In my previous article, I described how I was introduced to crypto and how I got interested in KIN. I also shared with you some personal thoughts on how KIN could reach 1B of KIN users worldwide.
How can KIN Currency Reach 1 Billion Users?
[Disclaimer: The following opinions and thoughts are mine only. I am not affiliated to Kik Inc. or to Kin Foundation]
We are now in a very interesting and exciting period for the KIN project. A new Executive Director will be appointed soon by the KIN Foundation (next week hopefully?). That person will take the responsibility and the leadership to push further KIN awareness, usage and development to fulfill the KIN vision. The appointment of that ED will be a decisive milestone for the KIN project and I am looking forward and curious to see who that person will be. In any case, there will be a lot of pressure on that person’s shoulders from day1 as the challenges and to-do’s list are big.
The Kin Foundation is Hiring an Executive Director
As Kin enters a new phase of growth and adoption, the Kin Foundation is searching for a full-time Executive Director to…
A little later, on Dec 8th, we will experience the KIN migration on the Solana blockchain. This migration is also critical as the Solana blockchain will allow thousands of transactions per second smoothly and without latency for all KIN Ecosystem Apps. When the migration details were announced, there was a bit of anxiety within the KIN Community. The technical migration steps to migrate KIN onto the Solana blockchain is technically seamless and transparent for all KIN holders but there were just a few wallets supporting the automatic migration. The announcement of the latest wallets supporting the KIN migration dissipated the anxiety and the news was welcomed quite positively by both the users and the market. Also, there is a possibility that TrustWallet decides to support the migration as well.
Kin SDK Solana Update
Earlier this fall, we published the migration plan for how the Kik engineering team is going to help enable all…
Announcing Kin Support for Five New Wallets
Today, we are pleased to announce 5 new wallets that will support Kin: Math Wallet, Coin98, Solong Wallet, Bonfida…
In this new article, I would like to share again with you some potential future perspectives that could be realized with KIN, as a worldwide digital currency.
There are a lot of discussions about the 10 trillions KIN supply but one should not forget that in order to achieve its future goals, the supply of the KIN currency needs to be big enough so that a wide number of people around the world can actually use, spend and earn KIN. When KIN will be used worldwide on a daily basis, 10T KIN supply will be needed.
It is very difficult to guess how KIN will fare in the next coming years but now, in order to succeed, the KIN project needs more partnerships with companies and Exchanges. Also, the project needs to focus on attracting more developers to develop Apps with KIN integrated and respecting the KIN philosophy and values.
Previously, I showed that the KIN Ecosystem included a lot of games (which is good) and that other Apps categories could be certainly developed further. I think the more the Ecosystem apps are varied, the more different people will get more interested in KIN. The focus of KIN is to target the youth but I believe KIN can also be used by ‘older’ people too that might not be interested in gaming. I think that KIN usage by a wider public can increase significantly if its utility is further presented.
In the future, when more partners will join the KIN Ecosystem, we could have multiple ways of using, spending, earning KIN other than gaming. If we check the current digital economy landscape, there are many companies that created Apps that already include in-app payment features with fiat. We do not have to reinvent the wheel. Some efficient and successful best practices that are used in current Business Apps can be used also for KIN integration. Current fiat payments that are performed in Apps nowadays could be also done easily with a crypto currency and with KIN particularly. New partners will need to push and integrate fully KIN payments and transactions in their Apps. The more people will be acquainted to KIN, the more they will be likely to adopt it and use it on a daily basis. So again, the number of relevant Partners joining the Ecosystem,embracing the KIN philosophy, will be the key of KIN’s success and adoption.
I am reading a lot of online newspapers and most of those newspapers companies are trying to get some revenues from online readers while at the same time, the sales of traditional paper newspapers (and magazines) has been eroding for years. Traditional newspapers sector is under pressure nowadays as people tend to get news quickly online and on different popular media platforms such as Facebook, Google news, Twitter… The way people consume news is different nowadays compared to twenty years ago and KIN could be one solution to help sustaining that industry. One solution for those newspapers and magazines companies would be to integrate KIN in their mobile versions to get extra revenues. You, as a reader, would earn some KIN by watching an Ads within the newspaper’s App and then, you could continue using that App to read general free articles. Then, you will also see other interesting articles that can be unlocked only if you pay a certain amount of KIN. Weekly or monthly online subscriptions paid in fiat by the readers could propose a certain amount of KIN to the readers and the readers will be able to spend those KIN by tipping a specific journalist who wrote an meaningful article or to unlock other specific articles of their choice etc.
