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ICO News: Kik launches beta app on Google Play following $100 million ICO

By:
on Jul 17, 2018
Updated: Jun 1, 2022
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Medium statement

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It’s been a busy month. On June 27, we added new Kin experiences into Kik, and more Kik users are earning and spending Kin everyday.

And last week, we rolled out the Kin Developer Program.

We’re happy to share that applications from smart, motivated developers are already pouring in from around the world.

Today, we’re taking another step towards making Kin the most used cryptocurrency in the world: Kinit Beta for Android is now available for download.

Kinit is the first publicly available app dedicated to Kin. Our goal with Kinit is to get Kin into more consumers’ hands.

It’s a major step towards making crypto truly consumer-friendly through fun and engaging experiences, and we plan to learn and iterate based on real-world user behavior.

We’re excited to get even more people earning and spending Kin — all on the Kin Blockchain.

What Kik says

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Kinit is an intuitive and streamlined app designed for an active user experience.

We envision a digital world where cryptocurrency is something you use daily, or even hourly.

With Kinit, we intend to prove that Kin can power everyday value exchange in consumer apps.

Kinit is a simple, lightweight experience with a few basic features.

After downloading the app, users will be prompted to set up their wallet in a few quick steps.

Once this is done, they’ll be offered their first way to earn Kin: a survey.

Users will then have access to the Kin Marketplace Beta where they have the opportunity to spend the Kin they earn on gift cards from brands and retailers like Amazon, AMC Theaters, and Google Play.

You’ll also be able to transfer Kin from one user to another within Kinit.

In the coming months, we intend to expand the ways consumers can earn and spend Kin. Download the app and start earning and spending Kin today.

Kik CEO has doubts about blockchain

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KinIt has been in the works for some time, however Kik CEO Ted Livingston expressed a surprising amount of pessimism regarding the value of blockchain technology recently and made headlines across the web because of it.

While it’s true that after Kik raised nearly $100 million with an initial coin offering last year, they ran into technical problems with the Ethereum platform, which forced them to return to the drawing board and build something new.

Disillusioned, perhaps, with the whole space, Livingston said: “What does blockchain do at the end of the day? It allows you to have a database that’s trustless. That can be applied in a bunch of ways, but most of those ways, you still need trust.”

“Almost nobody should be looking at blockchain”

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He proceeded to make it known that, in his opinion, aside from the few most popular cryptocurrencies, i.e., Bitcoin, Ethereum, and a handful of others, most other tokens are pretty much useless.

“Amost nobody should be looking at blockchain”, Livingstone said. 

They are unlikely to be adopted by the masses, and even more unlikely to be used in the way the respective ICO (initial coin offering) organisers desire.

He said: “Unless you’re trying to build one of the most-used cryptocurrencies in the world, it’s very low odds that blockchain is going to create value for you.”

It is true that many ICO investors view token sales as nothing more than an opportunity to acquire tokens cheaply and then flip them for a profit as soon as they hit the exchanges and can be traded publicly.

Despite the above comments, Kik’s new app has the potential to instantly become the largest consumer-facing cryptocurrency app.


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