The KIN project is being called “the Trojan Horse” of crypto, in effect spreading an app to thousands of users, giving them access to the KIN digital asset. The Kinit (KIN) app has been available in beta for a few days now on the Android app store, and its users have surpassed all users on the Ethereum network.
According to a specialized explorer site, the activity on the new Beta app has been peaking each day. Kinit is being downloaded and has more than 8,300 active users in the past 24 hours, more than all other dApps combined. It must be noted that the Kinit app is not tracked by sites like DappRadar, or State of the Dapps, and is a different statistic compared to the usage of Ethereum-based projects.
This fast expansion is due to the fact that the KIN ecosystem took a different approach – building a solid app first, and not pointing out the relationship to cryptocurrencies. The KIN token, which is based on Ethereum, will not be directly usable on the KIN app. Instead, Kinit uses a different blockchain, based on Stellar (XLM) technology. This means that within the app, the KIN token is swapped to a new form of asset. This saves users the need to learn about the Ethereum network, wallets, and gas prices, while using an alternative blockchain and earning valuable digital assets, in theory to become swappable and able to be exchanged on the open markets.
The platform token – KIN will be used as a reward system within the Kik chat app and Kinit, thus in effect making hundreds of thousands of app users into crypto owners. The KIN token has a supply of 10 trillion coins, aimed at fostering rewards and micro-payments.
“In the beta app, users can complete one simple task per day and be rewarded with a predetermined amount of Kin. Within 4 days/tasks, users can accumulate enough Kin to spend on an Amazon gift card, and as they progress, they will have enough to spend on other gift cards, like Grubhub and Ticketmaster,” explained the KIN team in a blog.
The tasks on the Kinit app include surveys and questionnaires, which are rewarded with KIN tokens. For now, the app is only unrolled as invitation-only beta, and there has been no mention of the possibility to withdraw KIN and send it to an exchange. In the future, an easy way to swap the in-app tokens with the KIN digital asset and trade it on an exchange may be possible.
In the meantime, the KIN market price has remained depressed, at $0.000128. The KIN project has made no efforts to be listed on larger exchanges, and the price remains unaffected by bots or pumps. KIN is seen as one of the long-term propositions, a risky asset that may be one of the avenues for mass crypto adoption.
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.