How about fidelity system integrated with KIN? Any B2C service/product company could give their customers some KIN each time they spend a certain amount of fiat within their Apps. The customers could get some specific and unique product, service or experience only by using the KIN earned within their App. From a marketing standpoint, this would increase brand awareness, consumer fidelity and the user will have the choice to spend the KIN in-app, if the spends are good and interesting enough, or to move them to another Ecosystem App.
Let us take a famous worldwide hamburger company. If you order some hamburgers in-App, you would get some KIN instead of some discount vouchers. Then, you would be able to accumulate those KIN and spend those to order extra products online and come to pick up your order on site. Pushing people to order online, because they would get KIN by ordering in-App, would have a lot of advantages. From a stock planning efficiency, supply chain optimization, increasing buying experience (decrease of waiting time on site) and enhancing brand marketing of course. It would be a win for the company and for the consumer alike.
Promotions integrating KIN (and crypto in general) could be more and more sophisticated. Any service or product company could propose extra amount of KIN for a certain of products or services acquired within their App. You could have proposals such as “buy 2 pieces of a product/service and get X KIN”. Maybe those promotions could be viewed in with Code Wallet and/or within any other KIN Ecosystem App and then, the users will be curious to check those promotions directly on the original App.
How about a partnership with VISA/Mastercard. The credit card user would get an amount of KIN for each transaction made with that card. The more fiat you spend, the more KIN you would get and the more KIN you would get, the more KIN you will spend.
Digitalization of businesses is expanding more and more and it is an evolution we have to face or embrace. There are a lot of opportunities by building a business that would link digital and real worlds and the introduction of crypto in a business model as a key differentiation factor could be a critical strategic move for businesses.
How about integrating KIN to the entertainment market on digital platforms? Instead of paying fiat to see a good movie on-demand, you could pay to see the latest blockbuster movie or serial using KIN. You could also earn some KIN after having watched X amount of movies/serials in exchange of your time spent. This would increase customer fidelity in a very segmented market.
Kin could be integrated to existing successful businesses to provide them extra revenues. Let’s take AirBnB or any company proposing housing to travelers or business people (Booking.com….) People could offer their flat or house for rent to the market and propose also some KIN along with their renting offer. That proposed KIN would be an incentive for the future tenant to choose that property over other ones within the same price range and that KIN bonus could be spent in-App to get some extra discounts when renting other properties.
The possibilities are endless. If the digital economy can already link Fiat to digital services and products, it could also link KIN to the same services and products in real life as well. The only critical difference that could make this happen, with the usage of the KIN cryptocurrency, is the KIN KRE.
The KIN KRE will ensure that all Apps will receive periodically a certain amount of KIN to fuel their App and it will ensure that all stakeholders using KIN will win. Developers, advertisers, users… All will be winners and that is the difference with the current, regular Apps that we are currently using. At some point of time, we will have a decisive moment when some world-class companies will decide to integrate a cryptocurrency in their mobile Apps because it will fit both their business needs and strategies (strategic, operational and marketing). Those companies will start using a cryptocurrency, not because it is fancy, but because it will be meaningful and profitable businesswise to do so. I believe that KIN is still well positioned to be that cryptocurrency of choice.
Now, I would like to focus on brand new markets that could be created and unveiled soon with the widespread usage of KIN. I already discussed those briefly in my previous article but how about having brand new businesses appearing with the introduction of crypto?
How about having a lottery App where players could win crypto instead of fiat? There are legal considerations to take into account for every country of course but overall, people do love lotteries. A lottery allowing people to win crypto within an App would be a huge way to increase wide KIN adoption worldwide. Think about millions of players spending KIN on a lottery App, just to have a chance to win the big prize? We already have some crypto give away from some crypto influencers on Twitter and each time, a lot of people are participating.
How about insurance services that would cover any proven loss or theft of any KIN stash from a wallet or exchange? The general rule is to be careful when transacting in crypto but unfortunately, s**t can happen to anyone and this insurance would allow to get back part or total amount of the covered KIN.
How about a private bank or institution proposing buying huge amounts of KIN in exchange of another crypto or fiat over the counter? The commission fee would be a percentage of that KIN stash and as the transaction would be done outside the market, so that it would not impact KIN price. I believe those services will appear on the long run and when they do, it would mean that KIN is already a successful, valuable, used currency.
The above topics might become reality (or not) but in a near future, some businesses might find out that it would be actually profitable and interesting to start a company following those specific new business models.
I have been thinking on another aspect where KIN could also be a revolutionary game-changer. I was thinking on how the use of KIN could change our habits and our usual daily ways of doing. How about retributing people in KIN to incentivize them to perform some positive actions or to push people to give up bad habits in exchange of some (valuable) KIN?
