Kik had a successful $100 million ICO last year to help launch its Kin token. Now, companies are starting to experiment with the Kin token as an incentive for fans.
Kin was designed to help Kik users get rewards for activities like completing surveys or quizzes and watching videos. Kik teamed up with the Blackhawk Network so that users could trade in their Kin for gift cards from companies like Domino’s, Nike, and Sephora.
Even more brands have taken notice, like Red Bull and Swarovski, which have started to get interested in Kik’s mobile app, Kinit.
Plugging In With Kinit
Many other messaging apps have created their own cryptocurrencies, but what makes Kin unique?
One is Kik’s decision to move the token from the Ethereum network to the Stellar network in March since Stellar was designed for faster transactions. Kin also spent $3 million for its “Kin Ecosystem.” The result is Kinit, Kik’s app that lets people use Kik’s digital currency.
Companies have started using Kinit to encourage customer interaction. Some, like Austrian firm Swelly, uses Kinit to run polls. Swelly CEO Peter Buchroithner said offering cryptocurrency through Kin was a way to reward their customers who complete the surveys.
Meanwhile, Ad-Tech firm TrueX uses Kinit to give rewards to users after watching short advertisements.
Rod Mcleod, Kik’s vice president of communications says it best of Kinit, saying the purpose was to make “Crypto truly consumer-friendly through fun and engaging experiences.”
Is There A Future For Kik And Its Crypto?
While Kik thinks their cryptocurrency has a bright future ahead, questions about its viability remain.
Some are not sure that the current rewards system is lucrative enough for people to engage with Kik’s Kinit app and earn Kin tokens. Some think partner brands might be unwilling to give users generous amounts of Kin and hinder the user from getting rewards.
Many, however, see Kinit as a fun and unique way to get users and companies to interact in a way that reduces the amount of personal data shared. This could make Kinit the perfect tool for users concerned about digital privacy.
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