Kin is powered by the blockchain, a decentralized database that is the fairest way to transfer information in the modern era. Kin leverages this technology to connect a network of people that have a similar goal. Fair treatment and compensation for their contributions to the ecosystem.
Kin is spearheading a new digital ecosystem. Users and content creators will be able to transact directly with each other and cut out the annoying middlemen. It will form a new digital sharing economy that will be truly open and decentralized. This will allow for new types of social interaction and monetization.
The physical world currently runs on Dollars, Euros and other currencies. Kin is aiming to be the de facto currency of the digital world. The Kin blockchain has fast transaction times, zero fees and a fixed total supply. Which makes it the ideal currency for digital services and mainstream adoption.
Why does it exist?
There is a worrying trend brewing on the internet. Fewer and fewer companies are controlling what we consume, what we share and what we buy in the online world. Mega-corporations are forming monopolies. They’re crushing the competitors that stand in their way and expanding their profit margins, to the detriment of their users. A prime example of this is the Facebook scandal in 2018. Where Facebook ended up exposing the data of up to 87 million Facebook users. That data ended up in the hands of Cambridge Analytica, a research firm who used it for political purposes. (Facebook scandal ‘hit 87 million users’).
After profiting billions upon billions of dollars from their user’s data and getting away with it for more than a decade, the greed of these mega-corporations has reached unprecedented levels. It’s not surprising anymore that they prioritize growth over user safety. It’s time for companies and services to value their customers again and not take their data for granted. It’s time for the users and smaller developers to fight back against the monopolies. Kin aims to be at the forefront of this movement to build a new ecosystem. So that developers and content creators can get fairly compensated for the value they provide to digital services.
Kin Rewards Engine
The KRE is an incentive mechanism that rewards developers and content creators with Kin payments. The payment amount is dependent on how much they contribute to the ecosystem in terms of driving transactions. The total supply of Kin is 10 trillion coins. With 60% of this supply (6 trillion) initially being locked into the KRE. It will use an algorithm that reflects each service’s contribution and payout Kin accordingly. The Kin foundation believes that this mechanism will provide a powerful way to compensate developers and content creators, without relying on advertising.
The concept of paying out Kin is similar to other cryptocurrencies like Bitcoin. But the principle is entirely different and for the greater good. With Bitcoin, the mining payout is dependent on how much computing power individuals dedicate to the blockchain (mining). Not only is Bitcoin mining completely driven by profits but it also uses an extraordinary amount of electricity worldwide (Bitcoin’s energy usage is huge). With Kin, there is also mining but crucially it is the mining of ideas. Instead of contributing computing power, users will be encouraged to contribute innovative services to the Kin ecosystem.
The Kin Rewards Engine is a novel and sustainable incentive mechanism that rewards creativity. It is completely impartial and it does not take into account the size of the developer or user. The amount of Kin rewarded will only ever depend on the size of the economic contribution to the ecosystem. Whether it is a popular app with 10 million users or an app that is just starting up. The playing field will be leveled and only the best ideas will win. As the ecosystem grows and the value of Kin goes up, the size of the payments will also follow. This economically aligns people to work together and prosper rather than fight and fail.