Let us imagine enhancing the protection of the environment and the diminution of waste overall thanks to KIN usage. In a near future, in developing countries (and elsewhere later), we could have an Ecosystem App offering KIN to the people who will bring back voluntarily used plastic bottles, glass or bricks to recycling centers. People will be incentivized to sort actively their own waste and to bring them to a recycling center in exchange of KIN. If KIN is successful and has a certain value, this could be a reasonable amount of money for those people and it would be a dramatic change in their own neighborhood. Cleaner spaces, less waste, increase of comfort and overall life conditions, decrease of diseases and increase of life expectancy.
How about having an Ecosystem App retributing KIN to people by pushing them to use public toilets and not to urinate or defecate in the nature as it is the case in many third world countries? Public authorities would invest in proper toilets infrastructure and then, people would be incentivized to go and use the toilets to earn some KIN. People would scan a QR-code at the toilet entrance with their phone to get some KIN and then, they could spend their KIN in-App buying some first basic needs products (soap, hand-gel…). People would also get some KIN when they would notify any toilet breakdown and request maintenance. In India, in the countryside, people do not have the habit to use culturally toilets and this is a public health concern for the country. If adopted, think about the wide adoption of KIN in India and other third-world countries with people using such an App and then, getting more and more interested in KIN usage.
Why millions of Indians don't use the toilets they have - Times of India
Roshani Bhandari takes short, quick steps and disappears behind shrubs near a natural spring in her village in…
World Toilet Organization
The World Toilet Organization ( WTO) is a global non-profit organization committed to improving toilet and sanitation…
How about pushing the youth to go to museums and libraries in exchange of KIN? They would receive KIN to get more instruction and to open their horizons and views. Each entrance tickets or subscriptions bought online in museums Apps would give KIN to the young people and it would push more young people to visit those cultural places. Then, they could buy some books or educational content online with their KIN.
We could also think of receiving an amount of KIN for each book borrowed or read at the public library to push younger people to read and learn new topics from early age. The more you read, the more KIN you would get.
How about retributing people in KIN if they choose to opt for public transportation instead of cars ? When people will buy a bus or metro ticket in-App, they could get some KIN along with their card. A partnership with public bikes or electric scooters companies would be also interesting for a win-win situation. More visibility and widespread usage of KIN and a nice way to target the young people, diminishing slightly air pollution by incentivizing people to use greener modes of transports.
How about pushing people to eat more healthy and to retribute them in KIN when they buy vegetables, juice or healthy food online? Once they have earned that KIN, people could spend them in-app directly. They would buy some groceries leftovers at the end of the day at a cheaper price (less food waste) or they would order some products online after accumulating some KIN.
How about incentivizing people to donate their blood in exchange of some KIN? There could be some partnership with some healthcare public institutions to create a specific App that would reward people when they donate their blood. That App could also check how often the person donated his/her blood and send notifications if there is a shortage of donors in their community.
All of the above are just ideas and concepts for now but I do believe that KIN could be a powerful and psychological means to incentivize people to adapt their behaviors and habits. Those points can only be made possible thanks to the KIN KRE, the core of the KIN project. The KRE would ensure that those Apps will be always fueled with KIN and at some point, the organism running the App, will be always able to buy some KIN on markets.
Changing people’s habits overnight is very difficult but I believe this could happen step by step and this will depend on multiple factors that still need to be tackled. KIN needs to have a decent price in order for people to think it is worth using, earning, spending it. Money can change people’s habits and behaviors on the long term as money is (sadly or not) the biggest incentive nowadays to execute a task or an action. Apps like KinFit and PauseFor are already implementing this concept of “changing habits” in exchange of KIN and I think there are still place for many other similar Apps.
Now that the SEC case is over, we are at the beginning of a new development period and growth for KIN and there are so many different potential directions where KIN could go. There are so many crypto projects out there that do not have any real purpose and KIN, unlike most crypto projects, can have a real utility and impact for many worldwide. I believe that utility will drive a vast majority of people to use KIN worldwide. KIN is now officially a currency but, as a currency, KIN needs to have the same features of any other existing currency. What is possible nowadays with a real currency should be possible with KIN. These new horizons cannot be reached currently with the other official crypto CURRENCIES such as Bitcoin and Ethereum. Bitcoin will never be used and adopted worldwide for regular daily transactions because it is more a value placeholder with a limited supply. Besides, both Bitcoin and Ethereum, to my knowledge, are not scalable enough to absorb thousands of transactions per second. Difficult to achieve worldwide usage and mass daily transactions in those conditions.
I believe KIN is well-positioned to become the most-used crypto currency in the world, used by 1+billion people, for digital goods and services but also for real goods and services. Time will tell.