Kik Launches Kin Marketplace Beta for Select Users
Kik stands as the first mainstream application that has integrated cryptocurrency into its core platform. According to the press release, a group of approximately 1,000 beta testers can now earn Kin by completing tasks like tutorials, quizzes and polls.
In exchange for their time, users will earn a preset amount of Kin that is based on the complexity level of the task. These users will then have access to premium themes that customize a user’s chat screen.
According to Kik CEO Ted Livingston, users may use Kin to purchase premium themes for chat screens from the new Kik Bot Shop. During the trial beta, users may not deposit or withdraw tokens.
Livingston chose to utilize the Stellar payment network for Kin, which runs on a new blockchain that was based on the XLM codebase. The blockchain is currently capable of processing 1.2 million daily transactions that run at a rate of 20 per second.
The decision to utilize XLM came after the original strategy to run Kin as an ERC-20 token on the Ethereum network failed. The blockchain was initially too slow and easily congested, which led to the merge with Stellar, as they offered cheaper and faster transactions.
Due to the fact that Stellar offered a smaller market cap in comparison to Ethereum, the company decided to launch Kin in parallel with both networks to preserve the benefits featured in each.