 22 years old and has been branded as one of the Fast Company’s Most Creative People in last year. Peter Heinke is the CFO of Kik and has more than 20 years of experience in finance, technology, operations & strategy for media startup organizations, and so on.
Era Ben-Ari is the Chief Product Officer who was previously the VP of Products at Rounds and has a lot of experience about the communication companies and what drives them.
Apart from these members, Kik team also has some well-known investors of Technology and Blockchain space who have taken an interest in the Kin project and see potential in it.
How to Buy Kin Tokens
Exchanging Ethereum for Kin
If you haven’t already registered here, then you would first need to sign up and then input your phone number, payment details and upload an image to verify the account. You will also need to verify your payment details and then go to ‘Buy/Sell’ page.
Once you are on the page, go to the Buy section and choose Ethereum. Enter the amount of currency that you wish to spend/the number of ETH coins that you wish to purchase and then click on ‘Buy’ button. You will need to confirm this transaction by clicking on ‘Confirm Buy’ button.
You have now become the holder of ETH coins which you can use to exchange for KIN tokens. For this, you will need to go to another exchange like Etherdelta where you will need to select the ETH/KIN exchange to proceed. If you don’t find it, then click on the drop-down menu and select KIN from it.
You can follow the steps to exchange for ETH for KIN tokens here:
1. On the EtherDelta KIN page, you need to click on ‘Select Account’ option and then click on ‘New Account’ button.
2. Copy down the new Ethereum wallet address and private key and save it somewhere safe.
3. Click on OK once you have successfully saved the information and head back to Coinbase.com
4. Go to the ‘Accounts’ page and then locate your Ethereum wallet on the left side.
5. Click on ‘Send’ button next to the Ethereum wallet and then paste the copied wallet address in ‘Recipient’ section.
6. Select the amount of Ethereum that you wish to transfer and then click on ‘Continue’.
7. Confirm your transaction with password/phone and follow the remaining instructions to transfer your ETH coins.
8. Navigate back to Etherdelta and wait for the ETH coins to show up.
9. Once that is done, you need to adjust the ‘gas’ amount in your Etherdelta account for a quick and smooth transaction.
10. Select the ‘gas price’ and then input a minimum of ‘30’ as the gas price and then click on ‘Set gas price’.
11. You can check the ETH token in your BALANCE and beneath your ETH token box, you have an option to enter the amount of ETH tokens that you wish to trade.
12. Once you have entered the amount, click on ‘Deposit’.
13. You will see a pop up appear telling you that you are moving the coins and a link to track the progress of the transaction.
14. Check your EtherDelta balance for Ethereum coins. Once ETH tokens are available, you are ready to trade.
15. Check out the ‘Order Book’ column and you will see the users who want to purchase or sell KIN tokens.
16. You can purchase KIN by two options. In the first option, you click on a sell order (red in color) and then click on ‘Buy’ button in the pop-up menu.
17. You can enter the amount of KIN that you wish to purchase and if the trade is successful, you will receive a link to the transaction on the blockchain.
18. You can also purchase the KIN tokens by using ‘New Order’ option in which you would enter the number of KIN tokens.
19. Enter the ratio of KIN/ETH that you would like to purchase the KIN tokens at. Once you do this, the ETH amount will get automatically filled and you can press the ‘Buy’ button.
20. This buy order will go on the exchange for some KIN holder to sell or it will expire after some time.
21. If you chose option 1 then you will see KIN tokens appear in your wallet immediately. If you chose option 2, then KIN tokens won’t appear in your wallet until the order is filled.
Congrats! You are now a holder of KIN tokens and can use it on the Kik messenger app.
How to Setup Your Kin Wallet
To store your Kin tokens in a safe and secure holding, you need to set up a Kin wallet which can be done on any Ethereum wallet since Kin tokens can be stored on the Ethereum blockchain. We will use MyEtherWallet since it is simple and convenient to use.
Here is a quick guide to how you can set up your Kin wallet for the first time.
- Go to myetherwallet.com and enter a strong password then click on ‘Create a New Wallet’.
- Then, click on ‘Download Keystore File’ and save the keystore file at a safe and hidden location.
- Click on ‘I understand. Continue’ once done and then save your unencrypted private key for the wallet. This will be used to open the wallet, so keep it safe and hidden too.
- Next, click on the ‘Save your Address’ button and then choose ‘Keystore File’ option to open your wallet.
- Upload the keystore file that you downloaded in step 2 and then input your password.
- You can see your open wallet by scrolling down and save the ‘Your Address’ information in a secure and hidden location.
How to Store Kin tokens
Once you own the KIN tokens, you have an option of keeping it in your exchange wallet or you can transfer it to your personal wallet. It is always better to transfer it to your personal wallet as it is safer and secure over there.
- To move your KIN tokens from your Etherdelta wallet to your MyEtherwallet, you will need to go to the ‘Balance’ box on Etherdelta and then go to ‘Withdraw’ tab.
- Enter the amount of KIN that you wish to withdraw and then press on ‘Withdraw’ button. You will receive a pop up with a link to the transaction on Ethereum blockchain and your KIN tokens will appear in the ‘Wallet’ column of your Etherdelta account.
- Now, go to the ‘Balance’ box and select the ‘Transfer’ tab and then enter your MyEtherWallet address and the amount of KIN you wish to transfer.
- Again, a pop up with the link to the transaction will appear. Now, go to your MyEtherWallet and check under the ‘Token Balances’ section, you will see your KIN tokens.