The ethereum based token Kin saw a spike in price today, even while much else is somewhat flat, following an announcement that integration with Kik has begun.
The token overall, however, has seen almost no gain since they raised around $100 million in an ICO last year, with its market cap reaching one billion dollars in January but now back down to just above $100 million.
Part of it might have been due to some controversy regarding their change of plan from utilizing ethereum’s blockchain to using a fork of stellar which they are calling the Kin blockchain.
“The foundation will continue to leverage the Ethereum blockchain for security and liquidity to holders of the Kin token. The Kin blockchain will provide highly scalable functionality and accessibility to unlock consumer-facing experiences with no fees.”
With the base foundations ironed out, they announced integration with Kin has begun rolling out beginning with a test group.
Some of Kin’s users will now be able to earn kin tokens by watching something or by reading a tutorial in what they call a Kin Marketplace.
Once such tokens are earned, they’re then able to spend them on all sorts of things, starting with chat themes.
The process for end users is as simple as tap and go, with Kin stating they “will gradually introduce our audience of digital natives to the complex world of cryptocurrency, and this will be the first transactions run on the Kin Blockchain.”
Some 40% of American teenagers apparently use Kin, with the privacy focused chat-app having some 300 million users.
Making this the very first integration of a crypto into an already existing and very popular product, with Kin’s vision being to provide an alternative to advertising through tokenizing.
Whether it will work, however, remains to be seen as this is very much an experiment, but the big four Silicon Valley tech companies might start paying more and more attention as new business models are tested.