The KIN cryptocurrency project will test 40 shortlisted apps to expand its ecosystem and find applications for its cryptocurrency as part of its KIN Developer Program.
KIN, which raised almost $100 million through an initial coin offering (ICO) in August 2017, has had a curious development path. It was one of the few ICOs launched by a large, established company – Kik. However, the KIN token has not exactly thrived as exchange listings and speculation were discouraged by the team. Later, it turned out the ERC-20 token would not be suitable for transactions within a chat app, and a solution was suggested through the technology of the Stellar platform.
In a move to expand the social media ecosystem, the KIN Foundation started a competition and began screening developer teams, ending up with a shortlist of 40 apps. More screenings will take place in the coming months.
The KIN digital asset, which at one point traded below its ICO prices, has sparked new hopes of a use case within an app ecosystem. KIN is trading at the depressed price of $0.000127 with its usual level of fluctuation. The supply of 10 trillion tokens means the price will always be low, and the digital asset is tailored for use in micropayments, tipping, and social media activities.
However, the coin is considered a highly risky bet. The Kik company seems to be treading very carefully in the crypto space so as to avoid any regulatory trouble. KIN trading happens mostly on decentralized exchanges and in small volumes. Despite the large-scale ICO, the asset has not made any attempts to get listed on platforms like Binance or KuCoin.
This positions KIN as a high-profile coin with much untapped potential in trading while waiting for real-world cases to be developed.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.