Kik has been relying on venture funds, the most recent being Tencent of China which gave the firm $50 million worth of investment. This might be the reason why the team decided to introduce a crypto coin to avoid venture funding problems. KIN cryptocurrency, unlike major cryptocurrencies in the market, has a total market supply of 1 trillion coins. Bitcoin’s 21 million becomes a drop in the ocean compared to Kin’s.
According to the official website, KIN altcoin is designed to convey a feeling of being connected to the community. It is designed to specifically bring people together in a shared economy. It will also serve as the foundation for a decentralized ecosystem of digital services. The Kin token is to be used as an incentive for Kik users. It will further be used to offer rewards to the users and at the same time offer a network effect. A user can create content and be rewarded by other users with Kin tokens.