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Cryptocurrency 

Can Kin (KIN) lure average people to the blockchain with rewards points?

May 13, 2019May 15, 2019 daniel blockchain with rewards points, Can Kin (KIN) lure average people to the blockchain with rewards points?, Could Kin (KIN) build Communities through Time Banking?, Digital Social Credits, GoChallenge.me, How Kin could Power E-Commerce, Kin (KIN), Kin (KIN) ERC20 cryptocurrency, Kin Ecosystem, KinCoin, What Value Does Kin (KIN) Have?, Will KinCoin Work?

Interestingly, the developers of the Kin (KIN) ERC20 cryptocurrency hope to lure average people to the blockchain with rewards points.

To explain, Kin (KIN) is an Ethereum Request for Comment (ERC20) cryptocurrency that functions as a reward point. To explain, content creators and entrepreneurs could reward customers or fans with KIN tokens.

For example, a restaurant owner could reward diners who recommend his eatery on social media with Kin. In addition, game developers could reward frequent players with Kin.

How Kin could Power E-Commerce

To elaborate, players could use the KIN to purchase free play or weapons in the game. Moreover, players could cash in the KIN for Ethereum (ETH) or EOS (EOS) tokens or stablecoins. Plus, players could use KIN to buy products from an e-commerce site that accepts KIN tokens.

Meanwhile, shoppers at the e-commerce site could earn Kin with each purchase. Consequently, the shoppers could earn a discount on future purchases or buy products with KIN.

In addition, a person could earn Kin at the website of a brick and mortar store that offers delivery like Kroger (NYSE: KR). For example, a shopper could earn Kin when she orders Kroger groceries through Instacart. The shopper could use the Kin for future grocery purchases or at get a discount on fuel at a Kroger Filling station.

Currently, shoppers can earn points towards fuel discounts at Kroger supermarkets; like King Soopers and Ralph’s, in the United States. Thus, there could be huge market for Kin with Big Retail.

Could Kin (KIN) build Communities through Time Banking?

Interestingly, insurgent American presidential candidate Andrew Yang (D-New York) proposes the most radical and disruptive use of rewards points.

To explain, Yang suggests the government pay people for community involvement and volunteering with rewards points in what he calls Modern Time Banking. Specifically, Americans could earn tokens Yang calls Digital Social credits for performing beneficial actions.

For example, you could earn 100 Digital Social Credits for shoveling snow off your disabled neighbor’s sidewalk. You could then cash the Digital Social Credits in for pennies on the dollar, or purchase labor at a time bank. For example, you could use the credits you earn shoveling snow to pay your neighbor to clean your gutters.

Interestingly, Yang’s Time Banking Scheme looks like Kin’s business plan. Consequently, there could be a market for Kin with governments and community organizations.

Will Kin Make Money in Apps?

Interestingly, there are several apps that use Kin available in the Google Store. For instance, Tapatalk connects users to over 200,000 forums. Meanwhile, Kinny allows you to send Kin (KIN) to other social media users.

Fascinatingly, GoChallenge.me incentivizes goals with KIN rewards points. Hence, employers could use GoChallenge.me to reward workers. In addition, GoChallenge.me could be a template for a scheme like Modern Time Banking.

Thus, Kin is encouraging development of apps real people could use in the real world. Ultimately, developers can use the data apps like GoChallenge.me and Kinny gather to develop apps for commercial applications.

An app that rewards retail associates with for completing training courses, or offering good customer service with KIN, for example. Or an app that rewards customers who report problems at retail stores to the company’s management.

Will KinCoin Work?

Kin is taking its next step by migrating the Kin (KIN) tokens to the Kin blockchain from Ethereum. To explain, Kin will exchange Kim for its new platform token KinCoin.

KinCoin is a platform token that will native the Kin Ecosystem. To elaborate, a platform token is a digital token that can only be used within a particular ecosystem. For instance, the KinCoin can only be used in the Kin Ecosystem.

Once the Kin Ecosystem is up and running, the KinCoin will serve as rewards points for Kin users. Interestingly, Kin claims the KinCoin is a cryptocurrency that is being traded at some exchanges. However, I could not locate any of those exchanges.

Are People Using Kin?

Fascinatingly, Kin reports some actual users. Specifically, Kin claimed that 269,600 people send KIN a month in May 2019.

More importantly, Kin claims there are 40 active Kin apps available now. Apparently, the Kin apps will accept KIN and integrate with the Kin blockchain.

Impressively, the most successful Kin app is Kick; Kin estimates Kik had 183,265 active spenders in the 30 days that ended on 7 May 2019. In addition, Kin estimates the Rave app had 28,909 users in the same period.

Has Kin licked blockchain Scalability?

Finally, Kin claims it processes 99.2% of transactions in under 10 seconds. Thus, Kin could have a partial solution to great blockchain scalability problem. To explain, the slow speed of processing is one of the main reasons people will not use cryptocurrencies.

Blockchain processing is slow because encryption limits the capacity. For instance, Ethereum can only process around 15 transactions a second, Bravenewcoin estimates. Hence, an Ethereum platform could crash if tries to process over 15 payments at once.

On the other hand, Kin does not reveal how many transactions per second it process. Consequently, I cannot tell if Kin has a realistic solution to scalability.

Are Kin and KinCoin good Cryptocurrencies?

In conclusion, Kin offers some good attributes as a cryptocurrency. For instance, Kin (KIN) participates in Bancor’s Liquidity Network.

To explain, Bancor tries to maintain a cryptocurrency’s liquidity by making it easy to convert. In addition, Bancor acts as a bridge between Ethereum and one of its main competitors EOS (EOS). Thus it is easy to convert Kin (KIN) to other coins that participate in Bancor.

What Value Does Kin (KIN) Have?

Bancor estimates Kin had a Coin Price at 0.00048₵ on 13 May 2019. In addition Bancor estimated Kin had a liquidity depth of $132,360 the same day. The liquidity depth is the amount of liquidity Kin has. In addition Bancor gives Kin a 24-Hour Market volume of $41,322 on 13 May 2019.

Conversely, CoinMarket Cap calculates, Kin (KIN) had a Market Capitalization of $35.6 million, a Coin Price of 0.00047₵ and a Market Volume of $1.105 million on 13 May 2019. CoinMarket Cap estimates there was a Circulating Supply of 756.098 million KIN and a Total Supply of 10 billion KIN on the same day. Finally, Kin was CoinMarketCap’s 132nd ranked cryptocurrency on 13 May 2019.

In the final analysis, Kin (KIN) has a lot of potential value because it offers a cyrptocurrency people could use in the real world. Unfortunately, it will be a long time until we widely use Kin. Therefore, speculators should watch Kin now but not buy it.

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