The developers of Kik’s online instant messaging application unveiled a new electronic coin named Kin, in order to allow those interested in purchasing e-services from within the application itself.
Ken relies mainly on Etherrium, a decentralized system that allows users to electronically convert users’ currency while concealing the user’s identity, so that payment owners can not be tracked and exposed to them. Ethereum is currently considered to be a real contender for Bitcoin’s currency.
While Ted Livingston, chief executive of Kik’s application, was optimistic that when Ken said he would become the largest virtual currency on the Internet in a very short period of time, some application users were cautious because the number of users does not exceed 15 million active users per month. Facebook, with its various instant messaging applications, has more than one billion active users per month.
As a first step, users can use this currency to purchase some in-app services. The company also said it may give users a free credit for their experience. But as a futuristic prospect, Ken’s aim is to convert it into a virtual currency used by other companies.
Talking about virtual currencies, the Bitcoin price jumped from 1747 to 1760 dollars in just one day, which means an 80% rise in 2017 only. The value of all the units available in today’s trading stands at $ 52.5 billion.