Instant messaging platform Kik will be launching a digital currency to act as the primary payment method for a range of decentralised digital services.
The ‘Kin’ cryptocurrency, which will be integrated into the Kik app, will be created as a token on the Ethereum blockchain – an open source distributed public blockchain network, enabling anyone to build and deploy decentralised applications.
“Kik believes that Kin can bring together a broad group of participants to create an open ecosystem of digital services that prioritizes consumer experience and choice,” said Ted Livingston, founder and CEO of Kik. “We want to bring a fair and sustainable model for digital services to the market and fuel an alternative ecosystem for communications, information, and commerce.”
Kik aims to develop a rewards engine to promote the use of Kin as a common currency, as well launching a non-profit Kin Foundation to grow an open ecosystem of digital services and oversee the transition of Kin to a fully decentralised model.
“While Kik will initially be the only service using Kin, our ultimate vision is that our chat app will be just one of thousands of services in the Kin ecosystem.,” said Livingston in separate Medium post. “We believe this path leads to a future that is compelling for consumers, and open and fair for developers. It’s a path that provides an alternative to an otherwise inevitable future in which a tiny number of companies control all of the digital services that are most important in our lives.”