The Kin Ecosystem Foundation recently announced that it will be giving away $3 million in its native “Kin” cryptocurrency. Reportedly, these funds will be distributed to up to 25 eligible developers who are actively working on developing new games and apps for Kik, the Canadian messaging app company. One of the main goals of the multi-million dollar development fund is to assist developers in building their own economic framework around the Kik platform.
During the course of the next six months, the Kin Ecosystem foundation plans to provide the platform’s developers with the tools required to “create unique experiences.” Additionally, there will be a mentorship program available to those contributing to the development of Kik’s cryptocurrency network.
Almost $100 Million Raised In Kik’s ICO
Notably, the messaging app provider raised nearly $100 million during its initial coin offering (ICO) in September, 2017. More recently, Kik’s Kin Ecosystem Foundation has been trying to encourage more people to use its cryptocurrency by partnering with various companies such a Unity Technologies, a game engine developer. Moreover, Kik now provides third-party games and apps creators a software development kit (SDK) to help them support and offer the Kin token on their platforms.
According to Kik and its foundation, their Kin cryptocurrency aims to facilitate the creation of “a decentralized ecosystem of digital services for daily life.” The Kin whitepaper notes that the Kik company has been “experimenting” with various types of “in-app” currencies for a number of years. In fact, the chat app provider introduced Kik Points in 2014, which were earned and then redeemed for rewards by users of its app. This initiative reportedly resulted in the active participation of millions of users, which led to an average “monthly transaction volume nearly three times higher than the global transaction volume of Bitcoin.”
A “Consumer-Ready” Cryptocurrency
Kin and Kik founder Ted Livingston stated:
Up until now, developers haven’t had access to a consumer-ready cryptocurrency that can easily be integrated into mainstream apps and platforms. The Kin Developer Program offers just that, and it also financially incentivizes developers to create natively with Kin.
To qualify for Kin’s incentivized developer program, all applications must be turned in to the platform’s supporting foundation by August 10th. Only up to 25 applications will reportedly be approved to participate in the program by August 15th. After being accepted, applicants will have until October 2nd to create and deploy a consumer app which uses Kin’s proprietary SDK or offers additional features that can be programmed into the current SDK.
Other requirements for the development of these consumer apps include providing “users ways to earn and spend Kin” by simply using programs and services supported by the Kik company. Each qualifying participant could potentially receive $116,000 for their contributions during the three-phase Kin development program. There are specific goals and targets set by the Kin Ecosystem Foundation for each of the three phases, which developers must satisfactorily complete in order to earn the stated rewards.