In the latest episode of SlateCast, host Akiba had a chat with Kin Foundation Growth Manager Kevin Ricoy to discuss the purpose and mission of the foundation. Ricoy discussed the background of the project and the problem it aims to solve.
The Kin Foundation is a non-profit organization that supports apps, brands, and services that use Kin cryptocurrency. The foundation aims to solve every app and game developer’s problem of how to monetize without ruining the user experience.
The foundation’s goal is to create an integrated currency and monetization solution using crypto. The idea behind the project is to combine the concepts of in-app currency and monetization with crypto, which would provide all the benefits of crypto without the drawbacks of traditional in-app currencies.
The Kin Project was created by the team behind the popular social media app Kik, which had 300 million registered users. The team found out in 2013 and realized that this might be the solution to the problem they were facing.
Kin acts as a universal mobile app token, where if an app has a token that is not tied to the blockchain, it can be exchanged for Kin tokens, providing more utility and value. The idea is that people will buy Kin for use, not as an investment. In the long run, the foundation believes this will be key to the success and use of Kin in everyday life.
Ricoy also pointed out that the industry will slowly realize that not every project needs a token, and creating your own token is much more likely to fail. The foundation believes that it is not sustainable for 1000 games to launch with their own tokens and that it is better to work together and integrate the same token, giving it value through a shared economy.
The Kin Foundation aims to build an ecosystem where people are willing to exchange their local currency for Kin in order to do business in this economy. The foundation aspires to create a currency that people want to use rather than just speculative investment.
In conclusion, the Kin Foundation is working on a solution that would allow app and game developers to monetize their platforms without affecting the user experience. The foundation is focused on creating a digital app currency that provides real value and utility, with the goal of creating a strong and sustainable long-term economy.