On the final episode of the SlateCast, the host, Akiba, met with Kevin Ricoy, the Head of Growth at the Kin Foundation, to discuss the foundation’s purpose and mission. Ricoy discussed the background of the project and the problem it aims to solve.
The Kin Foundation is a non-profit organization that supports apps, brands, and services that use the Kin cryptocurrency. The foundation aims to solve every app and game developer’s problem of making money without ruining the user experience.
The goal of the foundation is to create an in-app currency and monetization solution using crypto. The idea behind the project is to combine the concepts of in-app currency and monetization with crypto, which would provide all the benefits of crypto without the drawbacks of traditional in-app currencies.
The Kin project was created by the team behind the popular social media app Kik, which had 300 million registered users. The team discovered in 2013 and realized it could be the solution to the problem they were facing.
Kin acts as a universal token for mobile apps, where if an app has a token that is not blockchain related, it can be exchanged for Kin tokens, bringing more usability and value. The idea is that people buy Kin to use it, not as an investment. In the long run, the foundation believes this will be key to the success and use of Kin in everyday life.
Ricoy also stressed that the industry will slowly realize that not every project needs a token and creating your own token is much more likely to fail. The foundation believes that it is not sustainable to launch 1000 games with their own tokens and that it is better to collaborate and integrate the same token, giving it value through a shared economy.
The Kin Foundation aims to build an ecosystem where people are willing to trade their local currency for Kin to do business in that economy. The foundation strives to create a currency that people want to use rather than just a speculative investment.
Finally, the Kin Foundation is working on a solution that will allow app and game developers to monetize their platforms without compromising the user experience. The foundation focuses on creating a digital app currency that offers real value and utility, with the goal of creating a strong economy that is sustainable in the long run.