KIN, a token sold by the Kik app company, suddenly awoke again, growing by 70% overnight to $0.000328. The sub-penny asset has hovered at low prices due to lack of exchange listings. KIN is still about 4 times lower than the peak prices in December, but volumes are picking up.
!KIN!
The KIN asset may get additional exposure from the Consensus 2018 meetup in New York, where the team is scheduled to speak on Tuesday.
How KIN Will Change
But in recent days, KIN has announced it would exist in a dual-asset arrangement. And the fate of KIN has been affected by the experience of Jed McCaleb. In some ways, the KIN token may become the Ripple for in-chat payments.
So far, popularity in chat apps has been something of a Holy Grail for crypto tokens. However, due to the cumbersome on-chain settlement and gas prices, there is still no integration. So KIN has moved to exist both as an ERC-20 token, and as a high-speed, semi-centralized asset similar to Ripple. There will be no registration of tokens, or migration - the ERC-20 digital asset will be preserved, for now, and a new one will exist in the chat ecosystem.
KIN will use the technology of Stellar to have its own network without gas fees. And since Stellar is the open-source equivalent of Ripple, also used for experimental bank payments, this makes KIN a part of one family of assets.
The hype increases for the KIN asset, but in the future, the integration into a chat app may bring true popularity to the token. At one point, KIN was said to be able to become “the most widely used cryptocurrency”.
https://twitter.com/ClanPlayApp/status/994941455172100096
Cryptocurrencies are still niche, and even for the biggest projects, fans and users rarely exceed tens of thousands. But KIN has a potential audience and user base in the millions.
A somewhat similar bid was made by Electroneum (ETN), which had a different approach to bringing a crypto coin to smartphones. But ETN has had limited success, sinking to just 10% of its peak price. Status Network (SNT) also expects to be an in-chat token, but so far with no product or integration ready.
It remains to be seen if the booming trend for KIN survives. The asset is up more than 72% in the past seven days net, but in the past has shown a propensity to fall sharply. Additionally, some IDEX trading glitches may have hampered price growth. So far, the KIN project seems to be charting its own course, relying on decentralized exchanges and eschewing big markets, with no talk of a Binance or KuCoin listing.
This article appeared first on Cryptovest